Friday, May 27, 2011
What happens to your reputation when it becomes known that you are helping a dictator invest billions that he has stolen from his country? A group of banks are about to find out. A document has come to light that shows they were instrumental in helping Col. Qaddafi invest funds from Libya. They have a defense in that Qaddafi wasn't on a blacklist until recently. Association with Qaddafi is an issue now, and a potential black mark on their reputations. Some of the banks like Goldman Sachs are already under public pressure for their actions in the economic meltdown. This doesn't help.