Libya placed billions of dollars at U.S. banks: WikiLeaks

[Ichingcarpenter]

(Reuters) - Libya's secretive sovereign wealth fund has $32 billion in cash with several U.S. banks each managing up to $500 million

The cable, obtained by WikiLeaks and revealing the details of a January meeting between the head of the Libyan Investment Authority (LIA) and the U.S. ambassador in Tripoli, comes as the United States and European governments explored the possibility of freezing assets belonging to the Libyan government.


LIA's Mohamed Layas told the U.S. ambassador at a January 20 meeting that the fund operated with high liquidity and was not concerned about the volatility in the oil market.
"We have $32 billion in liquidity, mostly in bank deposits that will give us good long-term returns," the cable quoted Layas as saying at the meeting at LIA's office overlooking the Mediterranean Sea.


http://www.reuters.com/article/2011/02/24/us-libya-wealth-idUSTRE71N2AT20110224?pageNumber=2

[dixiegrrrrl]

1. How did they find a bank that pays interest, is what I want to know.