Goldman secures loan with liquid assets

Jun 11, 2013, 5:36 PM EDT
A 12 bottle case of Chateau Mouton Rothschild from 1982 in Sotheby's auction house on January 17, 2012 in London, England.
Getty Images/Oli Scarff

Goldman Sachs has accepted 15,000 bottles of fine wine as collateral for a loan to a former executive, Andrew Cader, Bloomberg reports. The wine is primarily from Burgundy and Bordeaux, including a 1929 bottle of Domaine de la Romanee Conti that is valued at upwards of $3,000 a bottle. Overall, the collection's value is said to be in the "low-seven-digit-dollar range". Collateralised lending increased sharply in the years after the financial crisis, the Financial Times says, with big banks, governments and central banks accepting a range of unusual assets – from cheese to pigs and music rights – as securities to back up the loans.