Hamas and the New York Stock Exchange

A recent story in the New York Times discusses the old story of Saudi oil money financing Palestinian terrorism.  What’s new is the revelation of the size of Hamas’s budget: $10 million per year.  Hamas is probably the world’s most successful Islamic political organization, delivering on its goals (see my Israel Essay for some quotes from their old Web site), admired by hundreds of millions of people worldwide, and a constant presence on the world’s TV screens and front pages.


By contrast, consider this story on Richard Grasso, who got his buddies on the board to pay him $140 million for his work as a manager at the New York Stock Exchange, 14 times the total annual budget for Hamas.  Hamas had to start their enterprise from scratch and develop it in the face of opposition from the heavily armed Israel Defense Forces.  Grasso inherited a #1 position in a market with little competition and a smoothly functioning organization.  Members of Hamas risk their lives every day in their efforts to kill Jews and eliminate the State of Israel.  Grasso took no personal or financial risks, only showed up every day and collected a paycheck once every two weeks.


It seems that Grasso has now resigned and the NYSE is casting about for his replacement.  Why not draft some managers from Hamas to head up the NYSE?  With a tiny percentage of the budget that Grasso required for personal walking-around money, Hamas is steadily defeating a state of 6 million people.  Imagine what these men could do for the NYSE.  The AMEX and the NASDAQ would be liquidated (perhaps literally).


[Some might take issue with the implication that Hamas is more successful than Osama bin Laden’s Al-Qaeda.  Al-Qaeda has managed to kill more infidels, notably in the September 11, 2001 attacks, and has widespread popular support worldwide.  Hamas, however, has managed to preserve effective sovereignty in its territory while Al-Qaeda provoked a U.S. invasion, indiscriminate bombing, and the killings of many thousands of its members.]

24 thoughts on “Hamas and the New York Stock Exchange

  1. Oh my god – I am such an idiot. Up until I this article, I really thought this blog represented what Philip actually believed.

    This is just like when I was 13 and suddenly worked out what was going on with the wrestling.

    Duh!

  2. This would take up back to turn of the century wall street, when it was blue-blooked aristocratic firms like Morgan vs. the Jewish firms. Only in this case I think the Jewish firms would have a little more to worry about. At least at the turn of the century is was only a war of words.

  3. Today’s entry is noteworthy for its shock value more than anything else. Thanks for the distraction, Phil.

  4. Of course, the assertion “Hamas is the world’s most successful Islamic organization” is egregiously racist. The world of Islam includes many worthwhile but less-newsworthy organizations ranging from charities to bowling clubs whose success is measured against a more worthy yardstick than the one Mr. Greenspun applies. Apparently, though, it is now socially acceptable to make the kind of statements about Islam which for which you’d be rightly pilloried were they about some other religiion or ethnicity. Feh. This may be intended as satire but it still leaves a nasty taste in the mouth.

  5. Heh. Lighten up Tim.

    Saying “Hamas is the world’s most successful Islamic organization.” is categorically not egregiously racist. It probably doesn’t even qualify as mildly racist.

    If Phil had written “Hamas is *one of* the world’s most succesful Islamic organization[s]” Would you have suggested that was racist? Or would you have been satisfied that he qualified his statement by allowing the possibility that other Islamic organizations of perhaps a more humanitarian slant were as or more successful than Hamas?

    Regardless the statement is no more racist than asserting that the Southern Baptist Convention is the most succesful protestant organization in the world.

    He uses no hateful words, or racist slang. Phil simply makes an assertion that is possibly hyperbole but nothing more.

    Either way doesn’t matter.

    Phil’s written a classic piece of satire, right in line with Jonathan Swift’s “A Modest Proposal.”

    Perhaps, Tim, if you read “A Modest Proposal” you would suggest that Swift was being flamoyantly and unforgiveably anti-irish?

    Feh, your criticism is unbearably thick headed, pc, and boorish and definitely leaves a nasty taste in the mouth.

  6. It is amazing to consider that the Arab world contributes so little when individual Arabs one meets (here in the US) are so Jew-y in their work ethic, family loyalties, etc. The astounding figure, which I don’t have on hand about how Greece produces more books each year than the _entire_ Arab world was just an example of the corruption & stagnation of that culture.

    This “modest proposal” does surely underline the enormous waste that is going on. Of course, as a Red Sea Pedestrian myself, it is not in my interest to wish for Arab perestrika alone! How about an Enlightenment first?

    Good work, Phlamboyant Phil!

  7. I’m glad there are still people in the US who are not afraid to present controversial viewpoints. I am scared by how quickly some things in the US have become “politically incorrect”. If you criticize the administration, you’re no longer a patriot and you don’t support the troops. As a result, people start being afraid of saying something “incorrect”.

