We all thought Libya had moved on – it has, but into lawlessness and ruin

Kritic

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i got bigger fish to fry than argue about little ass sh1t. you are a distraction. you be on the interwebs lookin for stupid ass articles to waste ppl's time.

you work for them people. whether you know it or not.
 

theworldismine13

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i got bigger fish to fry than argue about little ass sh1t. you are a distraction. you be on the interwebs lookin for stupid ass articles to waste ppl's time.

you work for them people. whether you know it or not.

you deserve neither liberty nor safety breh
 

The Real

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if libya is undergoing anarchy, civil war, economic collapse and dissolution of the government, i would suggest that the libyan people do something about it cuz its their problem not somebody else's and i believe they will

Who should do something about it is neither here nor there, since it has nothing to do with what I was asking. You say "you believe they will," but have no real basis for such an assertion, just like the assertion that this is growing pains. Can you point to any evidence for either of these?
 
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Who should do something about it is neither here nor there, since it has nothing to do with what I was asking. You say "you believe they will," but have no real basis for such an assertion, just like the assertion that this is growing pains. Can you point to any evidence for either of these?

This is something we can agree on Real.
 

theworldismine13

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Who should do something about it is neither here nor there, since it has nothing to do with what I was asking. You say "you believe they will," but have no real basis for such an assertion, just like the assertion that this is growing pains. Can you point to any evidence for either of these?

i did, i linked the thread with the video that shows IMO that even though there is anarchy and chaos people understand that their future is in their hands

 

NatiboyB

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its bullshyt

first of all any black african country that would have taken a currency dominated by an arab dictator should be slapped

second of all that is why it didnt and wouldnt have worked, none of the decrepit, corrupt african cleaders were dumb enough to follow along and that is why it never went anywhere

third of all it would not have devastated anything except the countries that accepted it


Lets be honest. Money isn't worth shyt. It's just pieces of paper or data in a bank account. We need to go back to buy metals such as gold or silver again.
 
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yeah i did, so now its their problem, their future is in their hands

All the money seized from the accounts in Gaddafi's name never reached the people. It's in their hands....no fool, it's in the banks hands and won't release it.

Libyan Investment Authority Management Information Report June 2010


A breakdown of the Libyan Investment Authority's holdings in Western institutions.

Document Shows Gadhafi Stashed Billions In Western Institutions (Wall Street Journal):

Several Western financial institutions were holding Libyan state oil revenue last year, according to the nonprofit Global Witness, which cited a document it obtained.

The document names Goldman Sachs, HSBC Holdings, Societe Generale and several other institutions holding some of the sovereign wealth fund’s assets, which totaled more than $53 billion at the end of the second quarter of 2010, Global Witness said.

The Libyan sovereign wealth fund, as well as the national oil company, are now under international sanctions. Many of the national oil company’s subsidiaries are also under sanctions.

The document (pdf) is a summary of the Libyan Investment Authority’s investments created for the fund by KPMG and is dated June 30, 2010, according to the New York Times, which said it verified the document independently. The LIA wasn’t under sanctions at that time.

HSBC and Goldman Sachs held $335m of Libyan state oil money (Global Witness):

HSBC and Goldman Sachs are among the key western bankers for Colonel Gaddafi’s regime, a 2010 document leaked to Global Witness appears to show. The document details the whereabouts of state oil revenues. However the Libyan people could not know where it was invested or how much it was, because banks have no obligation to disclose state assets they hold. Global Witness is now calling for new laws requiring banks and investment funds to disclose all state funds that they manage.

Global Witness asked both banks to confirm that they held funds for the state-owned Libyan Investment Authority, and whether they still hold them. They both refused, with HSBC citing client confidentiality. Numerous other banks and financial firms are listed including Societe Generale, UniCredit and the Arab Banking Corporation.

“It is completely absurd that banks like HSBC and Goldman Sachs can hide behind customer confidentiality in a case like this. These are state accounts, so the customer is effectively the Libyan people and these banks are withholding vital information from them,” said Charmian Gooch, director of Global Witness.

The Gaddafi family has significant personal control over the state funds invested in the Libyan Investment Authority. According to the Prosecutor of the International Criminal Court, “Gaddafi makes no distinction between his personal assets and the resources of the country.”

On this basis, it is essential for banking regulators to investigate whether these banks have done enough to ensure that state funds have not been diverted to the Gaddafi family’s personal benefit.

