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The Continuing AIG Hellstorm: Jihad Bailout and Money Laundering

February 3, 2010 Leave a comment

Update 1 on the below over at Atlas Shrugs replete with the below presentation:

Pamela over at Atlas Shrugs has been doing an exceptional job exposing the Jihad bailout of AIG.  To go along with being a terrible hedge fund manager in AIGFP, it just so happens that “AIG was (and still is) the world leader in promoting Shariah-compliant insurance products.”  The problem?  As noted in the press release on attorney David Yerushalmi’s site, “By propping up AIG with tax payer funds, the U.S. government is directly and indirectly promoting Islam and, more troubling, Shariah.”  The crux of the court case is below:

David Yerushalmi, who is co-counsel with Robert Muise, laid out the grounds for the motion:  

At the time of the takeover decision, Secretary Geithner was the head of the Federal Reserve Bank of New York and he was the leading advocate of the AIG takeover. Moreover, he designed how the U.S. government would not only bail out AIG with taxpayer dollars, but how the government would illegally take control of 80% of the voting shares through what was patently an illegal and invalid trust arrangement. It is apparent from the discovery we’ve conducted to date that this was done purposefully and with an intent to conceal the illegal takeover with a fraudulent trust. 

Attorneys Yerushalmi and Muise want to ask Secretary Geithner:

·         Why he forced AIG to take on so much debt that AIG’s credit rating, already in peril, was sure to collapse without yet additional government funds, essentially guaranteeing AIG would remain a ward of the state?
·         Why he imposed such Draconian terms on AIG that there was no way it could survive without additional billions from U.S. taxpayers?
·         Why he then used AIG to secretly funnel 100% payoffs to AIG’s counterparties, including his colleagues and friends at Goldman Sachs, Merrill Lynch, and the European giant, Société Générale.  In other words, why did Geithner decide to destroy AIG’s chances of survival as a private entity while surreptitiously saving and preserving private ownership of other domestic and foreign financial companies? And,
·         Why he took control of 80% of AIG’s voting shares without legal authority to do so and used a fraudulent trust arrangement to conceal the illegal takeover?

For more on the matter check out (via Big Government) this transcript from 2008 in which Yerushalmi gives a detailed explanation on the problems regarding taxpayer dollars and Shariah and this interview from yesterday between Frank Gaffney and Yerushalmi on this landmark case of Murray v. Geithner.

On Shariah, Yerushalmi’s moral if not legal argument is well taken:

FrontPage Mag: Why do we care if AIG is offering a Muslim-friendly insurance product as just another way to make money even if the USG is now a shareholder? Doesn’t the USG invest in other companies that might offer religious consumers unique products? For example, what if the USG invests federal employee pension plan funds in a company that publishes books, including a line of religious books?

Yerushalmi: We should care a great deal. First, when the USG invests federal employee pension plans it is acting as an employer, not a government agency per se. In fact, the investment has nothing to do with the government’s tax and spending authority. Second, the investment in such plans is generally through an intermediary investment fund which in turn only invests passively and through minority holdings. In this case, we have the USG acting not as an employer but expressly through its tax and spending authority and taking an absolute controlling position. AIG is in effect nationalized. It is a government company.

But, beyond these strictly legal arguments, there is an overarching concern. Can it really be the case that we want the USG involved in a theologically based legal doctrine that calls for our conversion, subjugation or murder? Have we abdicated even the rudiments of good sense in the name of a PC-driven, non-judgmental multi-culturalism? If we have, we have abdicated our very right to exist as a nation.

Daily Quips

November 19, 2009 1 comment


Given the massive volume of ridiculous news stories revealing the travesties occurring in this country on a daily basis, I have decided to start regularly posting my thoughts on selected pieces each day. I will continue of course to produce lengthier more substantive pieces as well.

Without further ado, I present today’s Daily Quips:

As Pamela over at Atlas Shrugs highlights, AG Eric Holder gave his opinion on bringing KSM to justice in Manhattan, the site of his heinous crimes. Holder boldly asserted, “we need not cower in the face of this enemy. Our institutions are strong, our infrastructure is sturdy, our resolve is firm, and our people are ready.” In light of the remarks of government officials such as Henry Paulson:It’s a safe banking system, a sound banking system. Our regulators are on top of it,” Barney Frank (on Fannie and Freddie): “I think we see entities that are fundamentally sound financially” and Barack Obama: “But I do have an unyielding belief that all people yearn for certain things: the ability to speak your mind and have a say in how you are governed, confidence in the rule of law and the equal administration of justice, government that is transparent and doesn’t steal from the people, the freedom to live as you choose. These are not just American ideas. They are human rights. And that is why we will support them everywhere,” all signs indicate that we should be running scared. If a bigwig politician tells you things are safe and sound, things naturally must be in awfully bad shape.

Obama saidif we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession.” Thank you captain obvious for the biggest understatement I have ever seen. First off, people are losing confidence in the USD and our economy as reflected in the rallies in foreign currencies and equity markets. Most importantly, the price of gold has been making new nominal highs on a daily basis. You think there might be consequences to quadrupling our deficit in less than a year of being President? You think there might be consequences to the fact that we have unfunded liabilities of over $100 trillion? The One may be the most enlightened President since George W. Bush.

The Press is doing everything they can to bring down Sarah Palin. Regardless of how you feel about her, and honestly I am not close to having fully formed a judgment about the woman, the hypocrisy of the media here is sickening. The double standard that the media employs when it comes to how they treat liberals versus conservatives, and in-particular wholesome middle-American female conservatives is abominable. The MSM has not fact-checked one thing about President Obama, yet they have repeatedly beaten Sarah Palin to death. I don’t care what your political leanings, the behavior of the media towards the former governor has been and continues to be beyond disgraceful.

POTUS Obama is “furious” about the leaks coming from the Afghanistan deliberations. I agree with him, these leaks are harmful to our troops. Almost as harmful as the fact that it is taking him MONTHS of playing with our soldiers’ lives to make a decision! Maybe if he had a firm grasp of the situation and acted accordingly there wouldn’t be time for all of these leaks. I am all for taking the time to make a prudent decision but something tells me Afghanistan is more about politics than national defense for this administration.

Barry Ritholtz over at the Big Picture illustrates why we are doomed for a long and painful Depression. The more you see the policies being enacted by this administration, and compare them to those of Hoover and FDR, the more you get the sense that this isn’t Barack Obama merely being naive, but actually intentionally trying to plunge us into the economic abyss.