Goldman Sachs offered Libya the chance to become one of its biggest shareholders in 2008 after blowing a $1.3 billion investment from the country. The investment, made by Libya’s sovereign wealth fund in 2008 lost 98 percent of its value. After a meeting, Goldman bankers in Libya were so fearful that they called their bosses. Between May and July 2009 Goldman offered the fund the opportunity to invest $3.7 billion, including preferred shares or unsecured debt. The deal fell apart, however, and despite several new negotiations, the parties have not reached a new deal.