Libyan Investment Authority didn't understand what Goldman Sachs was selling it

[Jacque67 7,328]

Prositutes!!!

http://gawker.com/libyan-investment-authority-didnt-understand-what-goldm-1782817065

[Jacque67 7,328]

Despite the fact that the trades ended up being worthless, the LIA alleges, Goldman made about $222 million from the deal. In an email, court records show, another Goldman executive joked about having delivered a pitch on structured leveraged loans to someone who lives in the middle of the desert with his camels.

The Libyan fund managers were particularly in awe of one former Goldman executive, Youssef Kabbaj, in whom they had complete trust, McDougall told the court. I think they didnt understand how much Mr Kabbaj stood to gain personally from his relationship with them. They were...very effusive and very welcoming and they trusted people. They thought he was their friend.

Kabbaj has also been accused of plying family members of LIA officials with prostitutes and lucrative internships. McDougall said she felt Goldman Sachs had unfairly taken advantage of the LIAs lack of sophistication, Reuters reports, and sold the LIA $1 billion worth of derivatives products the LIA could not understand.

[We Keep Receipts 9,238]

And in other words, water is wet.

Gotta love human nature!

[Jacque67 7,328]

I love how Kabbaj is running scared and expects GS to correct the facts and protect his reputation!

Yep, giving pimps a bad name.

[The Nature Boy 7,659]

GS is the devil.