by Jerry Gordon, American Congress for Truth blog, November 29, 200

When I posted an article about the bail out investment in Citigroup of $7.5 billion by the Abu Dhabi Investment Authority, I noted that it makes Sheik Khalifa bin Zayed al Nahyan, the head of what passes for the government of Abu Dhabi with an investment stake of 4.9% and the outstanding 3.9% stake of Saudi Prince Alwaleed bin Talal the largest shareholders in that nation’s largest commercial bank. The Abu Dhabi Investment Authority I noted got a sweetheart deal with an effective yield of 11%. The existing Citigroup shareholders didn’t appreciate that prospect when initially announced as it may be likely their dividend would be cut. All that considering Citigroup bankers had bungled on the sub prime mortgage ruinous gamble and had to put up dough for the Special Investment Vehicle to tackle the looming credit crunch in the residential mortgage market. I called it a slick Sharia finance deal. certain it might have recycled billions of petro dollars, but it additionally made these oil rich sheikdoms ‘richer’ and able to shout the tune at Citigroup.

This Wall Street Journal editorial provides some history on the involvement of the late anti-Semitic Sheik, Zayad of Abu Dhabi who was ensnared in the infamous BCCI banking scandal in the 1990’s and should have been indicted, but wasn’t, despite the relentless pursuit by Manhattan DA Robert Morgenthau. The late Sheik Zayad, you may recall was

forced to take back a $2 million endowment of an Islamic studies program at Harvard Divinity School back in 2003, when Rachel Fish, a graduate student at HDS, now with the David project in Boston, revealed in the Wall Street Journal his anti-Semitic support of the blood libel, The Protocols of the Elders of Zion in the Arab Muslim world.

Morgenthau had that money line comment about the Abu Dhabi Investment Authority deal to bail out Citi Group:

It’s a sad day for American financial markets when you’ve got to turn to Abu Dhabi to get bailed out.”

Citigroup Abu Dhabi Investment Authority deal, Opinion, Robert Morgenthau, Wall Street Journal

Original post by Jerry Gordon

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