Goldman Sachs reveals ties to Libya fund

Goldman Sachs reveals ties to Libya fund

Agence France Presse

Published — Sunday 21 September 2014

http://www.arabnews.com/economy/news/633086

LONDON: Goldman Sachs has admitted in court documents to having used small gifts, occasional travel and an internship to cement its ties with Libya’s sovereign wealth fund under Muammer Qaddafi, the Financial Times reported.

The details were in the investment bank’s defense to a lawsuit filed by the Libyan Investment Authority (LIA) in London in January, which accused Goldman Sachs of exploiting its position to make money on failed derivative trades.

The fund accused the investment bank of gaining the “trust and confidence” of its inexperienced managers before advising them to enter into $1 billion worth of trades (779 million under current rates) which subsequently lost their value, but earned the bank a $350 million profit, the FT reported.

According to details provided in January by the High Court, the fund claimed that senior bankers

— including a former Goldman vice-president, Youssef Kabbaj — tried to influence LIA staff with small gifts and a trip to Morocco.

At that time, a Goldman spokeswoman called the claims “without merit” and said the bank would “defend them vigorously.”

In defense arguments filed last week, Goldman admitted that certain LIA employees had on occasion visited Morocco with Kabbaj but said the LIA had been aware of and consented to the accommodation and entertainment provided, the FT reported.

The Wall Street Journal reported on Thursday that US authorities were investigating the techniques used by Goldman Sachs in its dealings with LIA under the Libyan dictator.

Qaddafi was ousted from power and killed in 2011 in a NATO-backed uprising spawned by the “Arab Spring.”

Goldman Sachs

L. Brooks Entwistle is an advisory director for the Goldman Sachs Group Inc. (Bailout Company), and a trustee at the Aspen Institute (think tank).

Note: Stephen Friedman was a director at the Goldman Sachs Group Inc. (Bailout Company), and is a trustee at the Aspen Institute (think tank).

Robert J. Hurst was the vice chairman for the Goldman Sachs Group Inc. (Bailout Company), and is a trustee at the Aspen Institute (think tank).

Anne Welsh McNulty was a managing director at the Goldman Sachs Group Inc. (Bailout Company), and is a trustee at the Aspen Institute (think tank).

Sonal Shah was the VP for the Goldman Sachs Group Inc. (Bailout Company), and a fellow at the Aspen Institute (think tank).

Robert K. Steel was the vice chairman for the Goldman Sachs Group Inc. (Bailout Company), and is the chairman for the Aspen Institute (think tank).

Roderick K. von Lipsey was the VP for the Goldman Sachs Group Inc. (Bailout Company), and is a trustee at the Aspen Institute (think tank).

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank), the International Rescue Committee, and the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society, and is a board member for the International Crisis Group.

Condoleezza Rice is a trustee at the Aspen Institute (think tank), an overseer at the International Rescue Committee, Muammar Abu Minyar Al-Qadhafi said he loved her & kept scrapbook of her photos, and a 2008 Bilderberg conference participant (think tank).

Clifford S. Asness is a director at the International Rescue Committee, and was a managing director for the Goldman Sachs Group Inc. (Bailout Company).

Muammar Abu Minyar Al-Qadhafi said he loved Condoleezza Rice & kept scrapbook of her photos, and was the Libya leader.

J. Christopher Stevens was the U.S. ambassador for Libya, and killed in the 2012 attack on U.S. consulate in Benghazi, Libya.

Thomas R. Pickering was the chairman of review board that investigated in 2013 the 2012 attack on U.S. consulate in Benghazi, Libya, a lifetime trustee at the Aspen Institute (think tank), is a co-chair for the International Crisis Group, and a distinguished fellow at the Brookings Institution (think tank).

Javier Solana is a trustee at the Aspen Institute (think tank), a board member for the International Crisis Group, and was the secretary general for NATO.

Samantha Power was a board member for the International Crisis Group, a director at the International Rescue Committee, Barack Obama’s aid, is the United Nations U.S. ambassador for the Barack Obama administration, and married to Cass R. Sunstein.

Cass R. Sunstein is married to Samantha Power, and a senior fellow at the Brookings Institution (think tank).

John R. Allen is a fellow at the Brookings Institution (think tank), and was the supreme allied commander Europe nominee for NATO.

Ivo H. Daalder was a senior fellow at the Brookings Institution (think tank), and the U.S. permanent representative for NATO.

Vernon E. Jordan Jr. is an honorary trustee at the Brookings Institution (think tank), Valerie B. Jarrett’s great uncle, Antoinette Cook Bush is his stepdaughter, a director at the American Friends of Bilderberg (think tank), and a 2008 Bilderberg conference participant (think tank).

Cyrus F. Freidheim Jr. is an honorary trustee at the Brookings Institution (think tank), and a member of the Commercial Club of Chicago.

Valerie B. Jarrett is a member of the Commercial Club of Chicago, the senior adviser for the Barack Obama administration, and her great uncle is Vernon E. Jordan Jr.

Antoinette Cook Bush is Vernon E. Jordan Jr’s stepdaughter, and married to Dwight L. Bush Sr.

Dwight L. Bush Sr. is married to Antoinette Cook Bush, and the U.S. ambassador for Morocco.

Abby Joseph Cohen was a trustee at the Brookings Institution (think tank), and is a senior investment strategist for the Goldman Sachs Group Inc. (Bailout Company).

James A. Johnson is an honorary trustee at the Brookings Institution (think tank), a director at the Goldman Sachs Group Inc. (Bailout Company), a member of the American Friends of Bilderberg (think tank) and a 2008 Bilderberg conference participant (think tank).

Suzanne Nora Johnson is a trustee at the Brookings Institution (think tank), and was the vice chair for the Goldman Sachs Group Inc. (Bailout Company).

Richard L. Kauffman was a trustee at the Brookings Institution (think tank), and the group chairman for the Goldman Sachs Group Inc. (Bailout Company).

Geoffrey T. Boisi is an honorary trustee at the Brookings Institution (think tank), and was a general partner at the Goldman Sachs Group Inc. (Bailout Company).

Mario Draghi was an honorary trustee at the Brookings Institution (think tank), and a managing director at the Goldman Sachs Group Inc. (Bailout Company).

John L. Thornton is a co-chairman for the Brookings Institution (think tank), and was the president & COO for the Goldman Sachs Group Inc. (Bailout Company).

John C. Whitehead is an honorary trustee at the Brookings Institution (think tank), an overseer at the International Rescue Committee, and was a co-chairman & senior partner for the Goldman Sachs Group Inc. (Bailout Company).

Tracy R. Wolstencroft is a trustee at the Brookings Institution (think tank), an overseer at the International Rescue Committee, and an advisory director at the Goldman Sachs Group Inc. (Bailout Company).

Clifford S. Asness is a director at the International Rescue Committee, and was a managing director for the Goldman Sachs Group Inc. (Bailout Company).