Tuesday, 5 May 2015
Last updated 2 hours 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."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…