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SECTION 1 ...
(a) the persons listed in the Annex to this order; and
(b) any person determined by the Secretary of the Treasury, in consultation
with the Secretary of State:
(i) to be a senior official of the Government of Libya;
(ii) to be a child of Colonel Muammar Qadhafi;...
All property and interests in property that are in the United States,
that hereafter come within the United States, or that are or hereafter come
within the possession or control of any United States person, including any overseas branch, of the Government of Libya, its agencies, instrumentalities,
and controlled entities, and the Central Bank of Libya, are blocked
and may not be transferred, paid, exported, withdrawn, or otherwise dealt
just a week or so after Obama’s executive order, the U.S. Treasury Department quietly issued an order exempting this and other Libyan-owned banks to continue operating without sanction.
General License No. 1A authorizes all transactions involving banks that are owned or controlled by the Government of Libya and organized under the laws of a country other than Libya, provided the transactions do not otherwise involve the Government of Libya or any person whose property and interests in property are blocked.
I came across the curious case of the Arab Banking Corporation, better known as ABC, while researching a story about the results of the audit of the Federal Reserve. That story, which will be coming out in Rolling Stone in two weeks, will examine in detail some of the many lunacies uncovered by Senate investigators amid the recently-released list of bailout and emergency aid recipients – a list that includes many extremely shocking names, from foreign industrial competitors to hedge funds in tax-haven nations to various Wall Street figures of note (and some of their relatives).
it found, among other things, some $26 billion in extremely cheap loans (as low as one quarter of one percent!) extended to this ABC bank over a period of years, beginning in December of 2007 and continuing through as recently as February of 2010.
Why,... would the Federal Reserve be giving Muammar Qaddafi $26 billion in near-zero interest loans? Exactly how does that address America’s financial problems?
What bailout plan could that possibly be part of?
The Libyan leader has a long and troubled history with the West. In the 1980s, he was seen as sponsor of militant groups, and Libya's secret service was held responsible for the April 5, 1986 bombing of a Berlin disco that killed two U.S. servicemen. Ten days later, U.S. warplanes struck targets in Benghazi and Tripoli, including Gadhafi's Bab Aziziyah compound. Dozens were killed in the strikes.