CITY NEWS
3 JANUARY 8 - JANUARY 14, 2009
The Israel Issue:
PASADENA Independent Sierra
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WHY U.S. LAWMAKERS REALLY SUPPORT THEIR PERPETUAL WAR
BEACON MEDIA NEWS Publisher/Editor in Chief Vo n Ra e e s EDITORIAL
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By Owen Brown
EDITOR John Stephens
• Op-Ed •
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SALES MANAGER Jennifer Blaha LEGAL ADVERTISING Annette Reyes BUSINESS CIRCULATION MANAGER J o s e p h Po l k ACCOUNTING Ve r a S h a m o n OFFICE ASSISTANT Sara Meza This paper is published every Thursday by Beacon Media, Inc.All contents herein are copyrighted and may not be rep ro d u c e d i n a n y m a n n e r, e i t h e r i n w h o l e o r i n p a r t , w i t h o u t t h e e x p r e s s w r i t t e n c o n s e n t o f t h e p u b l i s h e r. T h e Vi e w s a n d opinions expressed in this paper are not necessarily that of the management and staff at Beacon Media, Inc.The Arcadia We e k y h a s b e e n a d j u d i c a t e d a s a n e w s p a p e r o f g e n e r a l circulation in court case number GS 004759.
Over the past week Americans have been reminded that our tax dollars and our military unconditionally support of the Israeli government, an apartheid regime who's treatment of Palestinians rivals and eerily resembles colonial settler's treatment of the Native Americans. Why then, do we do it? The reason is simple: One well-paid, full time lobbyist trumps ten thousand appalled Americans who take no action. This fundamental law of politics is usually most evident with regard to tariffs. Tariffs are taxes on imported goods that hurt consumers but raise profits for domestic producers. For example, the United States imposes a heavy tariff on sugar imported into the United States. This is clearly against the interest of the American consumer, and ignores the principals of free trade. However, this tariff exists and will never be repealed because even the informed American consumer does not find it in his best interest to take the time to write his congressman and demand a fair price for sugar. Meanwhile, the political action committee for American sugar producers donates a total of $3,249,000 to various candidates in the 2008 election cycle, as reported by the Center for Responsive Politics. This is the reason America supports Israel. Pro-Israel political groups contributed over $9,750,000 to Congressional candidates last year, and this figure grossly underestimates the weight of the Israeli lobbying arm. Americans with ties to Israel vote for and donate to candidates who pander to them, just as fundamentalist Christians vote for politicians that earn the endorsement of the Christian Coalition. Who stands up against Israeli lobbying
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groups? No one. Like the American consumer who notes the high cost of sugar, shrugs his shoulders, and moves on, the Americans that do find fault with US policy do not lobby to withdraw military funding and support to Israel. Concerned Americans refuse to speak out about the issue, often for fear of being labeled an anti-Semite. Therefore, a politician can only lose votes by opposing Israel. One political entity that fiercely supports Israel's military aggression is the U.S. weapons industry. Much of the foreign aid sent to Israel is used to purchase American weapons. Though unconditional support of Israel may help shareholders of F-16 manufacturer Lockheed Martin, it is not in the best interest of the people of the United States. Israel is not a democracy, as a democracy that upholds apartheid is a farce, and a dangerous one at that. Israel's unlawful violence fuels anti-American sentiment across the globe. Israel has murdered over 120 children the past two weeks. This collective punishment is strictly forbidden by the United Nations and the Geneva Convention. This article is a cry to all Americans who have taken the time to research and digest the history of the crisis in Gaza, but who remain silent. It is up to you to educate your family, friends and coworkers. You must put the Hamas airstrikes into context for them. Most Americans are completely unaware of the suffering Israel has inflicted on the people of Gaza over the past 18 months years. If America continues to let a minority of her population lobby for injustice in her name, then every American can expect retribution. I assure you, when Israel's enemies strike the United States, the immorality of collective punishment will become important to you.
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rowings to fund its operations and focused on stated income and other aggressively underwritten loans in areas with rapidly escalating home prices, particularly in California and Florida. Since the FDIC has operated the institution, it has restructured funding to focus on more stable core deposits and on improving the value of the loans. Despite the challenges of selling assets in today’s current economic climate, the FDIC received considerable initial interest from potential bidders. It was determined that the bid from IMB Management Holdings, LP was the least costly to the Deposit Insurance Fund (DIF) among all competing bids. The new owners of the bank, collectively bargaining under the name IMB Management Holdings LP, are to be led by Steven T. Mnuchin, Chairman and Co-Chief Executive Officer of private investment firm Dune Capital Management LP and a former 17-year veteran of Goldman, Sachs & Co. Additionally, hedge fund operators John Paulson and George Soros, whom the Washington Post reports “made billions betting on the very collapse of the mortgage market that killed IndyMac” will take a stake in the new bank, along with cash from an investment firm that manages funds for billionaire computer mogul Michael Dell. Rounding out the troop is a man named Christopher Flowers, director of Enstar Group Limited, a company that acquires and manages insurance and reinsurance outfits across the globe and Terry Mclaughlin, who will serve as the bank’s president and CEO. Together, the group promises to inject sufficient cash into the fledgling bank, presumably allowing it to resume its business of lending money, though it’s approach is widely expected to be much less aggressive than in years past. Once the bank is officially handed over to its new owners, it will then fall under the supervision of the U.S. Office of Thrift Supervision (OTS). According to a statement from the OTS, the business model for the new institution will focus on home mortgage lending and mortgage loan servicing. “The proposed business strategy of this new entity is a good fit for the thrift industry,” said OTS Director John Reich. “Despite the current crisis facing financial institutions and the entire global economy, today’s announcement affirms the continued value of the federal thrift charter.” Also according to the statement, the OTS followed a process of “pre-clearance” for qualifying an applicant that does not own an existing thrift institution to participate in the FDIC bid process for failed institutions. The OTS conducts a preliminary review of the character, integrity, financial and managerial resources, and general business plan of the applicant seeking to invest in, or acquire, a thrift institution. This pre-clearance process can assist the FDIC by expanding the list of potential bidders. Final OTS action on the successful bidders’ formal application is expected later this month. The agreement with IMB Management Holdings, LP is not the first time private equity firms have participated in acquiring failed institutions. In the early 1990s, the FDIC tapped private equity when it sold New Bank of New England and CrossLand Federal Savings Bank. Still, the purchase represents yet another
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