Tag Archives: Moammar Gadhafi

Gadhafi Not Backing Down

On Tuesday, a day full of explosions and bombings spearheaded by NATO forces against Gadhafi in Tripoli, the Libyan dictator of 42 years defiantly exclaimed: “We will not surrender, we will not give up.” Gadhafi continued with this line of rhetoric, underscoring the fact that he will not step down, a reality which made recent talks of a cease-fire between Gadhafi’s forces and the rebels pointless. His words of bravado (“Dead, alive, victorious, it doesn’t matter”) make it all the more clear that this struggle will never end with Gadhafi backing down in any way. If it means admitting defeat or relinquishing certain powers, Gadhafi will not do it.

According to a spokesman for the Libyan government, at least 31 people were killed (some being civilians) and many more were wounded in the barrage of NATO missile attacks Tuesday. Echoing Gadhafi’s defiant tone, spokesman Musa Ibrahim stated: “No one has the right to shape Libya’s future except for Libyans.” Libyan officials have argued that NATO air strikes have caused civilian casualties and damages to civilian infrastructure, with NATO naturally arguing otherwise, with NATO Secretary General Anders Fogh Rasmussen citing “significant progress” with respect to the military objective of avoiding civilian casualties.

According to William Hague, the British Foreign Secretary, the EU has enacted additional sanctions against Gadhafi-controlled ports in order to place even more pressure on the besieged incumbent dictator. Hague also opined that: ”Any political settlement in Libya requires an end to violence and Gadhafi’s departure.” Gadhafi has made it clear that the latter will not transpire voluntarily, so one can deduce that that only possible outcome is that NATO air strikes will continue, the economic stranglehold imposed upon Gadhafi will tighten, and, ultimately, Gadhafi will be defeated. How quickly this occurs is another matter entirely, but his defeat  seems to be an inevitable result of a conflict between two uncompromising forces (i.e., Gadhafi vs. the rebels), with one–the rebels–receiving the backing of NATO military might. We can all hope that as many casualties as possible can be avoided, but the situation is looking bleak to say the least.

 

Contains information from CNN.

Libya Lost $1.3 Billion on Goldman Sachs

According to a report released today, Goldman Sachs managed approximately $1.3 billion of “trades in currencies and other investments.” Of course, after the debilitating market crash of 2009, Libya’s investments were essentially entirely lost. The Libyan Investment Authority–the money-managing entity of the oil-rich nation–sought to invest heavily across the globe in 2007 upon its [the LIA's] establishment. Recent developments in Libya have led to a re-sanctioning of the nation (including sanctions on the activities of the LIA and a freeze of all foreign Libyan assets).

According to the report, CEO Lloyd Blankfein made several proposals to the LIA that would allow it to purchase a sizable stake in Goldman that would essentially produce profits that, in the long run, would offset the loss of approximately 98% of the original sum of $1.3 billion.  However, any such transaction would have had to have been approved by the Federal Reserve, making it a highly improbably that such a transaction would have ultimately transpired.

This report and its reference to Blankfein’s proposals to Libya, led by the controversial autocrat Moammar Gadhafi, only further cast a spotlight of suspicion upon Goldman Sachs and Blankfein himself, particularly in light of Goldman’s role in selling ostensibly faulty securities vis-a-vis the subprime housing market. In short, it is more bad publicity for a bank that does not need any more at the moment.

 

Contains information from CNNMoney.