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SEC Orders AIG Info Sealed Until 2018

SEC Orders AIG Info Sealed Until November… 2018!

Business Insider
January 12, 2010

Good news. It looks as though we’ll be getting access to secret data on the bailout of AIG and its counterparties.

The bad news: We’re going to have to wait until November of 2018, according to Matthew Goldstein at Reuters.

    In May, the SEC approved a request by AIG to keep secret an exhibit to a year-old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and Merrill Lynch.

    The SEC’s Division of Corporation Finance, in granting AIG’s request for confidential treatment, said the “excluded information” will not be made public until Nov. 25, 2018, according to a copy of the agency’s May 22 order.

    The SEC said the insurer had demonstrated the information in the exhibit, called Schedule A, “qualifies as confidential commercial or financial information.” More

By then, Wall Street will have significantly recycled many people (and probably some more firms) and perhaps the American public just won’t care about how Tim Geithner helped bail out a gigantic black hole of a firm, upon which so many ostensibly rock solid firms had their foundation.

Bankergate: Emails Expose Criminal Financial Dictatorship At Work

Geithner’s Fed told AIG to hide “backdoor bailout”

New York Fed Faces House Subpoena Over AIG Bailout

 



Relative of Merrill Lynch Founder Predicts Stock Market Crash


Relative of Merrill Lynch Founder Predicts Stock Market Crash


Kerri Panchuk
DSNews
October 30, 2007

In a market where fears over the subprime shakedown are spreading pessimism nationwide, Charles Merrill, the cousin of the man who founded Merrill Lynch & Co., is predicting a stock market crash that will put the 1929 crash to shame.

Merrill, in an exclusive interview with a financial author, said, “There is going to be a major stock market crash, so protect your assets. Buy physical gold and hide it.”

Merrill also discussed all the changes at Merrill Lynch that indicate a potential market crises—even alluding to the company’s chief executive officer, who stepped down this week.

“Merrill Lynch is crashing, due to the ineptness of the CEO,” Merrill said. “No matter who is running Merrill Lynch & Co., it’s going to need a regimen of restraint and recuperation after getting badly bruised by the global credit market shakedown. I predict a house of dominos, and the whole stock market is going to crash.”

Lynch’s less-than-encouraging remarks were part of an interview with writer Michael Grace, who is writing a book called, “The Final Great Depression.”

During the interview, Merrill concluded, “There is so much wealth in Palm Springs … from inherited to funny money, and I’m advising my friends to buy gold. Grace’s book on the ‘final depression’ sounds like a novel or fantasy but unfortunately it is a picture of our horrible future here in America. My cousin Charlie must be turning over in his grave.”

 

Oil Crisis in Summer ’09: War in Iran. Gasoline rationing. A military draft. A Chinese takeover of Taiwan. Double-digit inflation and unemployment

Herald Tribune
November 2, 2007

WASHINGTON: War in Iran. Gasoline rationing. A military draft. A Chinese takeover of Taiwan. Double-digit inflation and unemployment. The draining of the strategic petroleum reserve.

This is where current energy policy is going in the United States, according to a nightmare scenario played out as a policy-making exercise on Thursday by a group of former top government officials.

Two bipartisan business-supported groups sponsored an elaborately staged role-playing game called Oil ShockWave that tried to dramatize the effect of American dependence on oil imported from unstable and unfriendly parts of the world.

The organizers have an agenda: They hope to prompt Congress to act on energy legislation and to push the issue into the presidential campaign.

Read Full Article Here

 

CDS traders warn of ‘blood on streets’

BBC
October 27, 2007

The mood in credit derivatives markets turned ugly on Thursday, with the cost of insuring corporate debt hitting multi-week highs on both sides of the Atlantic.

Speculation was rife that leading major investment banks were facing additional losses linked to complex mortgage-backed securities, while worries mounted over the health of major financial guarantors.

“It’s scary out there — there’s blood on the streets,” a trader at a US brokerage said. “It’s a real mess.”

In the US, the perceived risk of owning corporate debt jumped to a seven-week high, with the cost to insure a $10m portfolio of investment-grade debt reaching $67,000, data from Phoenix Partners Group showed.

Confidence in Citigroup and Merrill Lynch, as measured by their credit default swaps, slumped to lows not seen since the height of the credit squeeze in August.

