U.S. Fed loaned Libya-backed bank billions

By Agence France-Presse
Friday, April 1st, 2011 -- 9:07 am

WASHINGTON — The Federal Reserve lent a Libyan state-backed bank billions of dollars during the financial crisis, documents made public on Thursday have revealed.

The Arab Bank Corporation, which is today 59.3 percent owned by the Libyan government, borrowed in slices as big as $1.175 billion from the US central bank.