    Philip’s piece was definitely “incorrect”, but it has given me the pleasure of disagreeing.

    Philip, thanks.

  8. So we could probably say that IRA was one of the most successful christian terrorist organizations? It funny you don’t find it ironic. Whats even funnier is that the likes of Dershowitz and “spinners” of varying hues (pun intended) don’t bat an eye when they call for targetted killings, assasinations, or call a whole culture terrorist.

    “Never Again?”, I suppose it was just about a certain type of Pedestrians? or so they think in their racist, and historically brief period of hubris. God forbid something happens to us again, but the rest of the world can be holocausted to hell for all we care. Shame on you.

    The statement is racist because it lumps everyone in that area, and of that origin in one category. Thereby saying Moslem=Terrorist+more Terrorist=More Successful.

    Maybe someone should look at the number of people murdered by various civilizations and then do a tally. Your “heroes” I’m sure will be in the forefront of mass-murderers.

    “A modest proposal” I don’t think this piece comes even close to that. “A Piece of SHIT” by anonymous is more like it. (pun, again, intended)

    The problem seems to be that these so called sand-niggers have decidedly not to roll over and play dead. They have proved to be just as vicious as the various european powers (which now you have no qualms about supporting because your goals align with theirs and they throw you a bone) who nearly exterminated your red-sea-parting-ass, before exiling your ass back to Palestine (“you” is rhetorical here)

    A vicious and merderous people, being met by a vicious and murderous backlash to their thieveries. Of course europe doesn’t like people coming up and saying stop looting us. They killed off native americans by the millions. Native americans just were not vicious enough. Same thing with Hamas. But Hamas deals the same terror that is being inflicted upon its greater population by the racist and criminal Israeli occupation.

    If anything, I see a certain SICK Admiration in Mr. Greenspun’s post for the death dealing ways of Hamas. Maybe its one criminal mind appreciating the “beauty” that is the equally but differently vicious and criminal mind (at a national level perhaps but still).

    Fact is, Jews and Palistinians are more alike than different. But the current regime depends heavily on fomenting of hatred and cycle of violence and racist repression of Palestinians (who may, no thanks to Israel, be the most liberal minded segment of the larger Arab Population)

    Shalom/Salam

    P.S. Perhaps Mr. Greenspun should keep to writing articles about things of technical nature rather than pontificating completely out of his depth on complex social and political issues.

  9. Uh, I think most of the folks commenting here kind of missed my point, which was perhaps not optimally phrased at 12:42 am when originally written…

    The point was to have a little fun with the numbers. In the wider world, $10 million is apparently enough to wage a successful war against an entire nation, grab the headlines every night, and command the attention of heads of state. In the U.S., though, $10 million would have been a rounding error on the salary of a manager at the New York Stock Exchange.

    It is presumably arguable whether Hamas is more or less successful than other Islamic political groups (should probably have been more careful to put in “political” to prevent comparison with Islamic bowling leagues) but it seems apparent that they have had a wider impact on the world than the typical U.S. executive looter.

    As for the identification of Hamas with Islam, it is not me but the founders and managers of Hamas itself that make that identification. In fact, Hamas is an acronym for an Arab phrase meaning “Islamic Resistance Movement” according to http://www.terrorismanswers.com/groups/hamas.html (the second page of that article, http://www.terrorismanswers.com/groups/hamas2.html, notes that opinion polls show 70 percent of Palestians support Hamas so it seems safe to assume that Hamas has substantial additional support worldwide).

    [The strangest thing in the comments is the assumption that I admire Hamas’s achievements. It is possible to step back objectively and conclude that Hamas has been successful in achieving its goals without admiring the goals themselves. They’ve apparently also been fairly efficient, at least by NYSE and Richard Grasso standards. But that doesn’t mean that I’d build a similar organization if you gave me $10 millon/year to spend…]

  10. Thanks for the clarifications Philip. Anyone who has been reading Greenspun for a while knows that he has a penchant for taking extreme examples and playing with them as talking points. Some may argue that such examples are merely inflammatory, but I’m happy to say that his point (further clarified) was not lost on me.

    Philip, your ravings often remind me of this commentary: I don’t like your examples.

    I recall seeing you give your lecture at Caltech and choosing Jews for Gun Ownership and the Michigan Militia as examples of “community.” Appalling to some, but intriguing and thought provoking to others.

  11. This is a pretty poor analogy. It assumes that a simple comparison can be drawn between organizations with such vastly disparate goals. But tearing things apart is a lot easier than smoothly building them up. The former, too, can be a lot flashier with a lot less effort. But there are many things in society for which no news is good news. Just because they lack coverage doesn’t mean they lack impact. Their success lies in their seamlessness; their impact in their very invisibility. I would suggest stock exchanges fall into this category. Using these criteria, Grasso has, to my admittedly limited knowledge, been successful. Even after 9/11, the exchanges were up and running in days. That takes skill, even if it is a skill that lacks the romance of the revolutionary.

