Goldman Sachs’s purchase of deeply discounted Venezuelan bonds wasn’t reviewed by top executives, and the subsequent uproar over that trade caught the firm’s officials off guard.
Goldman Sachs bought about $2.8 billion in Venezuelan bonds that had been held by the oil-rich country’s central bank, a lifeline to President Nicolás Maduro’s embattled government.
Investing often creates a dilemma over goals: Should we aim to do well or to do good? Nowadays, it is emerging markets as an asset class that should make people morally queasy, owing to Venezuela’s outsize role in driving the performance of index funds.
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