People close to Libya’s sovereign wealth fund say its leader, Muhammad Layas isn’t the real man in power, it’s Mustafa Zarti.
And Zarti, the Libyan Investment Authority’s (LIA) deputy CEO, a close friend of leader Qadaffi (they went to school together in Austria), thinks Wall Street is the tits.
According to the New York Times, Zarti was “taken with glossy Wall Street names like Goldman Sachs” so much that when he was married in 2009 in Tripoli, he invited Steve Schwarzman.
Carlyle’s David Rubenstein was also invited, and both attended.
Unfortunately, Zarti ended up paying the price for his obsession with prestige.
The Times also says Zarti “was known for his impulsive and unsuccessful investment decisions, like investing in Royal Bank of Scotland before it was bailed out.”
The LIA also lost money with Lehman Brothers.
But on the upside, Madoff tried to rip off the LIA, and it turned him down.
For those wondering if the LIA invested with Blackstone or Carlyle, this is from the Times:
Peter Rose, a spokesman for Blackstone, said Libya had not invested in any of the company’s funds. Christopher W. Ullman of Carlyle said that the company did not comment on the identity of its investors.
Hat tip @DanFreed