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Gadafi's money in Goldman Sachs, Citigroup, JPMorgan and Carlyle group banks

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posted on Mar, 2 2011 @ 03:57 PM
Gee what a surprise. The scummiest banks around helping a dictator and his money.

Libya's Billions Invested In U.S. Private Equity, Big Banks

NEW YORK -- U.S. President Barack Obama's executive order freezing $30 billion in assets of Muammar Gaddafi, his family and the Libyan government could impact several U.S. banks and private equity firms, including Goldman Sachs, Citigroup, JPMorgan Chase and the Carlyle Group. The Obama administration described it as the largest seizure of foreign funds in U.S. history.

The secretive Libyan Investment Authority has reportedly invested hundreds of millions of dollars in Goldman Sachs Asset Management funds, including a loan fund designed to invest in new hedge funds set up by the Kuwait Investment Authority. Goldman Sachs already has a relationship with Libya -- in 2008, Goldman was the first U.S. bank to get a contract with the country following the removal of sanctions, when it was hired by Libya's central bank to provide information on its behalf to credit rating agencies. A spokesperson for Goldman Sachs did not return calls seeking comment.

The Libyan government, including LIA, has also banked with Citigroup, according to several sources familiar with the matter. A spokesperson for Citigroup declined to comment on the bank's interactions with the Treasury Department's Office of Foreign Assets Control, which is in charge of carrying out Obama's order regarding Libyan assets.

JPMorgan Chase reportedly handles much of the LIA's cash and some of the Libyan central bank's reserves. The summer after then-Secretary of State Condoleezza Rice visited Gaddafi in 2008, LIA gave "mandates to some of the international banks, including JPMorgan to manage their funds in the interbank money markets, according to Vanity Fair.

Two years ago, the Carlyle Group's co-founder and managing director, David Rubenstein, and Blackstone chief executive Steven Schwarzman traveled to the Libyan capital of Tripoli to help celebrate the wedding of Mustafa Zarti, the deputy director of the LIA, in a massive tent set up on the outskirts of the city, reported the Financial Times. And when Gaddafi's son and longtime likely successor, Saif al-Islam, visited New York in November 2008, Schwarzman hosted a lunch for him at the Blackstone CEO's Park Avenue apartment. The younger Gaddafi was also honored on that trip by Carlyle's retired chairman, former defense secretary Frank Carlucci, who hosted a dinner for him in a private room at the City Club.

Thanks to the efforts of Rubenstein, who first traveled to Libya in 2006, the Carlyle Group received funds from the LIA. A spokesman for Carlyle declined comment. A spokesman for Blackstone told The Huffington Post, "We have no investments in Libya. They have no investments with us."

Crooks of this magnitude always hang together... since they only have each other because decent human beings want nothing to do with them.

posted on Mar, 2 2011 @ 04:11 PM
reply to post by Vitchilo

What can you expect when currency is involved.
I can't wait for the protesters to get there hands on Gadafi in my opinion.

posted on Mar, 2 2011 @ 04:12 PM
So what happened to not doing business with a terrorist state? Guess integrity like that went out the window and replaced with the usual greed and avarice. These banks rank right up there with Moamar on the scale of corruption and evil.

posted on Mar, 2 2011 @ 04:20 PM
reply to post by Blackmarketeer

Bankstas, and terrorists, seem like a natural fit if you ask me.

Ah, the joys of money laundering...

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