And:
As part of the arrangement, the Libyan fund planned to hand over the $50 million to Palladyne, according to documents reviewed by the Journal. Goldman said it would make the payment if the deal satisfied “Foreign Corrupt Practices Act representations as set out in the Terms Letter,” among other conditions.
Lawyers said firms generally can’t rely on such language to ensure compliance with antibribery laws.
In other words, “we will pay this $50 million bribe to your oil minister’s son-in-law as long as we don’t call it a bribe.”
And Goldman’s supposed to be the smart ones.
But the $50 million payment was never made. Given all the stuff Goldman actually did, I don't think this non-consummated deal with Libya is the best button to push.
#1 Posted by Edward Ericson Jr., CJR on Fri 10 Jun 2011 at 02:15 PM
Speaking of Goldamn and stuff that sticks, what's with Andrew Ross Sorkin?:
http://www.rollingstone.com/politics/blogs/taibblog/andrew-ross-sorkin-gives-goldman-a-rubdown-20110607
http://www.rollingstone.com/politics/blogs/taibblog/the-big-short-and-goldmans-new-story-20110609
#2 Posted by Thimbles, CJR on Mon 13 Jun 2011 at 12:13 AM