Global Witness has been leaked a draft presentation that appears to show the investment position for the Libyan Investment Authority (LIA) as of 30 June 2010, which stood at $53 billion. The information shows the diversity of Libyan assets held by major financial institutions:

  • HSBC holds $292.69 million across ten accounts and Goldman Sachs has $43 million in three accounts. The funds are in U.S. dollars, British pounds, Swiss Francs, Euros and Canadian dollars.
  • A much larger portion of the LIA’s deposits – $19 billion – are held in Libyan and Middle Eastern banks, including the Central Bank of Libya, the Arab Banking Corporation and the British Arab Commercial Bank.
  • Almost $4 billion of the LIA’s funds are held in structured products with banks, hedge funds and private firms such as Societe Generale ($1 billion), JP Morgan ($171 million) and OCH-ZIFF ($329 million).
  • The LIA owns billions of dollars of shares in household name companies such as General Electric, BP, Vivendi and Deutsche Telekom.
 

theworldismine13

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All the money seized from the accounts in Gaddafi's name never reached the people. It's in their hands....no fool, it's in the banks hands and won't release it.

Libyan Investment Authority Management Information Report June 2010


A breakdown of the Libyan Investment Authority's holdings in Western institutions.

Document Shows Gadhafi Stashed Billions In Western Institutions (Wall Street Journal):

Several Western financial institutions were holding Libyan state oil revenue last year, according to the nonprofit Global Witness, which cited a document it obtained.

The document names Goldman Sachs, HSBC Holdings, Societe Generale and several other institutions holding some of the sovereign wealth fund’s assets, which totaled more than $53 billion at the end of the second quarter of 2010, Global Witness said.

The Libyan sovereign wealth fund, as well as the national oil company, are now under international sanctions. Many of the national oil company’s subsidiaries are also under sanctions.

The document (pdf) is a summary of the Libyan Investment Authority’s investments created for the fund by KPMG and is dated June 30, 2010, according to the New York Times, which said it verified the document independently. The LIA wasn’t under sanctions at that time.

HSBC and Goldman Sachs held $335m of Libyan state oil money (Global Witness):

HSBC and Goldman Sachs are among the key western bankers for Colonel Gaddafi’s regime, a 2010 document leaked to Global Witness appears to show. The document details the whereabouts of state oil revenues. However the Libyan people could not know where it was invested or how much it was, because banks have no obligation to disclose state assets they hold. Global Witness is now calling for new laws requiring banks and investment funds to disclose all state funds that they manage.

Global Witness asked both banks to confirm that they held funds for the state-owned Libyan Investment Authority, and whether they still hold them. They both refused, with HSBC citing client confidentiality. Numerous other banks and financial firms are listed including Societe Generale, UniCredit and the Arab Banking Corporation.

“It is completely absurd that banks like HSBC and Goldman Sachs can hide behind customer confidentiality in a case like this. These are state accounts, so the customer is effectively the Libyan people and these banks are withholding vital information from them,” said Charmian Gooch, director of Global Witness.

The Gaddafi family has significant personal control over the state funds invested in the Libyan Investment Authority. According to the Prosecutor of the International Criminal Court, “Gaddafi makes no distinction between his personal assets and the resources of the country.”

On this basis, it is essential for banking regulators to investigate whether these banks have done enough to ensure that state funds have not been diverted to the Gaddafi family’s personal benefit.

Global Witness has been leaked a draft presentation that appears to show the investment position for the Libyan Investment Authority (LIA) as of 30 June 2010, which stood at $53 billion. The information shows the diversity of Libyan assets held by major financial institutions:

  • HSBC holds $292.69 million across ten accounts and Goldman Sachs has $43 million in three accounts. The funds are in U.S. dollars, British pounds, Swiss Francs, Euros and Canadian dollars.
  • A much larger portion of the LIA’s deposits – $19 billion – are held in Libyan and Middle Eastern banks, including the Central Bank of Libya, the Arab Banking Corporation and the British Arab Commercial Bank.
  • Almost $4 billion of the LIA’s funds are held in structured products with banks, hedge funds and private firms such as Societe Generale ($1 billion), JP Morgan ($171 million) and OCH-ZIFF ($329 million).
  • The LIA owns billions of dollars of shares in household name companies such as General Electric, BP, Vivendi and Deutsche Telekom.

:skip:

you just posted evidence of how corrupt ghadaffi was but its ok tho because the electricity grid was always up
 
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