Sunday, 26 October 2014
Last updated 1 day ago
Feb 24 2011 | 8:37am ET
He may be a despot with questionable fashion sense, but Libya’s Muammar Gaddafi apparently knows a Ponzi scheme when he sees one.
According to a U.S. diplomatic cable reporting a January meeting between Mohamed Layas, the head of the Libyan Investment Authority (the country’s secretive sovereign wealth fund) and the U.S. ambassador in Tripoli, Layas declined to invest with fraudsters Bernie Madoff and Allen Stanford.
The LIA claims to control $32 billion in liquid assets, most of which is deposited in U.S. banks. Besides passing on Madoff and Stanford, the cables also show Layas expressing his concern that Lehman Brothers was mismanaging Libyan investments.
Part of the text of the cable reads as follows:
6.(C) Layas denied press reports that the LIA had invested USD 100 million with the infamous Allen Stanford. He said that he had personally written a letter to the "Financial Times" disputing the information, explaining that Stanford had approached the LIA in the middle of his crisis, offering a 7-8% share in his investment scheme, but Layas had refused. Layas also mentioned having been previously approached by Bernard Madoff about an investment opportunity, "but we did not accept."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.