Thursday, February 24, 2011

Gadhafi can spot a Ponzi scheme when he sees one

From Huffington Post:

Even despotic leaders, it turns out, can make sound investment decisions.

Libyan leader Moamar Gadhafi turned down a chance to invest with Bernie Madoff and accused ponzi schemer Allen Stanford, according to a new diplomatic cable released by WikiLeaks. (The U.K.'s Telegraph has the full cable, dated January 28, 2010.)

In the cable, the head of the Libyan sovereign wealth fund, Mohamed Layas, claimed to control $32 billion in liquid assets, most of which was deposited at U.S. banks. Layas, according to the cable, was miffed at Libyan funds that were "mismanaged" by Lehman Brothers, the failed investment bank......read on

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