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canada goose coats LONDON, June 28 (Reuters) The Libyan wealth fund former canada goose black friday sale deputy cheap Canada Goose chief screamed and cursed at Goldman Sachs bankers in a stormy meeting over derivatives canada goose trades made on the bank advice that ultimately turned out to be worthless, a witness uk canada goose told a court on Tuesday. canada goose coats
The LIA argues Goldman took advantage of its financial naivety by canada goose clearance first gaining its trust, then encouraging it to make risky and ultimately worthless investments.
canada goose Goldman Sachs denies the allegations and says the trades in question not difficult Canada Goose Parka to understand canada goose
Canada Goose Jackets The LIA called as its buy canada goose jacket final witness Catherine McDougall, a former Allen Overy lawyer who was seconded to the LIA in July 2008 by Allen Overy to assist and provide training to the LIA legal team. Canada Goose Jackets
Canada Goose Outlet McDougall said that from her conversations with LIA staff, specifically members of the Equities team, she found they had no idea what they had actually purchased. They were under the impression they had bought shares or shares whereas the products they had were canada goose coats synthetic Canada Goose Outlet
She said she brought this up with the LIA, with Allen and Overy and eventually with Goldman Sachs.
buy canada goose jacket cheap McDougall told the court she had little experience canada goose uk outlet of derivatives at the time but canadian goose jacket said LIA executives seemed to have even less. buy canada goose jacket cheap She said they did not understand how derivatives worked or what were call and put options. buy canada goose jacket cheap
She said that in response to her question in July 2008 about what kind of due diligence had been done before the trades, one of the LIA officials had asked: what? However, she said the exchange took place in a meeting and she didn recall the name of the official.
canada goose black friday sale In her Canada Goose Jackets statement, she said she felt Sachs had unfairly taken advantage of the LIA lack of sophistication. and sold Canada Goose Outlet the LIA $1 billion worth of derivatives products the LIA could cheap canada goose uk not understand canada goose black friday sale
canadian goose jacket Robert Miles, a lawyer acting for Goldman, stated to McDougall that the LIA officials had understated their understanding of the trades order to shift the blame canadian goose jacket
The LIA Canada Goose online equity team had also seemed to implicitly trust Youssef Kabbaj, piloshop the banker who was Goldman main contact with the LIA, and relied completely on his advice, McDougall said.
canada goose clearance think they didn understand how much Mr Kabbaj canada goose uk shop stood to gain personally from his relationship with them. They were. very effusive and very welcoming and they trusted people. They thought he was their friend, she canada goose clearance sale told the court. canada goose clearance
Kabbaj no longer works for Goldman and has signed a confidentiality agreement with the bank. He has commented once to the Canada Goose sale media but has declined to speak further, citing the agreement.
buy canada goose jacket Goldman says its relationship with the LIA was at all times an arm length one between banker and client. buy canada goose jacket
cheap Canada Goose In a witness Canada Goose Coats On Sale statement seen by Reuters, McDougall Canada Goose Online said she told Mustapha Zarti, the LIA then deputy chief, that she could not see redeeming feature in the trades. cheap Canada Goose
Canada Goose Parka Following this, canada goose uk black friday she said, she was present at a meeting between Zarti, Kabbaj and Kabbaj colleague Nick Pentreath canada goose store at which Zarti lost his temper, swore at the men and threatened canada goose factory sale to after their families. Canada Goose Parka
canada goose store face. it went red in this, like, flash of anger and he darts uk canada goose outlet in front of me. and then just starts screaming at Mr Kabbaj and Mr Pentreath and telling them a lot of canada goose coats on sale cursing, she told the court. canada goose store
Canada Goose sale Zarti is no longer connected with the LIA. Reuters has canada goose outlet been unable to reach him for comment. Canada Goose sale
canada goose clearance sale Miles cited documents provided by Goldman to the LIA which he said showed the nature of the deals and clearly explained the conditions under which the trades could lose money canada goose clearance sale.