In the High Court in London on Tuesday, a former lawyer for the Libyan Investment Authority testified that the country’s sovereign-wealth fund was “astonished to learn” it hadn’t bought any actual shares through nine equity derivatives trades arranged by Goldman Sachs in 2008 that expired, worthless, three years later. The LIA is suing Goldman for $1.8 billion in losses.
CNBC has obtained a document (from 2008) listing all of the phrases a Goldman Sachs employee could use in an email that would trigger a review by the firm’s compliance department. The list includes phrases like “How could this happen again?” and “How could you|GS|Goldman possibly[?] lose so|this|that much.”
On Monday, a lawyer for the Libyan Investment Authority told a British judge that employees of Goldman Sachs, attempting to win the $60 billion oil fund’s business, lavished executives with prostitutes and vacations at five-star hotels. The relationship fell apart in 2008, after Goldman lost the LIA $1.2 billion.
Yesterday, state and federal officials announced a $5.1 billion settlement with Goldman Sachs, resolving accusations that the bank behaved irresponsibly in the lead-up to the 2008 financial crisis. But, the New York Times reports, the deal’s fine print reveals that number may ultimately be much lower.
On MSNBC this morning, feminist ally and New York City mayor Bill de Blasio said that he doesn’t think Hillary Clinton needs to release the transcripts of her speeches to Goldman Sachs. “I don’t care about those speeches. I care about what’s in her platform,” he said.
In tonight’s concession speech, Hillary Clinton made grand declarations of her desire to get all the dirty money and secret Wall Street influence the hell out of politics. Which is to say, Hillary Clinton really wants Hillary Clinton out of politics.
Since the beginning of her campaign last year, Hillary Clinton has steadfastly refused to disclose what exactly she said during the speeches she gave at several large banks, including three at Goldman Sachs, after her tenure as Secretary of State. Attendees of two of those Goldman speeches, both of which took place in October 2013, are now hinting at why Clinton has been so reticent. As one attendee explained to Ben White at Politico: