September 11 Commission Report - Gnostic Liberation Front

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In the aftermath of September 11 th , the analysts at the Fed attributed the security settlement failures to two causes: • the initial inability to match up trades with correspondent data, and • the use of ‘strategic’ fails by brokers in the aftermath, when the special rate on securities was so low that there was no incentive to avoid the refinancing fail. This reduction in the special rate was attributed to operations to increase liquidity in response to excess balance issue discussed in the section above. One key Federal Reserve researcher summarized it accordingly: “Fails rose initially because of the destruction of trade records and communication facilities. They remained high because the method typically used to avert or remedy a fail—borrowing a security through a special collateral repurchase agreement—proved as costly as failing to deliver the security. The U.S. Treasury responded to the fails problem by reopening the on-the-run ten-year note. The increased supply made borrowing the note more attractive than failing.” [When the Back Office Moved to the Front Burner: Settlement Fails in the Treasury Market after 9/11, Michael J. Fleming and Kenneth D. Garbade, FRBNY Economic Policy Review / November 2002, p 35.] The standard remedy for a fail—borrowing a security through a special collateral repurchase agreement— fell apart when the Fed dropped the special rate to nearly zero. “The Desk “had to accept the vast majority of propositions – even those offered at rates well below the new 3 percent target level – in order to arrange RPs of sufficient size.” (Markets Group of the Federal Reserve Bank of New York 2002, p. 24) On Wednesday, the Desk accepted all propositions submitted, the lowest of which was ¾ percent: see Table 2. The effective federal funds rate sank to 1¼ percent on Tuesday and below that on Wednesday” [Payment System Disruptions and the Federal Reserve Following September 11, 2001, Jeffrey M. Lacker, Federal Reserve Bank of Richmond, Richmond, Virginia, 23219, USA, November 17, 2003 p.18.] “The incentive of a seller to borrow securities to avoid or cure a fail declines with the specials rate for the security. When the specials rate is near zero, a seller has little to gain lending money (at nearly no interest) to borrow the needed securities.13 This suggests that market participants may have little incentive to break daisy chains and round robins when the specials rate for a security is near zero. This aspect of the market is important to understanding the fails problem after September 11…. the specials rate for a security will be driven to its lower limit more frequently when the fed funds rate, and hence the general collateral rate, is lower. This follows because the gross compensation earned by a lender of securities at any given specials rate is the difference between the general collateral rate and the specials rate.” [When the Back Office Moved to the Front Burner: Settlement Fails in the Treasury Market after 9/11, Michael J. Fleming and Kenneth D. Garbade, FRBNY Economic Policy Review / November 2002, p 44-45.] As shown in the following chart, the specials rate dropped by 200 -300 basis points, creating a disincentive to resolve short term, repo fails and creating a statistical flurry of fails. THE SEPTEMBER 11 COMMISSION REPORT Page 378
[When the Back Office Moved to the Front Burner: Settlement Fails in the Treasury Market after 9/11, Michael J. Fleming and Kenneth D. Garbade, FRBNY Economic Policy Review / November 2002, p 41.] The response of the Fed in bringing a new issue to the market at this time seems to have inadvertently (an assumption which should be challenged) been the source of continued lower “special rates” on the ten year note, and exacerbated the fail problem through the end of the year. In the extended condition of a high level of settlement fails, it would require little effort to ‘statistically hide’ the settlement of the remaining $240 billion that may not have been cleared in the immediate aftermath. The three week lull of fails in October could easily represent the 30 day short term refinancing of the debt. As the debt came back to the market for permanent refinancing, a shortage of investors would result in more fails. THE SEPTEMBER 11 COMMISSION REPORT Page 379
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THE SEPTEMBER 11 COMMISSION REPORT
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CONTENTS List of Illustrations and
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8.1 Federal Reserve and the Elimina
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Figure 3: US Bases and the Afghan P
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A. Israelis have been extensively i
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was a major mover of illegal gold;
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(4) His ability to speak Hebrew; (5
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1. There are between 6,000 and 280,
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4. Documented seismic spike just pr
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(State Department). The German side
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1. the Commission for the first tim
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whose names repeatedly appear: Adna
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Preface This project started with a
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address the ‘loose ends’ in thi
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1 Unmasking the Faces Behind the Te
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sides of the Mossad work together w
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• Why would a fanatical Muslim we
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Prior to being in Iraq, Nick Berg d
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that crashed into the Pentagon on S
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that I would soon be on their hit l
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was a “major failure” in commun
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5. the actual arrest and release of
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the upcoming attacks to Attorney Ge
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lawsuit) context make clear the off
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3 Eugene Armstrong and Jack Hensley
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that provides “technical, logisti
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These small bits of information beg
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of American outrage, and Muslim dis
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with Afghanistan, and secure access
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September the 11th?” Bush replied
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“There were a lot of BCCI documen
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that 2.2 trillion dollars was missi
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of operations was Azerbaijan. (For
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Dick Cheney’s “intelligence blo
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to this region. Kazakhstan is repor
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4.2 Azerbaijan Because of the restr
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“The elections confirmed Ilham Al
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“In 1987, Stephen’s deal [Jacks
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Japanese for a pipeline which would
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"With regard to Chechnya, the main
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Two years later, another historic m
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“In 1996, Abu Hafs relocated to G
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“Three of the alleged hijackers l
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Unocal was not in a position to pro
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switching traffic from the Russian
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“An article in The Nation magazin
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[Profits of Death (A Special FTW Se
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“The Tengiz oil field on Kazakhst
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Giffen and Williams were found guil
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investigations had access to the vi
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• US oil companies in Kazakhstan
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Angola. Unfortunately, while the sw
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anks were part of the same money-la
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5 Russian and Israeli Mafiya Before
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source of the fabricated evidence,
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Target Put Options Table 1 Unclaime
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"Richard Wagner, a data retrieval e
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On the other hand, almost always, i
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During World War II, the two German
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2. seething resentment due to U.S.