Five-year credit default swaps tied to Citigroup widened to 60 basis points, meaning it cost $60,000 annually to insure Citigroup’s debt against default for five years. A couple of weeks ago, that figure stood at $27,000.

Contracts on Merrill Lynch, which last week posted the largest quarterly loss in its 93-year history, rose $18,000 to $103,000. CDS on UBS rose 10bp to 51bp, Deutsche Bank said. The contracts stood at about 6bp in May. Contracts on Credit Suisse rose 4bp to 52bp from 10bp in June.

Bond insurers, or monolines, were also hit hard.

“[These triple-A rated companies are] exposed to the crumbling housing market,” said Gavan Nolan, an analyst at derivatives data provider Markit. “Investors in monolines will be waiting for the coming months of housing data with trepidation,” Mr Nolan said.

CDS on MBIA Insurance rocketed to a four-year high, of 345bp, CMA Datavision said.

Last week the insurer posted $36.6m net loss and halted its share buy-back programme.

Contracts on the bond insurance unit of Ambac Financial climbed to a five-year high of 310bp.

Gimme Credit, an independent research term, downgraded both MBIA and Ambac this week.

In Europe, the iTraxx Crossover index of 50 mostly high-yield companies widened by 18 bp to 338bp, the biggest rise since August, according to Deutsche Bank data.

The iTraxx Europe index, which tracks 125 investment-grade companies, rose 3.75bp to 41bp. It was the biggest one-day jump since early September.

Related News:

Central banks flooded the world with cheap money for years, helping the rich get richer. Now inflation is on the horizon, threatening to make the poor even poorer.
http://www.spiegel.de/international/world/0,1518,514621,00.html

The Fed digs us a deeper hole
http://articles.moneycentral….ronicles/TheFedDigsUsADeeperHole.aspx

Forex – Dollar sinks to new record low against euro as market shrugs off US data
http://money.cnn.com/news/newsfeeds/…-0013-20693144.htm

Latest Exec Departure: Citigroup CEO Charles Prince To Resign Following Subprime Crisis
http://today.reuters.com/news/article.IGR..TING-UPDATE-5.XML

Loonie Sets Record High Against USD
http://canadianpress.google.co…OzvF2ivVPJMdsww

Global stocks hit by fresh subprime woes
http://afp.google.com/article/A…JTBsGtUrkq7mDPhMxg

Foreclosures almost doubled from ’06: report
http://www.reuters.com/article/businessNews/idUSN0162601520071101

Everybody Hates The Dollar
http://www.reuters.com/article/reut…2260520071102?sp=true

World’s biggest bank in crisis meeting
Goldseek: Lindsay Williams on Economy Collapse and Amero
The Truth About The Economy: Total Collapse
Oil Traders Increase Bets on $125 Crude as Options Trades Jump
Northern Rock Borrows More Money
Is The Dollar’s Fall Spiraling Out Of Control?
Fed Pumps $41B Into US Financial System

U.S. Economic Collapse News Archive

 



9/11 Put Options

9/11 Put Options – (9/11 Coincidences – Part Seventeen)

http://www.youtube.com/watch?v=1kxE6lftTWU

Analyst: Mystery Trades Were Profit Scam For Fearmongers
http://prisonplanet.com/articles/september2007/200907_profit_scam.htm

Mystery Trader To Collect On Financial Meltdown?
http://prisonplanet.com/articles/september2007/170907_mystery_trader.htm

Analysts Dismiss Suspicious “New 9/11” Trades
http://prisonplanet.com/articles/august2007/310807_analysts_dismiss.htm

Market Crash Forecast Suggests New 9/11
http://prisonplanet.com/articles/august2007/270807_market_crash.htm

 



Possible Sabotage With Deutsche Bank Fire?

Possible Sabotage With Deutsche Bank Fire?

NY Daily News
August 23, 2007

The FDNY was supposed to inspect the condemned former Deutsche Bank building – where two firefighters died in a horrific blaze – every 15 days, the Daily News learned yesterday.

The spot checks should have included inspecting the crucial standpipe system, which was broken when the inferno erupted Saturday and failed to deliver water to the upper floors.

The discovery came as a bitter blame game erupted with city firefighters ripping FDNY brass, another firefighters group blasting the demolition contractor, and Mayor Bloomberg struggling to reassure everyone the incident would be thoroughly investigated.

It also came as the Manhattan district attorney and the state attorney general announced separate probes into the fire that claimed the lives of Firefighters Robert Beddia and Joe Graffagnino.

