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Goldman Sachs Admits Paying Bribes To Gaddafi Regime

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In court documents Too Big To Fail bank Goldman Sachs has admitted to paying bribes to the government of Muammar Gaddafi in order to gain access to Libya’s sovereign wealth fund. The information came to light from a lawsuit filed in London against Goldman Sachs by the Libyan Investment Authority (LIA).

LIA accused Goldman of doing what Goldman is always accused of doing – screwing their clients while enriching themselves.

According to LIA, Goldman put the fund into a $1 billion worth of losing trades while Goldman pocketed $350 million in profit. While this corrupt behavior is standard Goldman Sachs practice and so common as to almost not be news worthy, something in court documents caught the eye of the Financial Times. Goldman revealed some of the tactics the firm uses in gaining clients.

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 Moamer Kadhafi, the Financial Times reported Saturday…

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.

Gifts, internships, trips – sounds a lot like what JP Morgan is doing in China. Meritocracy indeed. Of course, as the banksters are well aware, this behavior is illegal under US law given it violates the Foreign Corrupt Practices Act. Will prosecutions be coming? Don’t hold your breathe.

So yet more evidence that the banksters are above the law and are willing to do any favor, for any gang, as long as it makes a buck. How terrible it would have been if these banks had been allowed to fail after destroying themselves through reckless greed and fraud. Think of all the poor foreign officials who might have missed out on some nice bribes.

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Goldman Sachs Admits Paying Bribes To Gaddafi Regime

Goldman Sachs.svg

In court documents Too Big To Fail bank Goldman Sachs has admitted to paying bribes to the government of Muammar Gaddafi in order to gain access to Libya’s sovereign wealth fund. The information came to light from a lawsuit filed in London against Goldman Sachs by the Libyan Investment Authority (LIA).

LIA accused Goldman of doing what Goldman is always accused of doing – screwing their clients while enriching themselves.

According to LIA, Goldman put the fund into a $1 billion worth of losing trades while Goldman pocketed $350 million in profit. While this corrupt behavior is standard Goldman Sachs practice and so common as to almost not be news worthy, something in court documents caught the eye of the Financial Times. Goldman revealed some of the tactics the firm uses in gaining clients.

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 Moamer Kadhafi, the Financial Times reported Saturday…

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.

Gifts, internships, trips – sounds a lot like what JP Morgan is doing in China. Meritocracy indeed. Of course, as the banksters are well aware, this behavior is illegal under US law given it violates the Foreign Corrupt Practices Act. Will prosecutions be coming? Don’t hold your breathe.

So yet more evidence that the banksters are above the law and are willing to do any favor, for any gang, as long as it makes a buck. How terrible it would have been if these banks had been allowed to fail after destroying themselves through reckless greed and fraud. Think of all the poor foreign officials who might have missed out on some nice bribes.

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Goldman Sachs Admits Paying Bribes To Gaddafi Regime

Jane Hamsher

Jane Hamsher

Jane is the founder of Firedoglake.com. Her work has also appeared on the Huffington Post, Alternet and The American Prospect. She’s the author of the best selling book Killer Instinct and has produced such films Natural Born Killers and Permanent Midnight. She lives in Washington DC.
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