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Goldman Sachs Traded $1.3 Billion in Libyan Funds

Wednesday 01 June 2011

‘Goldman Sachs invested more than $1.3 billion (786.1 million pounds) from Libya’s sovereign-wealth fund in currency bets and other trades in 2008 and the investment lost more than 98 percent of its value, the Wall Street Journal reported, citing internal Goldman documents.

When the fund, controlled by Col. Muammar Gaddafi, made huge losses Goldman offered Libya the chance to become one of its biggest shareholders, the Journal said, citing people familiar with the matter.’

Read more: Goldman Sachs Traded $1.3 Billion in Libyan Funds