Goldman Sachs And JPMorgan Are Holding $1.1 Billion In Qaddafi’s Government Assets

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Goldman Sachs and JPMorgan are both holding $1.1 billion in Muammar Qaddafi’s government assets, the New York Post reported citing a report from the U.S. Treasury.From the Post:

Investment bank Goldman Sachs is holding onto $604,972,056.56 of Libyan government assets, and JPMorgan Chase has a cool $513,319,668.58, according to a report provided to The Post by the US Treasury’s Office of Foreign Assets Control.

Goldman and JPMorgan aren’t the only banks.

Wells Fargo has $6,098,291.04 and Bank of America has $837,875.85, the paper said citing a report from the U.S. Treasury’s Office of Foreign Assets Control.

The assets were frozen back in February after the United Nations imposed sanctions on Libya.  The total estimate of frozen assets in the U.S. was $37 billion, the Post reported.

Last week, the State Department said it released $1.5 billion in Libyan assets.  These funds will be used to provide humanitarian support, fuel, health, education and social services. 

The State Department refused to comment on whether the assets in the four banks were those being released, the paper said.

The Post said Goldman and JPMorgan did not comment, but Wells Fargo said the seven Libyan accounts and 30 transactions had been frozen and the bank had not been approached to unfreeze them.  Bank of America also told the paper they had not been approached either about unfreezing the assets.