BLOOMBERG: Libya Gets Big Chunk of FED Bank Bailout

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35 BILLION SO FAR TRACKED TO LIBYA
OTHER FOREIGN BANKS DO EVEN BETTER

April 1 (Bloomberg) — Bloomberg reporter Bob Ivry talks about the U.S. Federal Reserve’s lending to Libya-backed Arab Banking Corp. and other foreign banks during the financial crisis. He speaks with Matt Miller on Bloomberg Television’s “Street Smart.”

Arab Banking Corp., the lender part- owned by the Central Bank of Libya, used a New York branch to get 73 loans from the U.S. Federal Reserve in the 18 months after Lehman Brothers Holdings Inc. collapsed.

The bank, then 29 percent-owned by the Libyan state, had aggregate borrowings in that period of $35 billion — while the largest single loan amount outstanding was $1.2 billion in July 2009, according to Fed data released yesterday. In October 2008, when lending to financial institutions by the central bank’s so- called discount window peaked at $111 billion, Arab Banking took repeated loans totaling more than $2 billion.

Read more at Bloomberg

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