Western Banks 'ripped off' Libya.
Libya was then hit by NATO and the USA.
The banks now say they don't have to pay back any money to Libya.
SocGen Made $1 Billion Derivatives Gamble for Libya, FT Reports
International bankers wasted billions of dollars invested by Libya.
The Financial Times says banks like Goldman Sachs were dealing with Libya's investments at a time when they needed to plug holes in their own balance sheets during the economic crisis.
Most of the money has been lost, but with what's going on in Libya any repayment seems unlikely.
Italians taking Libyans to an Italian concentration camp.
In early 2008, Société Générale lost €5bn due to 'rogue' trades by Jerome Kerviel.
Société Générale then arranged a transaction for Libya.
This transaction has lost 72% of its value.
But the transaction made money for Société Générale, helping to plug a hole in its balance sheet.
"The case is just one example of how leading global financial groups did big business with Col Muammer Gaddafi’s Libya in deals that rarely benefited the North African state’s lumbering $65bn sovereign wealth fund, but generated lucrative fees for the banks."
Goldman Sachs structured a $1.2bn equity and currency derivatives portfolio that lost 98.5 per cent of its value by June 2010.
Libya bet $1bn on SocGen shares
Did top bankers know when 9 11 was going to happen?
Certain bankers seem to know in advance when terrorist attacks are going to take place, and so they can successfully bet on certain shares falling in price?
'Rogue trader' Jerome Kerviel worked for the French bank Societe Generale.
(SocGen rogue trader Jerome Kerviel 'hit the jackpot' on 7/7 ... / 'Rogue trader' Jerome Kerviel.)
According to Kerviel, "The best trading day in the history of Société Générale was September 11, 2001.
"At least, that’s what one of my managers told me.
"It seems that profits were colossal that day.
"I had a similar experience during the London attacks in July 2005."
On 7 July 2005, 52 people were killed by a series of bus and tube train attacks in London.
A few days before 7 July 2005, Kerviel bet on a fall in the share price of Allianz, the German insurance giant.
"Thanks to the positions I had, I earned €500,000 in a few minutes. It was the jackpot. I was jubilant," says Kerviel.
So, Kerviel made 500,000 euros as a result of London's 7/7 attacks.
Kerviel eventually lost £4 billion while working as a trader with Societe Generale, and now he is on trial.
Kerviel, 32, claims that his colleagues and bosses had been aware of his actions.
Entity drew our attention to:
9-11 And The Black Eagle Trust Fund - For those who want to know