Gaddafi Sachs: When Bad Things Happen to Bad People
It's the feel-good story of the morning: Goldman Sachs took $1.3 billion of Libya's money in 2008 and promptly turned it into no money at all, according to the WSJ: "The $1.3 billion of option investments were hit especially hard. The underlying securities plunged in value and all of the trades lost money, according to an internal Goldman memo reviewed by the Journal. The memo said the investments were worth just $25.1 million as of February 2010—a decline of 98%." That is particularly delightful. And then, the panicked firm offered the foul government a number of chances to make their money back, but nothing ever came of it. [...]