Among other issues, investigators were expected to look into why a piece of the standpipe was found lying on the basement floor and whether it was an act of sabotage – or gross negligence.

“Nobody at this point knows whether that was a contributing factor to the two tragic deaths or not,” Bloomberg said. “That’s what an investigation is for.”

The city’s administrative code clearly spells out what the FDNY’s responsibilities are when it comes to buildings that are being demolished.

“Deputy chiefs shall cause continued inspections of buildings in the course of construction and demolition at least every fifteen (15) days, but more often where conditions dictate,” it states.

Steve Cassidy, the head of the city’s fire union, said the Fire Department had told the local firehouse over a year ago to stop inspecting the standpipe system because of health concerns in the toxic building.

“They were told that they should no longer do that because the air quality in that building was not safe,” he said.

Cassidy also called on state Attorney General Andrew Cuomo to investigate “not only the FDNY’s actions,” but also the contractors and the government agencies that were supposed to supervise the demolition.

“We’re not saying this fire should not have been fought, but we’re saying that firefighters shouldn’t take unnecessary risks in empty buildings, especially ones that are about to be torn down,” Cassidy said.

A high-ranking FDNY source disputed Cassidy’s claim that the inspections were called off.

“We did not inspect the site every 15 days,” he said, adding that the decision was made in part because specialized equipment was needed to enter certain areas of the building.

But he also said, “We have no evidence that the local units were told not to conduct inspections.”

The FDNY has not officially released any inspection records for the building, but the source told The News that it was checked in 2005 – with a complete evaluation of the standpipe system – and again sometime in 2006.

Uniformed Fire Officers President John McDonnell said firefighters arriving at the burning building were not given critical information by Bovis Lend Lease, the contracting agent in charge of the demolition, or its subcontractor, John Galt Corp.

For example, McDonnell said, they did not know the stairway doors were sealed on every other floor – and were stunned to discover open shafts in the floors that allowed the fire to race up and down the building.

The contractors have not spoken publicly about the fire.

“We talked to Bovis,” said Avi Schick, chairman of the Lower Manhattan Development Corp., which owns the building.

“They haven’t answered all of the questions yet. We will pursue the truth until we get it.”

Investigators suspect a discarded cigarette or improperly secured equipment sparked the fire. They have questioned many of the workers, most of them Polish or Ecuadoran, who were toiling in the building when the fire broke out, but have made no arrests.

There are precedents for bringing criminally negligent homicide charges against people whose actions caused the deaths of firefighters.

After Lt. Curtis Meyran and Firefighter John Bellew died while battling a Bronx blaze in January 2005, the building manager and two tenants were charged for allegedly carving the structure into a maze of illegal apartments.

The 41-story Deutsche Bank building overlooking Ground Zero was badly damaged in the Sept. 11 attacks. The LMDC has been criticized for the slow pace of demolition. The structure had been whittled down to 26 stories when the fire broke out.

Esther Regelson, 48, who lives on Washington St. near the building, said at a Community Board 1 meeting last night that officials have learned nothing.

“It was 9/11 revisited,” she said of the fire. “I stood there, watching the building burning, wondering if it’s going to collapse.”

Video: Fire at the Deutsche Bank – (8/18/2007)
http://video.google.com/videoplay?docid=-6086630393081775806&hl=en

Ground Zero Building Catches Fire, Doesn’t Collapse
http://www.prisonplanet.com/articles/august2007/190807Building.htm

Bloomberg to Manhattan Residents: Ignore Toxic Peril of Deutsche Bank Fire
http://kurtnimmo.com/?p=957

More Photos of the Deutsche Bank Fire Incident
http://www.pbase.com/sproket/7_alarm_fire&page=all

 



Deutsche Bank in NYC Catches Fire

http://video.google.com/videoplay?docid=-6086630393081775806&hl=en

Ground Zero Building Catches Fire, Doesn’t Collapse

Prison Planet
August 19, 2007

The 40 story Deutsche Bank building next to the ground zero site in New York, where the world trade center once stood, caught fire yesterday and burned intensely for seven hours without collapsing

This represents another modern day miracle in light of the commonly accepted premise that since 9/11, all steel buildings that suffer limited fire damage implode within two hours. This building had even suffered structural damage on 9/11 and had been partially dismantled.

