When the US Government decided in their infinate wisdom to "bail-out AIG" for a second time I wrote a scathing article because of 3 reasons.
1. We were socializing private sectors companies -- unamerican
2. We were allowing AIG to funnel the billions to "off-shore" subsidiaries -- foreign banks
3. That the US was now promoting Sharia law through 2 of the "subsidiaries" -- Sharia banking -- which was in direct violation of the Constitutions Establishment Clause (Separation of Church and State)!
I pointed out, by name, these subsidiaries and what they were doing to gain Muslim customers that Sharia law prohibited from profiting in "interest payments on the accounts".
Flash forward -- An individual (American Taxpayer) brought a lawsuit against the Federal Government based on this violation and the Judge, against the Governments request to dismiss the case on the grounds that the individual did not have standing (where have we heard that before -- Obama's birth certificate lawsuits) and that when the US Government bought the company they did not intend to hold one religion over another.
The US Government thankfully to us taxpayers are on shaky ground here. No doubt when this gets to the "discovery phase" of the trial the Government will move for "summary judgement" to say the Plaintiffs case is too weak to gain judgement, but they will have a mountain to climb in order to pull that manuever off, because --According to NRO --
"In this case, the United States government has a majority interest in AIG. AIG utilizes consolidated financing whereby all funds flow through a single port to support all of its activities, including Sharia-compliant financing. Pursuant to the Emergency Economic Stabilization Act, the government has injected AIG with tens of billions of dollars, without restricting or tracking how this considerable sum of money is spent. At least two of AIG’s subsidiary companies practice Sharia-compliant financing, one of which was unveiled after the influx of government cash. After using the $40 billion from the government to pay down the $85 billion credit facility, the credit facility retained $60 billion in available credit, suggesting that AIG did not use all $40 billion consistent with its press release. Finally, after the government acquired a majority interest in AIG and contributed substantial funds to AIG for operational purposes, the government co-sponsored a forum entitled “Islamic Finance 101.”
The fact that our Treasury Department held a sanctioned forum on Islamic Finance 101 shows intent to infuse Muslim customers into a US banking system that Sharia Law forbids. The Government is complicit here.
Finally, an article was written about this forum titled:
What Is Sharia Finance? Don't Ask the Treasury!
It is a disturbing read but a must if you want to understand what our own government is doing to promote Islamic banking on our shores.
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