  12. For reference, that last message was referring to Philip’s original post and not to a later comment.

  13. What I find trully amazing is how offended people are by the truth. Phil: Once again you get many points. The fact is that the Mulsim Machine, which includes many billionaires and lots of land has NOT succeeded at much, other than lavishly spending oil money and getting members from the poorer segments of their society to blow themselves up, usually taking innocent people with them. Israel and Jews historically have helped other Jews by….helping them. In fact, a lot of th people fighting for the rights of palestinians are…Jews. When Jews have been imperiled throughout the world, Israelis do not send weapons and instruction videos on how to suicide bomb, they provide physical and diplomatic support (Russia, Ethiopia, et al) necessary to get them out of the place where they’re oppressed, and into Israel. That’s right, despite the ethnic and cultural diversity among Jews, they’re more than happy to welcome to their tiny homeland. Muslims, on the other hand, despite their vast financial holdings and enormous lands, never do anything other than vote against Israel and for SuiBombers, and sometimes offer reward money to the families of these “martyrs” (I get sick at the thought of using the term even sarcastically there). So Phil, please to continue to tell it like it is. Sadly, Hamas is the most successful enterprise in the world o’Islam-that’s a fact. Maybe they should focus on education and social programs rather than indoctrination, hate and teach terrorism-skills.

  14. Tom: actually, the reason they’ve been tough to remove is that they do provide social programs and the like–this is why they get local support and why, until recently, Europe was reluctant to block funds to them, etc.

    In fact, according to this link, 90% of Hamas’ $70 million budget goes to these programs:

    From http://www.terrorismanswers.org/groups/hamas3.html

    “In addition to its military wing, the so-called Izz al-Din al-Qassam Brigade, Hamas also devotes much of its estimated $70-million annual budget to an extensive social services network, which includes schools, orphanages, mosques, health care clinics, soup kitchens, and sports leagues. “Approximately 90 percent of its work is in social, welfare, cultural, and educational activities,” writes the Israeli scholar Reuven Paz. Since the Palestinian Authority often fails to provide such services, Hamas’ efforts in this area explain much of its popularity.”

  15. Dave: Thanks for proving my point. Practically no one in the Muslim world gives any kind of real support in terms of social programs or education to palestinians, with the only exception being Hamas. If Hamas is the only group willing to lend this kind of support, it doesn’t reflect too highly on the many millionaires and billionaires who could help, but don’t. Gee, maybe that’s why Israel is the only democracy in the Mid-East?

  16. Phil’s insights on issues dear to him are his and in no way, any of us should feel slighted but his viewpoints in fact helps us to comprehend Phil the person.

    Phil’s annoyance (satire is his best form of making an impact to smart listeners but more for Phil himself) is that for such a seemingly strong state like Israel, it is unable to act decisively for victory (victory does not mean annihilate its foe but to free itself from the unending burden and misery it inflicted on its own population).

    History aside, the average individuals have the tendency to be swayed by factors unbeknown to him and thus the world’s political power collectively form groups that holds sway to world opinion to ostracized an entity they perceived to be evil just for the thought that the supposed evil is hardworking and smart (and possibly blameless?). Is this the world’s fear of them – because they (the world) can’t match up?

    Personally, I think it’s the world’s incompetence to handle itself in just ways and the collective powers understands the opinion-game and played it rather well (even with cunning evil) to undermine the group of hardworking-and-smart people. They have propagated incompetence to slow down the tiny advancing nation for these irrational fears.

    “Brilliance is this world is denied at every turn”
    Is there any wonder why misery is inflicted upon this group of people?

  17. On the note of religious Israel:

    If any of us do or still believe in a God and Israel’s supposed righteousness, why would anyone not see that Israel is in an abusive relationship with God?

    If there’s anyone who would, Ariel Sharon it is, where I could only sum up that his response to the violence as a muted challenge to God itself but not that he could comprehend it well enough except to act in decisive ways without being detrimental to its own cause.

    His holiness, the Dalai Lama, was interviewed once on the issue of religion and he concluded the errors of religious exclusivity, especially the monoeistics. On the term “chosen people”, his holiness concluded that it was the worst of all exclusivities.

    Not that I want or has the authority to dispute the Dalai Lama (he has a good point there), but I was hoping for a more rational and in-depth response to the questions we are all perplexed with.
    If his holiness can falter with a stumped response, what do we make of the average individuals?

    Not to underestimate our fellow man, but I think, we are incapable to address issues on such breath and scale. The best of the average among us can only speak of immediate terms relative to our own self.

    My apology to the Dalai Lama (actually I am a fan of Buddhism) if I have misquoted out of context.

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