Everyone knows about the Abacus trade back in 2007-2008, where Goldman scammed some German banks so that John Paulson could make a fortune shorting the subprime market.
Saying this is not conjecture or libel on my part. Goldman ADMITTED to fraud and paid a fine. One of many.
So now it comes to light in a new court case in the U.K. that Goldman scammed the Libyan sovereign wealth fund by putting it into questionable investments. Goldman of course made a fortune in fees on these deals. Check it out:
In a trial at London's High Court, the Libyan Investment Authority (LIA) is trying to claw back $1.2 billion from Goldman Sachs related to nine disputed trades carried out in 2008.
The LIA argues Goldman took advantage of its financial naivety by first gaining its trust, then encouraging it to make risky and ultimately worthless investments. Read more.
This is how Wall Street operates. Their business model is fraud. They can't trade. They are losers if they are not able to scam clients.