The Chris Dodd financial reform bill is totally unnecessary, unwarranted and will be harmful to the Republic. The “too big to fail” concept is not the reason for the economic crisis. The problem is not Wall Street as a whole, but the hedge fund short sellers on Wall Street. They call themselves the “alternative investment community” and have organized themselves into a special interest group called the Managed Funds Association (MFA).
In order to understand where Dodd went wrong, the public must learn to differentiate between what I call the “good” Wall Street and the “bad” Wall Street, and what roles they play in our economy.
An example of the good Wall Street would be someone like Warren Buffet, Steve Jobs or Sandy Weill, and many more. These people create, run or finance money-making companies and serve the community with much-needed jobs and employment, products and services. The good Wall Street includes the general public mutual funds, retirement portfolios, common investors, banks and venture capital investors who finance and fund the loans for our homes and businesses. They fund and finance economic growth and expansion.
An example of the bad Wall Street would be someone like George Soros. These people are the financial hedge fund short-selling operators who make money by betting on company collapse, economic calamities and catas-trophes.
Soros and his collaborators have an anti-capitalism agenda, an anti-industrialized nation agenda, and a far-left liberal, Marxist radical agenda. Most hedge fund short sellers are not capitalist. They are anti-capitalist and they are not investors. They are anti-investors. They succeed when companies (or countries) fail.
For the good Wall Street to make money, prices have to go up. In this way, everybody makes money, the companies and their shareholders make money, jobs are safe and secure, the economy grows, and the economy expands. This is capitalism in action. The action of the good Wall Street grows and expands the economy.
For the bad Wall Street to make money, prices have to go down, which means that companies and their investors have to lose money or even go broke and collapse.
The bad Wall Street is the hedge fund short sellers. They destroy companies, take away liquidity, destroy investor capital and slow down the economy.
The bad Wall Street, in the form of the hedge fund short sellers, engineered the economic collapse, looted every portfolio that had exposure to the stock market, and blamed George Bush and the Republicans, enabling Barack Obama and his backers, including Soros, to take power.
Unless the truth about the role of the MFA in our government policies and regulations is revealed, and some courageous lawmakers free our economic system from their grip, the United States is in for a long time of hurt and possible bankruptcy.
George Soros is the leading member of the MFA. He is also the most influential and the most politically active member. He was behind Barack Obama’s election as President.
The Bill Is A Fraud
The Dodd bill does not mention anything about regulating the hedge fund short sellers. In fact, the bill represents the biggest effort so far by the hedge fund short sellers to have the government seal of approval, to cover their role in engineering the economic collapse.
The measures I recommend address the root cause of the economic crisis. They are based on my own experiences in the financial markets and my historical analysis of what has worked in the past to prevent economic and financial catastrophes. They have worked and served us well for 72 years, until then-Securities and Exchange Commission (SEC) chairman Christopher Cox removed them due to the lobbying influence of the Managed Funds Association, the hedge fund.
The only financial reform needed today is to regulate and monitor the hedge funds and the hedge fund short sellers, some of them which are registered off-shore to avoid scrutiny. These global operators, with investors who remain mostly anonymous, must be compelled to register with the Securities and Exchange Commission (SEC), publicly disclose their positions in the markets, and maintain accounting and trading records for a period of 10 years so their activities can be monitored and scrutinized. Just like mutual funds, they must be prohibited from engaging in day trading activities.
Many people do not realize that the hedge funds are responsible for 75-90 percent of all trading activities on Wall Street. They are responsible for the extreme market volatility.
The important measures which must be taken include:
- Reinstate and restore the short sale price test regulation known as the uptick rule (to its original condition and not modified).
- End mark to market accounting and replace it with book value, historic cost accounting.
- Reinstate the “circuit breakers” and the trading curbs to kick in whenever the Dow Jones industrial average drops 150 points to reduce market volatility and massive panic sell-off in order to allow investors time to think before they act.
By removing the rules and regulations that protected the capitalists and their shareholders over the years, the SEC left all of us vulnerable and susceptible to looting through unrestricted short selling by the hedge fund short sellers.
The hedge fund short sellers looted $11 trillion from the U.S. economy. They walk away with all our invested capital and they walk away with the intrinsic profit from devalued home mortgages (our homes) through short selling. Yet, no one goes to jail. Why? Answer: they are too chummy with the Obama administration.
WHO WAS THE REAL ANTHRAX MAILER?
By Kenneth J. Dillon
There’s a gaping hole in the FBI’s argument that U.S. Government scientist Bruce Ivins was the anthrax mailer.
In addition to the 100 scientists with access to virulent anthrax from Ivins’ flask whom the FBI claims to have ruled out, one unauthorized individual had a special kind of access-the kind you get when you steal something. Hovering in proximity to an unlocked refrigerator with the anthrax at George Mason University was Islamic ideologue Ali al-Timimi, who in early 2001 was studying for a Ph.D in computational biology. Al-Timimi has since been arrested and sentenced for inciting Muslims in Virginia to travel to Pakistan to fight against U.S. forces.
