Goldman Sachs (NYSE: GS-PB – news) 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 Moamer Kadhafi, the Financial Times reported Saturday.
The details were in the investment bank’s defence 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 defence 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.
Kadhafi was ousted from power and killed in 2011 in a NATO-backed uprising spawned by the “Arab Spring”.
Trump has 66 GOP endorsements ‘former national security and senior officials’ — who have no real experience: conservative
In an election year, it is commonplace for candidates to list lengthy endorsements in an effort to showcase the trust, loyalty and earned respect by recognizable names and organizations. This year, the process is a bit different.
Democratic nominee Joe Biden is winning far more endorsements from national security professionals and retired flag officers — and by a large margin. The former vice president has the endorsement of 780 retired military officers and national security appointees — nearly 12 times as many as Trump. On the flip-side, Trump has a total of 66.
Trump ‘abruptly’ storms out of 60 Minutes interview and refuses to return: report
President Donald Trump was said to have "abruptly" ended an interview with 60 Minutes correspondent Leslie Stahl at the White House.
According to CNN correspondent Kaitlan Collins, the "drama" occurred on Tuesday afternoon.
"Apparently there was some drama while President Trump was taping his 60 Minutes interview today," Collins wrote on Twitter. "He abruptly ended his solo interview after around 45 minutes & did not return for a scheduled walk & talk he was supposed to tape with Pence, @abdallahcnn and I are told by sources."
Apparently there was some drama while President Trump was taping his 60 Minutes interview today. He abruptly ended his solo interview after around 45 minutes & did not return for a scheduled walk & talk he was supposed to tape with Pence, @abdallahcnn and I are told by sources.
Peru unveils giant cat etching at famous Nazca site
A giant 2,000-year-old figure of a feline that was on the brink of disappearing will be the new cat's meow when Peru's remarkable Nazca Lines attraction reopens to tourists in November.
The geoglyph is around 120 feet (37 meters) long and was recently discovered by a drone on a hillside, the culture ministry said.
"The figure was barely visible and was about to disappear due to the effects of natural erosion as it's on a fairly steep slope," said the ministry.
A group of archeologists took on the job of cleaning and preserving the geoglyph, which shows a cat with its body in profile but its head front on.