Coming our way
The question on Wall Street in the wake of the latest meltdowns in the U.S. financial sector is "Who's next?" Rather, the question should be "What's next?"
After all, the problem afflicting so much of the U.S. capital markets - and, therefore, those around the world - is not one of individual corporations hitting a rough patch... It is, instead, the result of a reckless disregard for sound investing practices in the unscrupulous pursuit of profit. In a word, the last "what" was "subprime."
Tragically, in the process of leaping out of the scalding subprime frying pan, Wall Street is heading directly into a fire that promises, if anything, to be more devastating than the present disaster. Incredibly, it bears all the hallmarks of subprime with respect to a lack of transparency, a systematic failure to disclose and an utter absence of due diligence, good governance and accountability. The next "what" is called Shariah-Compliant Finance (SCF).
Earlier this year, David Yerushalmi, a litigator specializing in securities law and an expert on Shariah, produced a legal memorandum, examining the civil and criminal exposure inherent in Shariah-Compliant Finance. His conclusion: banks and investment houses offering SCF products may be enabling or engaging in the following: racketeering, anti-trust activity, securities fraud, consumer fraud and/or material support for terror.
What makes Shariah-Compliant Finance even more dangerous than subprime is that, in its effort to legitimize and institutionalize Shariah in America, it is advancing a criminal conspiracy whose purpose is the violent overthrow of the U.S. Constitution and government in favor of Islamic rule. That would make it sedition.
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