September 19, 2009

Al Qaeda operative had $50k in unsecured loans from bailout banks

This story comes from Karl Denninger at Market Ticker. It seems the admitted Afghan Al-Qaeda operative currently being questioned by the FBI for a possible attack against NY targets, Najibullah Zazi, had obtained unsecured credit cards amounting to $50,000 by the time he declared bankruptcy this past March. As the NY Daily News reported yesterday:

Between 2005 and 2008, he opened credit card accounts with Bank of America, Chase, Capital One, Discover and Citibank and ran up a debt of more than $50,000.

When he filed for bankruptcy, Zazi said he hadn't worked in two months.

How many of those banks received bailout money? Sadly, all of these banks happily loaned mountains of money to immigrants - legal and illegal alike - and all other manner of individuals who had no possibility of repaying. Bills your children and grandchildren will be paying for many years to come.

As Denninger summarizes:

Can someone answer this question:

HOW IN THE HELL DO OUR BANKING REGULATORS ALLOW THIS SORT OF OUTRIGHT FRAUDULENT GRANTING OF CREDIT? $50,000 IN UNSECURED CREDIT LINES TO A FREAKING DELIVERY DRIVER WHO APPEARS TO BE A FOREIGN NATIONAL WITH NO ASSETS IN THE UNITED STATES AGAINST WHICH TO SECURE THE LOAN?

THE BANKS THAT WE BAILED OUT FAILED TO STOP THIS CRAP ALL THE WAY UP TO MARCH OF THIS YEAR AT LEAST (WHEN THIS GUY FILED BANKRUPTCY) AND PROBABLY STILL ARE DOING IT!

This is an OUTRAGE. Not only did this guy effectively stick the US Taxpayer with the $50,000 in debt it appears he may have been using the freaking money to plot some sort of terrorist attack as part of an Al-Qaida cell INSIDE THE UNITED STATES?

TO PUT THIS IN ONE SENTENCE: BANKS THAT WE BAILED OUT WITH TAXPAYER MONEY ARE FUNDING TERRORISTS INSIDE THE US?!

No doubt Osama bin Laden is kicking himself that they hadn't figured out this scam before the 9/11 attacks.

By Barbarossa at 04:39 PM | Comments |