The raging fire, which killed two firefighters, was finally declared under control late saturday afternoon, a full seven hours after it had begun to burn.

On 9/11 the south tower of the WTC burned for just 56 minutes before collapsing, while the north tower lasted around an hour and 45 minutes. According to the official transcripts of the firefighter tapes, fires in both towers were almost out immediately before the collapses.

The saving grace that could have prevented Deutsche Bank from imploding may have been the fact that it was not hit by a plane, as the twin towers were on 9/11.

However, the absence of a jet strike wasn’t enough to prevent WTC 7 from crumbling into its own footprint within 7 seconds later that fateful afternoon.

Hundreds of buildings worldwide suffered major fires that gutted the entire facade of their structure before 9/11 and did not collapse, but since the twin towers behaved differently, rather than consider an alternative explanation for the collapse of the towers, experts simply decided to reverse the fundamental precepts of all known physics to make it easier for everyone to understand.

Since that time, it has been commonly accepted that limited fires in tall buildings are 99% certain to cause an almost instantaneous collapse.

More pictures and an AP report on the latest blaze follow.


Firefighters Die in Blaze by Ground Zero

Verena Dobnik
AP
August 19, 2007

NEW YORK – A seven-alarm fire ripped through an abandoned skyscraper next to ground zero in Lower Manhattan Saturday, killing two firefighters who were responding to the blaze.

Officers at the scene were preventing nearby residents from returning to their homes, telling them that authorities were concerned the former Deutsche Bank office building, vacant since the 2001 terrorist attacks turned it into a toxic nightmare, could fall. Mayor Michael Bloomberg said that fear turned out to be unfounded.

The plume of gray smoke that trailed above the site of the World Trade Center raised concerns that toxic substances in the building could be spreading.

Bloomberg sought to reassure residents that the chemicals in the building likely did not present a significant health risk, saying air-quality tests so far showed no danger.

“Having said that, we are extremely careful. We don’t want to prejudge anything,” the mayor added. Tests were to continue overnight, he said.

One of the firefighters killed was identified as Joseph Graffagnino, 34, of Brooklyn. He was a member of Ladder 5, which lost 11 members on Sept. 11, 2001.

“Today’s events really are another cruel blow to our city and to our fire department,” Bloomberg said. He said the fire had “expanded our loss.”

Also killed was Robert Beddia, 53, of Staten Island. Bloomberg said both firefighters had become trapped, inhaled a great deal of smoke and gone into cardiac arrest.

Five or six other firefighters were taken to a hospital but were expected to be released, Bloomberg said. No civilians were hurt.

Construction crews had already dismantled 14 of the building’s 40 stories — reaching the 26th floor on Tuesday. Some firefighters used stairs to reach the burning upper floors of the building, just steps from where 343 firefighters lost their lives in the 2001 terror attacks.

The cause of the fire was not immediately known. Smoke pouring from the burning building was visible from midtown Manhattan and the New Jersey side of the Hudson River. Fire officials declared the blaze under control late Saturday.

The acrid smell of smoke, which hung over the neighborhood for days after Sept. 11, returned to lower Manhattan along with the wail of emergency vehicles. More than five dozen fire vehicles, with more than 270 firefighters, responded to the blaze as pieces of burning debris fell from the building to the streets.

Residents said they weren’t allowed home even to rescue their pets.

“We heard this crackling,” said Elizabeth Hughes, who saw the fire start from her rooftop deck across from the tower. “And then a huge fire that went up three floors fast. It was massive. … Oh my God! I can’t even go in and get my cats.”

By late Saturday evening, nearby residents who had been evacuated were told they could return.

The 1.4-million square foot office tower was contaminated with toxic dust and debris after the World Trade Center’s south tower collapsed into it. Bloomberg said the chemicals in the building did not present a significant health risk.

Efforts to dismantle it were halted by a labor dispute last year, along with the ongoing search for the remains of attack victims.

City officials announced in June they had completed recovery efforts at the structure. More than 700 human remains were found at the site.

Errol Cockfield, a spokesman for the Empire State Development Corp., which is overseeing redevelopment at ground zero, said authorities were investigating whether the smoke at the scene could pose any environmental danger.

Bloomberg to Manhattan Residents: Ignore Toxic Peril of Deutsche Bank Fire
http://kurtnimmo.com/?p=957

More Photos of the Deutsche Bank Fire Incident
http://www.pbase.com/sproket/7_alarm_fire&page=all