U.S. Freezes Record $30 Billion in Libyan Assets

[maddezmom]

Source: NYT

WASHINGTON — The United States has blocked $30 billion in Libyan government assets since President Obama announced his executive order late Friday night imposing unilateral sanctions against Colonel Muammar el-Qaddafi and his family, the Treasury Department said Monday. It is the largest amount of foreign assets ever seized in an American sanctions action.

David Cohen, acting undersecretary for terrorism and financial intelligence, said that an unspecified number of American financial institutions this past weekend shuttered access to funds belonging to both the Libyan government — in particular its oil-heavy sovereign wealth accounts — and the Qaddafi family. The shutdowns are part of the Obama administration’s attempt to punish Colonel Qaddafi for the government’s violent crackdown against protesters in the last 10 days.

The sheer value of the assets, blocked in just three days, speaks to the vastness of the holdings acquired by Colonel Qaddafi and the oil rich country in the four decades that the Libyan autocrat has held power. “This is the largest blocking under any sanctions program ever,” Mr. Cohen said. The $30 billion is separate from Libyan government funds which are being blocked by European countries and banks under separate orders.



Read more: http://www.nytimes.com/2011/03/01/world/africa/01assets.html

[lib2DaBone]

1. Now that the U.S. has $30 Billion..... does tha mean we can have single payer health care?

..or how 'bout extending unemployment insurance?

[joshcryer]

2. That's not our money.

[tblue37]

6. No--it was stolen from the Libyan people by the kleptocrat

Gaddafi.

[defendandprotect]

3. Gaddafi had $30 BILLION just in the US!!

[joshcryer]

4. Total tally is likely in the hundreds of billions once you count UK, Italy, etc.

My guess anyway.

[defendandprotect]

5. Certainly wasn't salary -- !!!! Secret bank accounts are a threat to all of us/democracy -- !!