Ex-Goldman Bankers Make a Fortune With Controversial Bet on Coal

Shortly before Goldman Sachs Group Inc. officially sold off the last of its coal assets, two of its top commodities traders left the bank to strike out on their own.

It seemed a bit retrograde. Global priorities were shifting toward cleaner sources of energy. Investors, activists and regulators were starting to paint financial institutions as enablers of carbon pollution and encouraging them to rethink their coal industry ties.

For Peter Bradley and Spencer Sloan, the timing was perfect. In its first eight years, Javelin Global Commodities has grown to an equity value of more than $1 billion and become the ...