### Goldman Sachs Writes Down $900m Investment in Northvolt to Zero

In a surprising turn of events, Goldman Sachs has completely written down its substantial investment in Northvolt, a European battery manufacturing company. The storied firm had once hailed Northvolt as a lucrative venture under the stewardship of their European private equity business led by Bruun. Goldman enthusiastically spearheaded a funding round for Northvolt in 2019, securing a board seat for Bruun. Subsequent engagements, including a Goldman Sachs 'insights' interview with Northvolt CEO Peter Carlsson, painted a picture of camaraderie and robust partnership. Bolstering this rosy outlook, Goldman became Northvolt's second-largest shareholder, holding a 19% stake and assuring investors that Northvolt would be worth 4.29 times the invested amount, potentially rising to six times by the following year.

However, recent revelations have shattered this optimism. The Financial Times reported that Northvolt has filed for bankruptcy, slashing the value of the investment to zero. Carlsson has stepped down as CEO, and all traces of Bruun's interview have been scrubbed from the internet. Investors at Goldman who had banked on hefty returns, including ex-partners and current employees who funneled money into the West Street Capital Partners funds, now face significant losses.

The sudden collapse of Northvolt has raised numerous questions regarding the rationale behind Goldman's investment. Previous reports had pointed fingers at Northvolt's shaky management and the reckless financial practices that left the company with a staggering $5.8bn in debt and a paltry $30m in cash on hand. While Bruun’s defenders could argue that investment portfolios inevitably contain a few poor performers, the timing is inconvenient, coming so close to bonus season. A $900m write-down is unlikely to be a point of internal celebration, especially among the firm's partners heavily invested in the fund.

Meanwhile, unrelated but noteworthy, Rachel Reeves, the UK's first female chancellor, faces scrutiny over inaccuracies in her CV and LinkedIn profile. While Reeves has conveyed that she declined a job offer from Goldman Sachs at 21, her claims about roles at Halifax bank and the Bank of England have been contested. Despite stating she was an economist at the former and had a decade-long tenure at the latter, records indicate she managed a retail bank complaints team and spent six years at the Bank of England. Although Reeves holds a master's degree in economics from the LSE and has indeed served as an economist, the discrepancies have fueled criticism, particularly as financial experts like Stephen King of HSBC question her strategies.

Both the downfall of Northvolt and the controversies surrounding Reeves highlight the critical importance of transparency and accurate communication in the financial world. Investors and stakeholders will undoubtedly be more vigilant, evaluating claims and projections with a more critical eye in the future.