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WSJ: Financial firms probed over possible bribery in Libya

  • The Department of Justice has joined an expanding probe of banks, private-equity firms and hedge funds over the possible violation of bribery laws involving Libya's state investment fund prior to the rebellion against Muammar Gaddafi in 2011, the WSJ reports.
  • The investigation originally focused on Goldman Sachs but now includes Credit Suisse (CS), JP Morgan (JPM), Société Générale (SCGLF), Blackstone (BX) and hedge-fund operator Och-Ziff Capital Management Group (OZM).
  • A criminal probe is taking place in parallel to an SEC civil investigation.
  • The Libyan Investment Authority invested sums of as much as $1B in funds operated by the firms being investigated, except Blackstone.
Comments (4)
  • zorro2828
    , contributor
    Comments (595) | Send Message
     
    so, the upshot is BX is being investigated altough they received no money .... Another examlple of a cast a large net and see what fish come to the surface,,, THE DOJ is no better then the FBI of the 50's....shameful!
    3 Feb, 06:00 AM Reply Like
  • mostserene1
    , contributor
    Comments (3343) | Send Message
     
    BX is hauled in, with actual guilty firms, with a large fishing net.

     

    Long BX.
    3 Feb, 08:14 AM Reply Like
  • Sumflow
    , contributor
    Comments (3641) | Send Message
     
    Among the deals being scrutinized is a $120 million hotel project in which Och-Ziff had a stake—a joint venture involving U.K.-based InterContinental Hotels Group as well as a Libyan developer and the Libyan Investment Authority to build a luxury hotel in Tripoli.
    `
    Fixers: http://bit.ly/1dpxWJx
    4 Feb, 11:30 PM Reply Like
  • UnCoverUp
    , contributor
    Comments (40) | Send Message
     
    As conduits for bribes paid to the Gaddafi family, the banks, private equity firms and hedge funds were indeed co-conspirators in a broader criminal conspiracy organized by international oil companies (IOCs), aided and abetted by the Bush-Cheney administration in the US and the Blair government in the UK. The objective of the IOC conspiracy was to profit from the US/UK governments’ selective non-prosecution of blatant violations of the US Foreign Corrupt Practices Act (OTCPK:FCPA) and the UK Serious Fraud Act (SFA) under the guise of “normalizing" US/UK IOC’s relationships with Gaddafi. The US DoJ and UK SFO should also investigate the underlying IOCs criminal conspiracy to gain favor with Gaddafi by “lobbying" the Bush-Cheney and the Blair governments with promises of future employment/investment opportunities in quid pro quo for corruptly motivated executive orders that forgave the judgment debts Libya owed families of the victims of Gaddafi-sponsored terrorism. See "IRA victims plan to sue Tony Blair over Libya 'conniving' at http://bit.ly/1bcAv7N and "ConocoPhillips Shareholder Proposal -- 2012" at http://1.usa.gov/1bcAvo0)
    8 Feb, 10:11 AM Reply Like
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