Started in 2000 with only one plane, Lion Air has grown into Indonesia's largest airline mostly by sticking to low-cost domestic flights across the 17, 000-island archipelago.
Lion Air is a low-cost carrier that holds about a 45 percent market share in Indonesia, a sprawling archipelago that's seeing a boom in both economic growth and air passengers.
The tone of the Goldman e-mails suggests even low-level bankers recognized a possible conflict in Goldman's role as adviser and investor in Archipelago and adviser and alumni association for NYSE's management.