Don’t Be A Dissatisfied Customer Of Goldman Sachs, Obama Might Just Light You Up

Flopping Aces ^ | 06-01-11 | Skookum

[Starman417]

The USS Stark (FFG 31) burns and lists to port on 18 May 1987, one day after the guided missile frigate was struck by two Iraqi-launched Exocet missiles. The attack killed 37 sailors

The New Sovereign Investment Fund of Libya or of Colonel Qaddafi, there is no distinction in the money funds of Libya or Qaddafi, invested $1.3 Billion with Goldman Sachs; the bank used the funds on stock options at a variety of international banks and a collection of currency bets. Two years later, the Libyan fund had lost 98% of its value and was worth only $25.1 million.

Officials of Libya's sovereign wealth fund were upset with Goldman Sachs and accused them of malfeasance; mainly, for making trades without authorization and misrepresenting investment deals.

In July 2008, [Mustafa] Zarti, the fund's deputy chairman, summoned [Youssef] Kabbaj, Goldman's North Africa chief, to a meeting with the fund's legal and compliance staff, according to Libyan Investment Authority emails reviewed by the Journal. One person who attended the meeting says Mr. Zarti was "like a raging bull," cursing and threatening Mr. Kabbaj and another Goldman employee. Goldman arranged for security to protect the employees until they left Libya the next day, according to people familiar with the matter.

Tip-top Goldman bosses, including CEO Lloyd Blankfein and finance chief David Viniar, scrambled to try to figure out how to fix the relationship with Libya and maintain access to its vast fortune. They also feared that word of the massive loss would spook other sovereign funds, so they offered the nation several ways to recoup the money. The last of the offers was made in a June 2010 meeting. Eight months later, the United States froze some $37 billion in Libyan assets as dictator Muammar Qaddafi turned on his rebelling people. Included in that large amount was what was left of Libya's investment with Goldman.

In July 2008, [Mustafa] Zarti, the fund's deputy chairman, summoned [Youssef] Kabbaj, Goldman's North Africa chief, to a meeting with the fund's legal and compliance staff, according to Libyan Investment Authority emails reviewed by the Journal. One person who attended the meeting says Mr. Zarti was "like a raging bull," cursing and threatening Mr. Kabbaj and another Goldman employee. Goldman arranged for security to protect the employees until they left Libya the next day, according to people familiar with the matter.

Being enraged with a favored company of Obama might be dangerous to your position and your health; after all, Obama has the U.S. military and if he keeps his intervention small enough, he doesn't need congressional approval.

relations between Goldman and Gaddafi became increasingly strained, the Wall Street firm made a total of three separate compensation offers to invest in the group on attractive terms between May and June of 2009, including the deal involving preferred shares. Another proposal would have given the LIA unsecured debt in Goldman, promising a stream of payments that would eventually have repaid the losses.

Over the next two years, discussions on these and a series of other compensation proposals were discussed by LIA and top-level Goldman staff – chairman Lloyd Blankfein, finance head David Viniar and European chief Michael Sherwood. However, they were unable to agree a solution and talks are thought to have eventually petered out last summer.

Now a company that can lose 98% of a 1.3 Billion Dollar investment might be first in line to receive Tarp Funds, thanks to Henry Paulson, Ex-Treasury Secretary. Tim Geitner who is connected to the Federal Reserve, who names Mark Patterson, former lobbyist for Goldman Sachs and the man replacing Geitner at the FED is William Dudley, former chief economist at Goldman Sachs.

Just How Close Are GS And Obama

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

The proposals came at the same time Goldman had taken $5 billion 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.

The United States is now one of the NATO allies targeting Libya with rockets in an attempt to get Qaddafi, the decades-long despot, out of power and to see a Transitional National Council take his place.

With all the money wizards of GS and the Obama Administration swapping bunks, is it possible that the financial rip off of Qaddafi was about to become an embarrassment?

[UCANSEE2]

The World bankers fund all sides, and control how,where,and why conflicts occur.

They make money off the winning side, in arms and loans, but they lose their investments in the losing side.

SO.... they make us pay for it. The winners must pay for what the losers owed the bank.

That is how our civilization currently operates. I think it’s been that way for a while. Like right after we went off the gold standard.

[UCANSEE2]

From the article:

“there is no distinction in the money funds of Libya or Qaddafi, invested $1.3 Billion with Goldman Sachs; the bank used the funds on stock options at a variety of international banks and a collection of currency bets.”

“Two years later, the Libyan fund had lost 98% of its value and was worth only $25.1 million.”

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That is why we sent 200 Tomahawk missiles after his troops.
That is why he refuses to step down.

ALL THE WEALTH of the country belongs to whomever is RULER.

GS lost some of their investments. Libya’s ‘value’ went down.
HOWEVER, it the GOLD BULLION that Gaddafi controlled, which was the collateral for those loans, that the military of the affected banker countries were used to lock down.

This ‘war’ in Libya isn’t about the citizens, or the ruler, IT IS ABOUT THE MONEY. Always is.