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reprinted with permission from Malcolm Berko. We express our thanks.
By Malcolm Berko
Dear Mr. Berko
Is it true that General Electric, a stock you recently recommended for every investor's long-term portfolio is partially owned by a large group of Muslims? And is it true that these Muslims promised to give General electric large Mid-East business contracts if GE would use its name to issue $15 billion Muslim Bonds? And is it true that this $15 billion would be used to invest in Muslim countries?
And didn't you write something about Exxon doing the same thing with Germany before World War II that helped the German war effort to kill American soldiers?
I have a close family member who works for General Electric in Connecticut and I think he's telling me the truth. If this is true, how can our government and General Electric allow this to happen?
__M.E., Fort Walton Beach, FL.
Yes, it is true. And because we permit our compassion and morals to hinder the defense of our country, we may soon be destroyed by a compassionless society whose morals we consider evil.We will hang ourselves with the long rope of political correctness and use our own money to buy the rope.
Back in early November 2009, General Electric (GE) issued the first tranche ($1.5 billion), rated AA by S&P, of Islamic bonds, and GE opened this market to non-Muslim investors. Frankly, I wouldn't trust a rating by S&P or Moody's, especially a Muslim bond rating. What fools do S&P and Moody's take us for?
Under Islamic law, these bonds are not allowed to pay interest but are structured to pay a portion of profits and/or rents from the underlying assets. This $1.5 billion issue has a five-year maturity and the "sukuk" rather than interest cost will be about 50 percent higher than short=term U.S. Treasuries.
According to my sources, General Electric hopes to issue between $15 billion and $30 billion more bonds in the coming 12 to 24 months. GE has huge financial interests in Muslim countries and is actively engaged with Goldman Sachs, Citigroup, J.P. Morgan Chase and other large U.S. financial companies in other Islamic ventures. GE's active promotion of "Shariah", the Islamic doctrine that detests free speech, abhors capitalism and does not allow equal rights for women, does not come as a surprise considering how easily greed trumps patriotism. Perhaps this is capitalism run amok.
Two Muslim bonds are already in default. Saudi Arabia's SAD Group and Kuwait's DAR group went belly up in early 2009 to the tune of $1.2 billion. It will be interesting to observe the buttery, servile, fawning manner with which the two companies will be treated compared to more conventional creditors. And of course, the Muslim clerics must approve any bankruptcy settlement.
Meanwhile, France, South Korea, the U. K. and germany are elbowing, scrambling and pushing one another aside to get some of this business. I'm still waiting for the second sandal to fall on the Dubai mess.
Exxon (XOM) is the precursor to Standard Oil of New Jersey that, between 1937 and 1943, assisted Hitler's Nazi Germany in the construction and operation of coal-to-oil facilities. Germany had very little oil but a huge coal reserve, and Standard Oil of New Jersey developed the process of converting coal to oil. Standard Oil earned huge profits assisting the Third Reich in the production of gasoline and diesel fuel so Germany could fly its Luftwaffe, power its U-Boats and engage its Panzers against the Allies. And millions of Americans owe their deaths to Standard Oil ... now called Exxon Mobile.
Yes, it's capitalism run amok and, to add insult to injury, many of XOM's big shots in mid-1941 were honored by Heinrich Himmler and were presented with medals proclaiming them as Members of Himmler's Inner Circle of Friends. History repeats itself. It's happening again in the Middle East; and the 535 members of Congress who quietly receive hundreds of millions of dollars from Muslim interests in order to keep their mouths shut, concerned about offending Muslim neighbors, will not speak out against it.
Why the image of the elephant & donkey in our logo banner? They represent our two major political parties, and if you notice, they both have their hands out.! They dress in red, white and blue but it's only to try and fool me and you!
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