On Monday, a lawyer for the Libyan Investment Authority told a British judge that employees of Goldman Sachs, attempting to win the $60 billion oil fund’s business, lavished executives with prostitutes and vacations at five-star hotels. The relationship fell apart in 2008, after Goldman lost the LIA $1.2 billion. According to Roger Masefield, a lawyer for the Libyan sovereign wealth fund, Goldman Sachs made nine trades on the LIA’s behalf between January and April 2008. All nine failed; nevertheless, the bank earned more than $200 million from the deal. One Libyan official described Goldman as the “bank of mafiosa,” ... (full story)