Goldman made big loan to Banco Espírito Santo shortly before collapse

Goldman Sachs lost money on a $835 million loan in part earmarked for Venezuelan project

As Portuguese lender Banco Espírito Santo neared collapse this summer, it found a Wall Street ally to help it raise funds: Goldman Sachs.

Through a Luxembourg financing vehicle created by Goldman, Banco Espírito Santo received $835 million in July, according to a prospectus reviewed by The Wall Street Journal, a time when it was nearly impossible for the troubled lender to borrow directly in the capital markets.

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