From: "Jerry Lobdill" <lobdillj@charter.net>
To: "Bob Moneymaker" <bob@moneymaker.com>
Subject: The Real Deal: 9-11 Profiteering-- by Catherine Austin Fitts (1st Bush
Assistant Secretary of Housing)
Bob,
This article has a chart at
the end that will not reproduce in the UWSA mailing list. You may want to put
this article on your web page with graphics, and refer to it on the mailing
list.
Jerry
*******************************
The Real Deal: 9-11 Profiteering
Monday, 22 March 2004, 4:52 pm
Column: www.UnansweredQuestions.org
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Unanswered Questions :
Thinking for ourselves.
9-11 Profiteering
![[]](./fitts01_files/image001.jpg)
A
Framework for Building the
"Cui
Bono?"
UnAnswered Questions
"We
are America's...
-Oldest
company
-Largest
company
-Busiest
company
-Most
successful company"
--DOD 101, an introductory
overview of the Department of Defense from their website (1)
"Pass
a law, make a business."
-- Old New Jersey street
saying
Something to Hide
Much has transpired since
September 11, 2001.
We have learned that numerous
heads of state and foreign intelligence agencies tried to warn us before 9-11
(2);
We have watched many deeply
disturbing unanswered questions of 9-11 emerge through global Internet media (3);
We have worked with the 9-11
time-line (4)
and realized that the official explanation of events is conspiracy theory, not
conforming to documented fact;
We have watched the US
government suppress facts and restrict of the 9-11 Commission's access to
information (5);
We have watched the 9-11
Commission fail to answer the unanswered questions and concede to official
suppression of information (5) ;
We have watched the leaders
of the national security infrastructure richly rewarded for their failure to
protect America on 9-11 (6);
We have noted the material
ommissions of the corporate media (7);
Something
does not add up. Someone has something to hide.
"Cui Bono?"
"Cui Bono?" is Latin for "who benefits?"
Is there a connection between the rich flow of profit and market manipulations
flowing from 9-11 and the stonewalling by the Administration and the agency
members of the National Security Council?
Time has passed since September 11, 2001. As new budgets are approved,
financial statements published, laws passed, taxes cut and stocks go up, it is
easier to identify who benefited politically and financially from 9-11.
As we map out the financial "real deal" on 9-11, we realize there are
three categories of people benefiting.
Richly Guilty: The first category of people who benefited were those who are
guilty and complicit in designing, implementing and financing the 9-11
operation. On such a sophisticated and successful covert operation, the people
responsible would have had budgets and financing and would have organized the
operation to maximize their political and financial benefits. This is the
nature of economic warfare.
Richly Opportunistic: The second category of people who benefited were those
who were opportunistic in taking advantage of 9-11 as an economic and political
event as soon as it happened. Some folks, such as money managers, are obligated
as fiduciaries to be opportunistic. Others, such as government officials, may
be opportunistic at the cost of ignoring their fiduciary obligations. As one
retired banking executive said, "Let's face it, if the guys in Washington
had been doing their job instead of helping their pals make money, 9-11 could
never have happened."
Sustainably Nave: The third category of people who benefited where those who
shared in the political and economic profits generated by the first two
categories. Taking the position that, "money has no smell," the large
number of people in this category are generally not cognizant of their
complicity through the incentive system created by "voting with their
money, time and attention."
Where to begin to determine the specifics of who benefited? This is a
significant task for private citizens who do not have the rich flow of investigatory,
intelligence and enforcement resources of government. Hence, a citizen led
effort will need to break the task down into manageable collaborative pieces.
One way for global networks of researchers, blog authors and Internet media to
start to build the "Cui Bono?" unanswered questions of 9-11 is to
develop a framework that outlines the general areas of profiteering.
Top 20 Areas of 9-11 Profiteering
Here are my candidates for the top twenty profit flows resulting from or
related to 9-11 and the response to 9-11:
**** # # # ****
Money Missing from the US
Treasury
In fiscal 1999 and 2000, the
Department of Defense (DOD) reported $3.3 trillion of undocumentable
adjustments in the process of failing to produce audited financial statements.
In the summer of 2001, the appropriations for DOD failed to report out of
committee before the summer recess. The political tension between arms
manufacturers and defense contractors who anticipated pay back from the Bush
election victory and those pressing for federal spending and financing to
conform to spending and securities law was resolved by 9-11.
