Goldman’s Libya Derivatives Were Fine
Bloomberg columnist Matt Levine highlights the complexities of derivatives trades and discusses some of the controversial, complex and at times downright bizarre revelations to come out of the Libyan Investment Authority (LIA) – Goldman Sachs trial, which concluded earlier this month in a victory for Goldman. He concludes:
After the financial crisis, it is no longer entirely satisfying to say that customers dealing with banks should look out for themselves, and that banks have no responsibility for protecting customers from themselves. But, in the U.K. at least, it is still the law.