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A Busted Goldman Airline Deal Is Investigated by Private Detectives

Battle brews over $1.2 billion Etihad deal linked to Windhorst

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Illustration: Cathryn Virginia

It was a fundraising like no other: Goldman Sachs teaming up with two obscure brokerages on an unusual deal. Add to that controversial financier Lars Windhorst, acting as one of the architects behind the scenes.

Investors snapped up the $1.2 billion in bonds that, in turn, channeled proceeds to a cluster of airlines linked to Etihad Airways. Within months, bankers handling the sale were crisscrossing the Atlantic, collecting awards for their creativity.

Two years later, the deal went bust.