The questions remain who has
the $3.3 trillion plus missing from the US Treasury? what is the role of the NY
Federal Reserve Bank and its members as depository for the US government and
agent for the Exchange Stabilization Fund? and why are we proposing to cut back
social security rather than getting these resources back?
Useful Link:
Where
is the Money?
http://www.whereisthemoney.org
US Stock Market Pump &
Dump Fraud
At the time of 9-11, federal
and state enforcement leaders were facing a mountain of documentation that up
to $6 trillion had been fraudulently skimmed out of pension funds and retail
stock holdings through insider trading and other forms of corporate and banking
financial fraud and securities law violations.
The events of 9-11 are
alleged to have destroyed significant amounts of documentation related to
investigations against Wall Street firms and leading New York Federal Reserve
members. Subsequent to 9-11, enforcement bureaucracies attention shifted in
response to the Patriot Act and a shift in budgetary resources away from
policing white collar crime by corporate and banking leadership.
Useful Links:
Le
Metropole Cafe
http://www.lemetropolecafe.com
Sanders
Research Associates
http://www.sandersresearch.com
Scoop
Media
From
the Wilderness
http:///www.fromthewilderness.com
No
More Fake News
Tom
Flocco
Federal Credit Arbitrage
& Relaxed Monetary Policy
Financial institutions who
have access to the federal credit can use such credit to raise deposits and
savings from citizens, paying little or no interest, and then lend it back to
the citizens at much higher interest rates through financing the US Treasury,
mortgage agency securities or in relaxed lending policies which charge
relatively expensive interest and fees. Hence, it is now a common fact pattern
to find people in America earning 2% on their bank CD's while their neighbors
are paying Citibank, JP Morgan Chase and the IRS 18% on their debt.
Subsequent to 9-11, these
types of rich federal credit arbitrage profits appear to have skyrocketed as
the facilitating ease in monetary policy was matched by extraordinary increases
in government debt and easing in consumer debt policies and more industry
favorable bankruptcy and lending laws. In short, 9-11 appears to have been used
by Greenspan and the NY Federal Reserve to promote the back door liquidation of
middle class equity through federal credit arbitrage.
This kind of manipulation
allows sophisticated financial institutions to "put" their losses
back to the government and the citizens in a "heads we win, tails we
win" economic model which is hard for the non-financially literate citizen
to understand.
Useful Links:
Le
Metropole Cafe
http://www.lemetropolecafe.com
Sanders
Research Associates
http://www.sandersresearch.com
US Military and Policing
Deployment Globally
With important air cover from
9-11 and the 9-11 response, the flow of government contracts and economic
activity is diminishing throughout the United States. That is because our
military is being deployed abroad. As these government contracts and related
economic flows move to Eurasia, the private equity pump and dumps move from
onshore to offshore.
Useful Links:
Centre
for Research on Globalization
From
the Wilderness
http://www.fromthewilderness.com
UnAnswered
Questions re: CSC DynCorp
http://www.scoop.co.nz/mason/stories/HL0304/S00158.htm
Eagle
Eye
DynCorp
wins $1.75 global policing contract to support
US
Department of State $6 billion contact support for civilian policing missions
http://biz.yahoo.com/prnews/040224/latu054_1.html
Scoop
Media
The
American Tapeworm
http://www.scoop.co.nz/mason/stories/HL0304/S00228.htm
Eurasian Oil &
Gas/Afghanistan & Iraq War & Occupation
The 9-11 response has been
used to justify increased military, political and covert support to ensure that
American and European oil interests are protected in the Middle East and
worldwide.
As part of the 9-11 response,
the US has invaded and occupied two sovereign nations and, in the process,
increased war profiteering, narcotics trafficking and organized crime flows in
these areas.
Of particular concern is the
necessity that the draft will be re-instituted after the Presidential election
and global invasions will continue to subsidize the war profiteering business
model.
This model is essentially one
in which government pays all the expenses, the citizens give their lands, lives
and limbs, and the economic benefits and private booty flow to a handful of
private parties and their investors. When viewed by age group, it is a war on
the young by the old.
See links above.
Insurance Industry
Legislation
After 9-11, the insurance
industry won important legislation that shifts significant risk from private
investors to citizens.
