60 Minutes ran a story recently about a classified set of documents that, if released, could give fairly astonishing insight into a potential role played by the Saudis in the 9/11 attacks. Congress is mulling over a bill that would hold Saudi Arabia responsible in U.S. courts for any role they may have played. The Saudis responded with a pretty direct line, stating that they would sell up to $750B in U.S. Treasuries and other American assets if Congress passed the bill. It seems doubtful that Saudi Arabia would follow through on such threats as American assets and U.S. Treasuries are some of the most coveted balance sheet items in the foreign world – but it would not be the first time surprises came in droves from that region. It will be very interesting to see how this shakes out.
