U.S. freezes $30 Billion in Qaddafi Family assets

$30 Billion is chump change to this family. Read on.

via NY Times

David Cohen, acting undersecretary for terrorism and financial intelligence, said that an unspecified number of American financial institutions this past weekend shuttered access to funds belonging to both the Libyan government — in particular its oil-heavy sovereign wealth accounts — and the Qaddafi family. The shutdowns are part of the Obama administration’s attempt to punish Colonel Qaddafi for the government’s violent crackdown against protesters in the last 10 days.

The sheer value of the assets, blocked in just three days, speaks to the vastness of the holdings acquired by Colonel Qaddafi and the oil rich country in the four decades that the Libyan autocrat has held power. “This is the largest blocking under any sanctions program ever,” Mr. Cohen said. The $30 billion is separate from Libyan government funds which are being blocked by European countries and banks under separate orders.

FULL STORY HERE…

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