Useful Link:
Under
New Bill, Taxpayers to Underwrite Insurance Losses
http://www.american-reporter.com/2,307/709.html
Airline & Other Special
Legislation
Additional legislation and
special benefits were provided to the airline industries as well as other
corporate and banking interests. Significant tax cuts would fit into this
category.
Useful Link:
Tom
Flocco
Increased National Security
Appropriations
Budgets for the national
security state increased across the board, including to support its control
over domestic functions and to deploy globally both in space and on land.
Useful Link:
Sanders
Research Associates
http://www.sandersresearch.com
Commodity & Financial
Market Manipulations
While allegations of insider
trading on 9-11 have circulated in the press, there has been little comment on
the extent to which the 9-11 response supported continued manipulation by the
NY Federal Reserve and its member banks, including through the US Treasury
Exchange Stabilization Fund, of the gold, silver, stock and other capital
markets and the continued build up of private unregulated derivative positions.
Useful Links:
Le
Metropole Cafe
http://www.lemetropolecafe.com
Gold
Anti-Trust Action Committee
Is
Silver Scandal on the Horizon?
http://www.insightmag.com/news/
2004/03/30/National/Is.Silver.Scandal.On.The.Horizon-632699.shtml
Fund Raising for Trusts &
Endowments
While not-for-profits raised
a tremendous amount of donations as a result of 9-11, where the money went is a
question. Was it used to respond to 9-11 or did it enrich endowments that were
reinvested in corporate and bank stocks and the securities financing the
profiteering?
Useful Link:
The
Red Cross in the Cross Hairs?
http://www.insightmag.com/main.cfm?include=detail&storyid=117216
Privatization and
Redevelopment of the WTC
The World Trade Center was
sold by the Port Authority of New York and New Jersey with a transfer of
mortgage shortly before 9-11. Understanding the economics of these transfers,
the controls and economics of the losses and the potential profits of the
redevelopment are essential to understanding what has happened. Also essential
is understanding the various insurance and security company players who had
access to the building and building specifications, information systems and
archives and the law firms who represent them.
Useful Link:
Centre
for Research on Globalization
Airport & Building
Security Contracts
The increase in airport and
building security and the centralizing control of it's outsourcing has
contributed significantly to the costs of these facilities, who controls the
facilities, flow of traffic and data and the profits flowing to selective
parties providing these services. A look at the economics of the related
insurance business and premiums is warranted. Analysis of the average time to
move through the facilities of corporate travelers and their luggage versus
non-corporate travelers and their luggage and who controls that differential
and the related data will be instructive.
Useful Links:
Kroll
claims 10,000 building security assignments after 9-11
http://www.solariactionnetwork.com/phpBB2/viewtopic.php?p=2321#2321
Suppression of the Florida
Media Recount & Black Box Voting
US media canceled the
announcement of their recount of the Florida presidential election as a result
of 9-11. Allegedly, this would have raised legitimate questions as to the Bush
Administration's legitimacy.
After 9-11, the installation
of computer voting systems for which there is no verifiable paper trail has
accelerated. This increases the chances that Florida type events will increase.
The companies doing the installation appear to be predominantly Republican
owned and controlled.
Profits are generated both
from installation of the system, as well from the benefits to those who can rig
elections as a result. For example, it is worth estimating the extent to which
rigging the Florida election impacted who got how much 9-11 profits.
Useful Links:
Major
Media Suppress Recount Study of Florida Vote
http://www.washingtonfreepress.org/54/MediaSupress.htm
Scoop
Media's Black Box Voting Series
http://scoop.co.nz/mason/features/?s=usacoup
Patriot Act Consolidation of
Banking & Money Laundering Market Share
The Patriot Act, available
off the shelf at 9-11, was passed with little legislative access or discussion.
It authorized extraordinary control of financial cash flows and data about
financial cash flows. What is the value of controlling an estimated $500 billion-
$1 trillion of annual US money laundering?
Retirement Benefit
Privitization & Cutbacks
In the shift to a permanent
war time economy, the alleged insolvency of the Pension Benefit Corporation,
Social Security, the health care system and the credits behind the mortgage
securities and other securitized consumer debt held in US pension funds and
retirements savings has received short shrift financially and conversationally.
Corporate Media
It is essential to understand
the impact of 9-11 and the 9-11 response to the market share and profits of
corporate media and the linkages between investors in corporate media and in
the corporations and banks that most benefited from the policies promoted by
corporate media.
