Now the Goldman witch hunt is getting ridiculous.
According to WSJ, the SEC is looking at whether Goldman Sachs violated anti-bribery laws when it paid a $50 million fee to Libya as part of its well-known (by now) dealings with the Libyan sovereign wealth fund.
(It’s against American law for American companies to pay bribes overseas, though it’s done all the time, and it only hurts our competitiveness.)
Anyway, this is just absurd. Nobody would care about this, except that Libya became an enemy, and Goldman Sachs became a public enemy, so now someone at the SEC is telling the Journal, which then goes and runs a big LIBYA-GOLDMAN story, furthering the banks horrible run of PR.
For more on how Goldman got business from Libya, meet the company’s rock-star trader Driss Ben-Brahim.
Our verdict is that this is lame.
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