Bloomberg is reporting that Yasser Arafat, via a Palestinian investment company, invested millions of dollars in a number of New York-area businesses, including $2.1 million in Vaultus (software for wireless computers) and $1.3 million in Strike Holdings LLC (the owner of Bowlmor Lanes bowling alley in Greenwich Village).

UPDATE: With the New York Daily News splashing Yasser Arafat's photo all over its front page yesterday and the local news networks covering the story in-depth, it was only natural that Strike Holdings would reassess the million-dollar investment by the Palestinians. Almost immediately, the head of Bowlmor Lanes said that he was "hoodwinked by Palestinian-American money manager Zeid Masri and planned to return the cash and sever all ties with him." A hard-earned lesson, to be sure.