Has major media company gone completely bonkers? New York-based news giant becomes best buddies with controversial figure ..

Bin Laden's second in command? No, it's New York Mayor Michael Bloomberg's new business partner.

His name is Jamal A. Khashoggi, and he's heading the recently announced joint media venture between Saudi Prince Alwaleed bin Talal and Bloomberg News.

The controversial partnership raises new concerns about infiltration of the U.S. media by Islamists bent on institutionalizing Shariah finance and other Islamic laws in the West.

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In a recent Arab press interview, Khashoggi revealed he grew up in Saudi Arabia with the late al-Qaida leader inside the radical Muslim Brotherhood, a secretive movement whose credo is "Jihad is our way; Death in the cause of Allah our highest ambition."

Last month, bin Talal announced the launch of a pro-Islamist 24-hour news network with Bloomberg's privately held news service.

The deal has Bloomberg News providing five hours of financial and economic news programming throughout the day on the new "Alarab" channel, which the prince says will be "right of Al-Jazeera" – that is, more fundamentalist.

A team of Bloomberg media specialists and producers will be provided to the Alarab channel, and will assist in the production of the channel's economic and business coverage, according to a press release.

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