HAARP, Ocean, Space &
Satellite Weaponry
Since 9-11, we have watched
the role out of a significant amount of black budget technology. The intimate
militarization of all planetary air, land, water and oceans and space with
electromagnetic, laser, sonar and other invisible weaponry implies a zero
privacy world for all living things. This is a world where our thoughts and
feelings are not free of 24-7 interference and influence unless we wish to
tunnel deep underground. Perhaps that is why the black budget is financing so
many underground facilities.
Useful Link:
Dr.
Nick Beglich on HARRP
http://alberta.indymedia.org/news/2002/10/4519.php
Centre
for Research on Globalization
From
the Wilderness
http://www.fromthewilderness.com
Law Firms
Always telling, a review of
what law firms are representing the parties profiting in all the other
categories will say a great deal. Attorney client priveledge remains the
primary railroad to protect the rich flow of organized crime profits behind
national security law. Lawyers are often the channel for political campaign
contributions and political lobbying as well.
Useful Links:
Open
Secrets
The
American Lawyer Law 100
http://www.law.com/special/professionals/
amlaw/2003/amlaw100/amlaw_100main.html
9-11 and Enron
The crossover between the
players involved in 9-11 profiteering and in Enron's rise, fall and clean-up
are mystifying. There are linkages here that can offer important clues if we
analyze them as related economic flows. One hypothesis is that Enron was being
used by the NY Federal Reserve member banks as US Treasury depositories to
launder some of the monies disappearing from the federal government.
Useful Link:
The
Real Deal on Enron
http://www.scoop.co.nz/mason/stories/HL0304/S00031.htm
Promotions
Who has been promoted
following 9-11? The salaries, stock options, health care and other perks of the
key players both private and public are well worth reviewing carefully.
Useful Link:
They
Let it Happen on Purpose
http://www.scoop.co.nz/mason/stories/HL0208/S00068.htm
**** # # # ****
This
list of twenty profit areas does does not include payments to the 9-11 victims
or their families. Such payments have been a remarkably effective tool to
negate the political influence of the families, and should be viewed
economically as an effective advertising expense relative to the total profit
flows.
For example, the Republican convention is being held in New York this fall to
concide with the 9-11 anniversary. It is essential for this event that the 9-11
families are muted as an independent voice against 9-11 profiteering. The
potential failure to do so is a major Bush Administration political
vulnerability.
Invitation to the "Cui Bono?" Conversation
One opportunity to build a better understanding of 9-11 will flow from an
analysis of 9-11 profiteering. As we understand the profit flows, we can then
drill down to define the banks, companies, organizations and investors who
benefited as well as the particular individuals in key leadership positions who
profited personally.
In an ideal collaborative research effort, we would attempt to estimate the
total financial profits and capital gains to the individuals who have enjoyed
the greatest 9-11 benefits. We would also attempt to ascertain patterns between
these benefits. For example, we would look at the flow of donations into the
current political campaigns. In addition, we would want to understand the shift
of capital from the US to Asia to finance the outsourcing of US jobs, to
finance the privatization of US government and assets at below market prices or
above market contracts, and to park and enjoy the freedoms of offshore havens.
The Administration has something to hide. Rather than lose time and resources
getting lost in the White House fog, let's follow the alleged advice of one of
the 9-11 Commissioners, Fred Fielding, thought to be the "deep
throat" long ago who leaked the Watergate secrets while a Deputy White House
Counsel:
"Follow the Money"
![[]](./fitts01_files/image002.jpg)
*************
ABOUT
THE AUTHOR:
Catherine Austin Fitts is the President of Solari in Hickory Valley, Tennessee.
Ms. Fitts is a former managing director and member of the board of directors of
Dillon Read & Co, Inc, a former Assistant Secretary of Housing-Federal
Housing Commissioner in the first Bush Administration, and President of The
Hamilton Securities Group, Inc.
Ms. Fitts is a member of the Advisory Board of Sanders Research in London, a
founder of UnAnsweredQuestions.org
and publishes The Real
Deal, a column with Scoop Media in New Zealand.
*************
STANDARD DISCLAIMER FROM
UQ.ORG: UnansweredQuestions.org does not necessarily endorse the views
expressed in the above article. We present this in the interests of research
-for the relevant information we believe it contains. We hope that the reader
finds in it inspiration to work with us further, in helping to build bridges
between our various investigative communities, towards a greater, common
understanding of the unanswered questions which now lie before us.