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• Board representatives from Thys
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have purchased major ownership posi
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• How is it that Russian, German
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“I got the document here, on the
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6 Destruction of the World Trade Ce
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was to testify in court about her r
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6 Analysis of videotape of the coll
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THE SEPTEMBER 11 COMMISSION REPORT
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Tower Two: Deaths By Company/Floor
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6.1 The Link between the WTC, Illeg
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http://sync.democraticunderground.c
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was used for storing files and evid
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The key matter for consideration an
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frame with concrete floors, the fir
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dollars worth of precious metals we
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7 GOLD TRADING AND MONEY LAUNDERING
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Chairman of the Deutsche Bank Board
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considerable portions of Santa Roma
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protected from Congressional oversi
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The amounts of illegal gold from al
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About the same time Khashoggi and A
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Gold Weight/Value Conversion Chart
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3. Create credibility for the compa
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Munk-SPP became a giant hotel owner
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100, Ellen Himelfarb; Laura Janeshe
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By 2001 Barrick had amassed off-bal
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Accounting Office, was staffed with
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Khashoggi on at least two occasions
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Federal crime or offense. So, under
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8 Gold-Backed Bonds, Cantor Fitzger
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“On August 1, 2001 eSpeed announc
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Curiously, the five Raytheon execut
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March 10 issue of Euromoney magazin
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“response” server. One server s
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New York’s telecommunications pro
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onds. (As an interesting note, at t
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links to the 1991 fraud. It was als
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Understandably, Soros and the Roths
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In addition to suspending rules whi
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coincidence of these two situations
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“Lt. Vreeland gave clues that his
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Congress expressed concern about Ru
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More important than loose cannons l
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What the record shows is that the $
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“Until 1998, Riggs owned a share
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emain quiet. If Ames was exposed in
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a company owned by Bush's former ch
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USACC. The remaining Board of Direc
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gold remains; the vaults are empty,
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Somehow, however, during the next t
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12/16/1991) (It is of interest to n
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“oligarchs.” In doing so, the Y
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events of 9/11, and the decision ta
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of 600 billion rubles made earlier
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“(Soros) has been controlled for
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“Often called a "state within a s
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“It is not the Yeltsin family in
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Berezovsky, a notorious critic of P
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ather influential figure in the Wah
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Again, the report demonstrates that
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story. On the surface of those stor
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9 Bank Cartel or Oil Syndicate - A
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1945. It was redistributed later to
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holding on to financial assets that
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powerful advisor, he was Marc Rich
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“London--Apr 29/99--Germany's Com
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President Carter did initiate a res
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The entire Iran-Contra affair fell
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“Porter Goss was a young CIA offi
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esides criminal activity, is their
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11 Whitehouse Assassins Someone in
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know the cities on the tour, much l
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"The FBI believes Israel has a spy
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“I hereby declare that a state of
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guidance, FEMA was structured to cr
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incoming missile attack had been pl
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hotel overhang. Could Reagan's woun
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was dining with the Bin Ladin famil
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murdered, one-by-one as they were f
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failed, maybe it was decided to let
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It should come as no surprise that
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If indeed it was Stephanowicz that
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ogue bankers? Research has suggeste
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ecame aware of what was going on an
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Africa. Nigeria is considered to be
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• former Israeli Col. Yair Klein
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Pelican Flight Training Center (Pro
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Adnan Khashoggi - is first and fore
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king's brother, who has "no backgro
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security video recording from the p
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there were no occupants on floors 7
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"Montreal, Canada - August 4, 2004
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• Kozeny’s contact at AIG was F
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Some reports have suggested that Ah
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There are relatively reliable sourc
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• his involvement with German int
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scandal. The Bush enterprise was ab
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13 Cover-up: Credibility of the Ame
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According to eyewitnesses, some thr
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An internet search on any or all of
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"Martin then said he was lying low.
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for a little boy who shouts out the
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“WASHINGTON, Dec. 3 - Officials a
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Page 339 and 340: Additionally, another Barrick Board
Page 341 and 342: 14 Policy and Philosophy: Democracy
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Page 347 and 348: “Another advantage of the totalit
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Page 355 and 356: Appendix A: Banking Links with US I
Page 357 and 358: Appendix B: Stratesec Stratesec Inc
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Page 361 and 362: Appendix C: World’s Greatest Trea
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Page 365 and 366: George W Bush, temporarily on the
Page 367 and 368: Notes 1. “Eight metric tons of pl
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Page 371 and 372: Fleming and Kenneth D. Garbade, FRB
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Page 375 and 376: A key consideration is the pre-9/11
Page 377: [Liquidity Effects of the Events of
Page 381: • A key witness who might provide
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September 11 Commission Report - Gnostic Liberation Front

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