(Note: The GMU researchers used what is known as Delta Ames.)
Al-Timimi’s office was right around the corner from the offices of Charles Bailey and Ken Alibek, co-principal investigators on a Defense Advanced Research Projects Agency (DARPA)-funded anthrax project. Bailey was a former deputy commander of USAMRIID at Fort Detrick, Maryland, where he had been a boss of Bruce Ivins. Alibek was the former deputy director of the Soviet biowarfare program. Bailey and Alibek had partnered on a patent application for a method of preparing anthrax that would closely resemble the sophisticated preparation in the letters mailed to Senators Daschle and Leahy.
As a computer expert, al-Timimi presumably knew how to access Bailey’s poorly secured computer to obtain this application.
All these details and more have been worked out by attorney Ross Getman, a leading researcher on the anthrax mailings case. Getman found several other labs where al Qaeda may have gained access to the anthrax, but the presence of al-Timimi and the patent application make GMU by far the most likely location.
Al-Timimi does not show up in FBI’s report on the case, which dismisses the possibility that any foreign entity was involved in the anthrax mailings.
And he is not the only key player who does not appear.
Handing Off The Anthrax
Assuming that al-Timimi indeed stole the anthrax and the instructions, here is what then seems to have happened.
Al-Timimi provided the anthrax to a scientist who sympathized with al Qaeda and who had a lab somewhere along the Canadian border (according to the isotope ratios in the water used to prepare the anthrax). When it was ready, al-Timimi gave it to Mohamed Atta. Atta and his group of intending hijackers in Florida unsuccessfully sought to obtain a cropduster, and they evidently handled the anthrax themselves, infecting themselves in the process.
As September 11 neared, Atta contacted Abderraouf Jdey in Montreal. Jdey, a Canadian citizen of Tunisian origin who had trained in Afghanistan, had been designated first as an alternate hijacker, then as a part of the second wave of attacks. He returned to Canada in the summer of 2001 and was detained by FBI and INS together with intending pilot Zacarias Moussaoui. Jdey was carrying biology textbooks.
Atta appears to have handed over the vials of anthrax to Jdey in Portland, Maine on September 10, which powerfully explains Atta’s otherwise anomalous trip to Portland on the day before the September 11 terrorist attacks. Jdey, whose modus operandi involved travelling to sites in the northeastern U.S., wrote and mailed the anthrax letters in September and October. In November he left his apartment in Montreal, drove to New York, boarded American Airlines Flight #587 on November 12, and brought it down with a shoebomb. His role as shoebomber was subsequently related to interrogators by al-Qaeda detainee Mohammed Mansour Jabarah and leaked in a 2004 Canadian news report.
The FBI seems to have learned of Jdey’s likely role as the anthrax mailer in 2004, when this writer contacted the Bureau about Jdey. Investigating further, FBI appears to have found confirmatory evidence. But then-because Jdey was a terrific embarrassment-it suppressed the information it had developed, removed the note in his online biography that he had studied biology, listed him as one of the terrorists it was still hunting for, and searched for a new anthrax mailings suspect.
Eventually, the FBI focused on capable, dedicated, patriotic, and psychologically vulnerable Bruce Ivins. Ivins was a pianist at his church, taught children juggling, was married and the father of two adopted children, was involved in many research projects, was entrusted with the anthrax, and had developed a promising vaccine for anthrax. This is the profile of an active contributor to his community, hardly of a ruthless anthrax mailer. The FBI, however, has tried to use his various quirks and obsessions to make Ivins out to be an intrinsically evil person.
Under the pressure of FBI questioning and surveillance, Ivins became unhinged and committed suicide. Then the FBI accused him of having perpetrated the anthrax mailings, produced a collection of circumstantial evidence, and closed the case on February 19, 2010.
FBI Director Robert Mueller told a 2008 Senate committee that he thought Ivins was guilty “beyond a reasonable doubt.”
Beyond a reasonable doubt? Given the weak evidence and the widespread skepticism among experts and the public, this is an extreme statement that lacks any credibility.
In fact, the key people in the anthrax mailings were not Bruce Ivins or Steven Hatfill, his predecessor as the FBI’s target. Instead, they appear to have been Ali al-Timimi and Abderraouf Jdey. And the key person in the investigation was FBI Director Robert Mueller himself.
Kenneth J. Dillon is a retired foreign service officer who writes books on science and teaches history at Marymount University. A detailed discussion of the roles of al-Timimi, Jdey, and FBI in the anthrax mailings case can be found at scientiapress.com
THE CASE OF THE FEMALE “CAPTAIN BLIGH”
By Major Glenn MacDonald
It was big news when Capt. Holly Graf was fired as skipper of the USS Cowpens. But the story behind the story is how MilitaryCorruption.com unearthed a dramatic photo of Graf’s cruiser nearly hitting the destroyer the USS John S. McCain while drag racing at sea and coming within 300 feet of collision. Many media outlets in this country wanted to quote us and publish the photo. But some-like the AP- wanted to avoid the truth.
