Libya-Owned Bank Borrowed $5 Billion From Fed

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• Fed Discount Window Data Released Today

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Look for the comment from Bernie Sanders below.

Excerpt from Bloomberg

Arab Banking Corp., a lender part- owned by the Central Bank of Libya, used a branch in New York to borrow at least $5 billion from the U.S. Federal Reserve as credit markets seized up in 2008 and 2009.

The bank, then 29 percent-owned by the Libyan state, drew $1.1 billion from the Fed’s so-called discount window in October 2008, including $450 million during the week when hundreds of financial firms borrowed a record amount of emergency funding from the U.S lending program, according to data released by the Fed today. Arab Banking Corp. also owed about $4 billion to the Fed under other bailout programs in the fall of 2009, data released in December show.

“It is incomprehensible to me that while creditworthy small businesses in Vermont and throughout the country could not receive affordable loans, the Federal Reserve was providing tens of billions of dollars in credit to a bank that is substantially owned by the Central Bank of Libya,” said Senator Bernard Sanders of Vermont, an independent who caucuses with Democrats, in a letter to Fed and U.S. officials.

The letter was addressed to Fed Chairman Ben S. Bernanke, Treasury Secretary Timothy F. Geithner and John Walsh, acting comptroller of the currency. The figure refers to the aggregate amount of loans the bank received under U.S. lending programs.



Comments

[DailyBail]

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[DailyBail]

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Brown Details New Measures Aimed at Curtailing California Pension Abuses

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[S. Gompers]

I would say Libya is defaulting on that loan as we speak, ante up boys, I see a bailout coming...

[Fred]

Wow, Robert Gates really hates Obama. I think he has spent too much time with Hillary.

He will be fired very soon.

[Canuck]

That money went to establish a new Libyan Central Bank (owned by the Fed of course)

The rebels in Libya are in the middle of a life or death civil war and Moammar Gadhafi is still in power and yet somehow the Libyan rebels have had enough time to establish a new Central Bank of Libya and form a new national oil company.

http://uruknet.info/?p=m76342&hd=&size=1&l=e

[S. Gompers]

The Muslim Brotherhood is British Intelligence Canuck, I would say that was all laid out in advance.

[Canuck]

Sure looks like it Gompers. I knew the banks had their filthy fingers in this Libya thing from the start.

[john]

LOOK AT THIS!!!!!

Companies With Permission to Bypass Sanctions

http://www.nytimes.com/interactive/2010/12/24/world/24-sanctions-list.html

[DailyBail]

nice find john....

[john]

http://www.msnbc.msn.com/id/15219383/ns/technology_and_science-tech_and_gadgets/