Blog #7: See No Evil: Wall Street Banks and Qaddafi Cash

Laura Brewer
3/3/11

Blog #7: See No Evil: Wall Street Banks and Qaddafi Cash

This article questions why Wall Street and American banks hold so much of Qaddafi’s money. American laws prohibit laundering which includes holding cash illicitly transmitted. It is confirmed that most of Qaddafi’s money is stolen or illicit cash. Several American banks are holding $3-500 million from Libya. According to federal law, before Wall Street can hold funds from another country, it has to be confirmed that the money has diligence and has been acquired by the people of the country and not the leader, which is not the case of Qaddafi who has stolen millions of dollars or acquired it in illegal weapon trade. This is interesting information because it is an example of American ties with dictators. Right now, the American government is siding with the Libyan people, threatening to take action. It seems all too perfect timing to side with the people after having a long term relationship with the dictator and Libya’s valuable oil resources. Our federal banks have even held millions of Libya’s illicit funds. The American people should be more aware who the government has relationships with because these relationships keep dictators like this in power. We should be in support of the people’s rights, not supporting destructive dictators.

http://www.rollingstone.com/politics/blogs/national-affairs/see-no-evil-wall-street-banks-and-qaddafi-cash-20110302