We said in our exclusive story: “It’s been said a picture is worth a thousand words. We can only hope the one above is worth a court martial, even if it makes the Navy blanch to punish an incompetent and unstable ‘politically correct’ poster girl for all the super feminists at the Pentagon and the U.S. Naval Academy.”
We waited to see what the influential wire services would do.
The Associated Press has a virtual monopoly in the United States when it comes to major wire services. United Press International is but a shadow of its former self, and the British-owned Reuters news agency has only a small fraction of AP’s newspaper clients.
While Pentagon-dependent Navy Times took our photo (granted them free of charge, and transmitted at our expense) and promised us a specific reporter would call us for an interview, we were sand-bagged when no call came, and they froze-out any mention of or even credit to MilitaryCorruption.com.
Pacific Stars and Stripes ran the “ships near miss” photo, with credit line recognizing our copyright, as did the New York Post and other papers, but Navy Times had no reasonable explanation for the censorship. Except that maybe they didn’t want to anger their friends in “the Puzzle Palace.” We at MilitaryCorruption.com have no compunctions about shouting out loud: “The emperor has no clothes.” We don’t depend on the Pentagon for promotion lists and other data. We report the news, all the news, without fear or favor.
The courteous Associated Press photo editors we talked to requested and accepted our copyrighted photo. In fact, they sent us a form to fill out that gave AP “one-time” use of the pix at no charge to them. That was fine with us. We had no reason to suspect that “politics” or the offended “sensibilities” of a liberal female reporter would cause us to become “persona non grata” at the Associated Press.
Here’s what happened: We were told the photo’s resolution and DPI were just fine. The name of the lead ship, destroyer John S. McCain, could be clearly seen in the image. That’s important, because later we were given various “excuses” why the photo didn’t run. None of the “explanations,” as far as we could tell, emanated from the photo department itself.
One AP executive claimed it didn’t run because it couldn’t be authenticated. No one on the photo desk told us they had any problems that way.
All we knew the day we sent it, was it was good quality and ready to go. At least, “ready to go,” as soon as someone on the AP news desk wrote a piece to accompany the photo. Two days after we transmitted the free photograph, we were shocked to learn the image still had not been sent out on the AP wire.
We should have seen what was coming, or going down, but didn’t right away. Taking the bull by the horns, we called AP Washington and got the imperious Anne Gearan, self-styled “gatekeeper” of what should or should not move on the AP wire, depending, apparently, on her sensibilities. And Gearan is no conservative Republican.
The person we spoke with at AP Photos confirmed the problem was the folks at the Pentagon and Washington Bureaus, who were apparently too busy to do a follow-up story, since they didn’t bother to even offer an explanation to their photo desk why the pix didn’t deserve an accompanying article. The “Catch-22” was: “if no story, no picture runs.”
Gearan was snide and condescending as she brushed aside our generous offer, vaguely referring to the bureau being “short-handed,” as if that was the reason for the brush-off. Politely, we offered her the name of the Navy public affairs officer at 7th Fleet, CDR Jeff Davis, to confirm the ships were racing at sea.
Incredibly, the Associated Press “story” that later moved about Navy Capt. Holly Graf, relieved of command of the cruiser Cowpens for “cruelty and maltreatment of her crew,” was riddled with errors, and of course, no mention whatsoever was made of our exclusive reporting and photograph.
In the very first sentence, whoever wrote the piece for AP made the grievous error of saying Graf was “demoted” instead of the factual “relieved of command.”
We reproduce here below the exact way the article first appeared:
WASHINGTON (AP) (Mar. 5, 2010) – A NAVY CAPTAIN WAS DEMOTED BECAUSE SHE BERATED AND ASSAULTED HER CREW, NOT BECAUSE SHE LED HER GUIDED MISSLE CRUISER ON A DRAG RACE WITH ANOTHER U.S. WARSHIP IN THE PACIFIC, AN INVESTIGATION SHOWS.
The AP went on to refer to information given by “naval officials on condition of anonymity” because they were not authorized to speak “on the record.” What happened to our assist with name of a source to use as attribution?
When we wrote our MilitaryCorruption.com article: WHY YOU CAN’T TRUST THE ASSOCIATED PRESS OR NAVY TIMES . . .”, we pointed out the dictionary definition of the word DEMOTE and explained what a serious reporting error AP had made.
The following day we saw this variation:
WASHINGTON (AP) (Mar. 6, 2010) – – A NAVY CAPTAIN LOST HER COMMAND BECAUSE SHE BERATED AND ASSAULTED HER CREW, NOT BECAUSE SHE LED HER GUIDED-MISSLE CRUISER IN A DRAG-RACE WITH ANOTHER U.S. WARSHIP, AN INVESTIGATION SHOWS.
Well, it’s nice they fixed the “boo-boo,” but we didn’t even get credit for “copy-editing” for them. When the AP renders you to the “memory hole,” you don’t exist.
*Major Glenn MacDonald, U.S. Army Reserve (Ret.), is the Editor-in-Chief of MilitaryCorruption.com.