Libyans suing Goldman Sachs - and what it means
It's actually a very thoroughly-researched article from a normally left-wing source, but what struck me was the following legal analysis:
"A bedrock principle of the securities business is that sophisticated investors can look out for themselves and don’t have recourse to the courts if they lose their shirts. If a huge sovereign wealth fund can successfully claim it was duped, there’s no telling who else can."
What this means in layman's terms is that if Libya's suit is successful, any investor can similarly sue any of these investment bankers.
Interesting.
"A bedrock principle of the securities business is that sophisticated investors can look out for themselves and don’t have recourse to the courts if they lose their shirts. If a huge sovereign wealth fund can successfully claim it was duped, there’s no telling who else can."
What this means in layman's terms is that if Libya's suit is successful, any investor can similarly sue any of these investment bankers.
Interesting.
Goldman (and all banksters) to all investors:
https://www.youtube.com/watch?v=JTF2j...
The other is the argument they are making: that they were duped into the contract because of the position of the salesperson. They are claiming that ignorance of the contract's ramifications invalidate the contract as a whole and entitle them to reparations.
Sitting on untold wealth, it took what could have been a paradise into a hell-hole. Look at Israel. Sitting atop the Negev desert it produces everything from vegetables and fruit to electronics and medicine. Can you imagine what they could have done if they sat on a pool of oil?
Joke:
Moses meets Jesus in heaven. Moses says, "Jesus, you never speak to me or invite me to dinner. How come? Jesus replies, "because you're a fool." Moses, aghast, "why do you call me a fool?" "Because," says Jesus, "if you had only made a left turn instead of a right turn when you were wandering in the desert, we'd all have been billionaires."