2008 investment slammed by financial crisis
(NEWSER) - Libya handed $1.3 billion in Goldman Sachs in 2008 for a range of investments—but as the financial crisis took hold, the money lost 98% of its value, a Wall Street Journal investigation finds. Goldman made a deal with Moammar Gadhafi’s sovereign-wealth fund as it sought “to join the major leagues” in investment banking, says a former Treasury official. Libya’s $1.3 billion went to options on currencies and stocks in Citigroup, Italy’s UniCredit, Banco Santander, and more. More»
