"Get Divorced From Your Wife For a Weekend," Derivatives Salesperson Tells Libyan Officials

The process of convincing powerful government officials to accept untold risk on derivatives trades can take some unusual and sometimes interesting turns. No, reference is not being made to the U.S. government’s accepting of big bank unregulated derivatives risk with very little accountability. This is about Colonel Muammar Gaddafi’s Libya, whose officials were sold derivatives that led to nearly $1 billion (£660million) in losses for the oil rich nation. Goldman Sach’s spat with Libya over derivatives trades When outrageous losses occur on a derivatives trade – the total investment was £800million, which included £200million commission paid to Goldman – it typically…