Monday, December 15, 2008 0 comments ++[ CLICK TO COMMENT ]++

Latest problem for AIG -- Not Christian enough

The latest problem, albeit a minor one, AIG is facing is a seemingly frivolous suit claiming it is not Christian-enough due to its support of some Islamic financial products:

A Michigan man is challenging the bailout of American International Group Inc., claiming it is illegal because the insurer has financial products that promote Islam and are anti-Christian.

The lawsuit was filed Monday in federal court in Detroit by the Thomas More Law Center, which pursues cases on behalf of Christian causes.

The lawsuit says AIG offers financial services that comply with Sharia principles. It says the government is violating the Establishment Clause of the First Amendment with billions of dollars of aid for AIG.

The clause prevents the U.S. government from endorsing a religion.

I think this suit will be thrown out because it can apply to almost any multinational company since they tend to tailor their products for the local market, which can include supporting religious customs. It's not clear if AIG's products in question are offered in the USA as well.

I personally think the Sharia-compliant products are nothing special. After all, a bank is not going to forgo interest--it is simply going to charge more in a lump sum or in some other means. I'm an atheist and I don't have much of an issue with products like these (regardless of religion.) Some Canadian banks were also planning to roll out Sharia-compliant products (not sure where that stands.) Milking the clueless theists is perfectly cool in my books. These schemes suck a bit of wealth from the theists and transfer it to the atheists and agnostics ;) It's no different than social investors who are willing to pay more or earn lower returns in order to support their personal views. By refusing to invest in sin stocks, it enables the sin stock investors to profit a bit more. Everyone, including me, has their own personal ethical, moral, and social views and following your conscience requires you to pay up.


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