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Goldman Sachs offered Gaddafi huge chunk of company shares after investment losses

Tripoli , Wed, 01 Jun 2011 ANI

Tripoli, June 1 (ANI): Goldman Sachs had reportedly offered Libyan officials a huge chunk of the firm's shares after it lost its investments in bank trades and currency baskets, it has emerged.


In 2008, Libya's wealth fund, controlled by dictator Muammar Gaddafi, gave 1.3 billion dollars to Goldman Sachs Group to invest into a currency bet and other complicated trades, The Wall Street Journal reports.


The investments eventually lost 98 per cent of their value. To make up for the losses, Goldman reportedly offered Libya the chance to become one of its biggest shareholders, the paper revealed.


The talks eventually amounted to naught and nothing was done about the massive losses in 2008, right as the global economy took a fierce slide, the newspaper reports.


The paper said that Goldman offered Libya's securities-wealth fund an opportunity to invest 3.7 billion dollars in the securities firm,one of six options placed on the table over months of negotiations.


The proposals came at the same time Goldman had taken five billion dollars in investments from Warren Buffett's Berkshire Hathaway Inc. in order to pass the Federal Reserve's "stress test" to determine whether it had to raise additional capital, it added. (ANI)


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