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Whither (wither?) Wall Street?: As the dust of Wall Street’s mortgage bust continues to settle, Frank J. Gaffney, Jr. explores the financial sector’s next big thing. From JWR:

…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).

Shariah, of course, is the term the Islamists use to describe the ruthlessly repressive, totalitarian program they believe should govern every aspect of the lives of faithful Muslims. It is also the instrument they intend to use to rule the world. The first clue that something is wrong with Wall Street's next big thing is that it is Shariah-compliant.

The next clue is how Shariah-Compliant Finance works. Like subprime, it is a black-box, in which management and investors alike are told to trust in the experts. In this case, the experts are Shariah authorities who are accorded exclusive responsibility for determining whether investments are "pure" (halal) and therefore acceptable, or "impure" (haram) and not…

Sigh. Kind of makes one feel nostalgic for the good old days when Jewish bankers “controlled” investments.

Posted by: scaramouche at 20:25 | link | comments

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