On 2/28 Obama signed an Executive order freezing the assets of Gaddafi and his family. Later in the day David Cohen, Treasury's acting undersecretary for terrorism and financial intelligence, said that $30 billion had been seized. I’ve not seen the details of which banks are holding this wad of dough.

It’s not hard to conclude that with this much money comes power. It’s a fair question to ask if the US banking system did not aid and abet the Colonel’s long run as a Potentate. At a minimum, they appear to be the depositories of his theft. What to make of this?

I’m certain that the CIA was all over this and knew the details pretty close. The Executive Order to seize the loot was first drafted a long time ago. With that in mind you could make the case that the money was better in the US banking system versus outside. The US gets to monitor the flows for intelligence purposes and can also close the door on any significant capital movements when desired. What’s not to like about that? Plenty!

I’m surprised that there has not been more of a response from the Press on this issue. This comes pretty close to the thorny issue of money laundering. I've been looking for some Congressperson to step up and say, “This is wrong.” Much to my surprise, precisely the opposite has happened. 25 of our best and brightest just signed a letter to the President urging him to withdraw proposed legislation that would end the confidentiality/tax protected status of non-resident accounts. I think some of these folks are going to have egg on their face.