Correlated electronic structure of LaOFeAs

We compute the electronic structure, momentum resolved spectral function and optical conductivity of the new superconductor LaO$_{1-x}$F$_x$FeAs within the combination of the Density functional theory and the Dynamical Mean Field Theory. We find that the compound in the normal state is a strongly correlated metal and the parent compound is a bad metal at the verge of the metal insulator transition. We argue that the superconductivity is not phonon mediated.