Other People's Money

Politics and also Islamofascism - two stories actually. The first one -- Politics -- is in regards to Julian Bond, head of NAACP Michael King at Ramblings' Journal writes about: bq. The Internal Revenue Service has begun an examination of the tax exempt status of the NAACP, in light of a speech by chairman Julian Bond at last July's NAACP National Convention. Bond's speech was especially partisan, vilifying Republicans in general, and President Bush in particular. From the Star Tribune article: bq. In a letter dated Oct. 8 and released Thursday, the IRS told the NAACP it had received information that chairman Julian Bond conveyed "statements in opposition of George W. Bush for the office of presidency" and specifically "condemned the administration policies of George W. Bush in education, the economy and the war in Iraq." bq. The letter reminded the NAACP that tax-exempt organizations are legally barred from supporting or opposing any candidate for elective office. bq. Bond's speech on July 11 included a long section that sharply criticized the Republican Party, Bush and Vice President Dick Cheney for their positions on an array of issues important to black Americans. Michael offers some commentary and closes with this: bq. It's a wonder that Bond hasn't cried "Racism," in response. Then again, the day is still young. The second story is pure Islamofascism -- Yasser Arafat's money trail -- this is from an article in the Middle East Forum and describes Issam Abu Issa's attempt to start a business in palestine: bq. From Optimism to Dismay On July 1, 1994, the Palestine Liberation Organization (PLO) chairman, Yasir Arafat, arrived triumphant in the Gaza Strip, watched by millions on television across the world. I was already in Ramallah, having traveled there from my family's exile in Qatar in the weeks after Arafat, Israeli Prime Minister Yitzhak Rabin, and President Bill Clinton had signed the Oslo accords in September 1993. Between 1994 and 1996, I and fellow Palestinian businessmen and intellectuals spent many days brainstorming to see what contributions we could make to a Palestinian state. My family was originally from Haifa, and I hoped to witness an Israeli withdrawal of forces and the birth of a democratic Palestinian state. It was a time of optimism among Palestinians. I gathered with friends and business partners around the television in Ramallah and watched Arafat's arrival in the Gaza Strip. bq. In 1996, I founded the Palestine International Bank (PIB). Thousands of Palestinians in the Palestinian Authority (PA) and the diaspora supported me financially or morally. My investors and I hoped to build a thriving economy in the newly autonomous PA areas. The PIB was truly Palestinian. Headquartered in Ramallah, it used mostly Palestinian capital, although it did receive support from other Arabs. All its reserves were kept inside Palestinian areas, and our shares traded actively on the Palestinian stock exchange. From nothing, we expanded our customer base to more than 15,500. Among those licensed by the newly established Palestine Monetary Authority (PMA), we were the largest bank in the Palestinian territories. The story continues: bq. Rather than use donor funds for their intended purposes, Arafat regularly diverted money to his own accounts. It is amazing that some U.S. officials still see the Palestinian Authority as a partner even after U.S. congressional records revealed authenticated PLO papers signed by Arafat in which he instructed his staff to divert donors' money to projects benefiting himself, his family, and his associates. An excerpt from the conclusion: bq. Arafat's failed leadership is one factor responsible for the evolution of Palestinian extremism and fundamentalism, as well as a culture of death and despair among the Palestinians. While Clinton feted Arafat at the White House as a peace partner, many of us who worked with or lived under Arafat disagreed, seeing him instead as a man exclusively concerned with power, money, and personal gratification. He heads a dictatorial regime staffed by gangsters. I and increasing numbers of Palestinians also blame U.S. and Israeli officials who, in the wake of the Oslo accords, calculated that a Palestinian dictatorship would make a better negotiating partner than a Palestinian democracy. They were very wrong. When growing pressure in the Palestinian territories forced Arafat to find a scapegoat for his political failure, mismanagement, and economic plunder, he turned his guns toward the Israelis. bq. Reform and Arafat are like oil and water. Arafat instigates violence to deflect blame for his own corruption. No amount of dialogue or diplomatic dinners will change this fact. Hat tip to The Big Trunk at PowerLine