Trading

Goldman banker warned colleagues not to ‘milk Libya’

Executive warned fellow bankers in an internal email not to sell complicated trades Libyan officials weren’t prepared to handle

Goldman banker warned colleagues not to ‘milk Libya’
Photo: iStockPhoto

A lawyer for Libya’s sovereign wealth fund disclosed an internal email from a Goldman Sachs banker warning colleagues not to “milk Libya” by selling complicated trades that fund officials weren’t prepared to handle.

The internal email from Driss Ben-Brahim, who left Goldman in 2008, was cited in the High Court in London during closing arguments this week of a case in which the Libyan Investment Authority is suing Goldman for $1.2 billion to cover losses from derivatives it bought from the bank in 2008. The fund alleges that Goldman executives exerted "undue influence" over its officials, who didn't understand the trades.

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