Thursday, May 26, 2011

Gadhafi is breaking the bank

Gaddafi's regime likes French banks and particularly the Societe Generale. Indeed, the complex financial products that banks have been one of the favorite investment regime of Colonel Gaddafi has given 1.8 billion dollars (1.27 billion euros) in oil revenues to the French settlement through the Libyan Investment Authority (LIA), the Libyan sovereign fund.

If SociétéGénérale acted legally by selling these structured products, however, after the imposition of international sanctions, the Libyan regime in early 2011, the French bank was careful not to publicly acknowledge the existence of these investments by offering opaque wide margins. These revelations confirm once again that dictators are able to place their assets with prestigious brands and reputation, ask few questions regarding the looting of the resources of their country.

And recall that until the outbreak of the rebellion, Washington, London and Paris pampering regime in Tripoli.

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