Behind the Curtain Goldman Sachs & The Club Masters of the Universe

8/3/2019 Behind the Curtain Goldman Sachs & The Club Masters of the Universe

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Coprigh t Na r t i n A . A r ms t r ong , a l l r i gh t s r ese r ved

This Repor t may be fo rwarded as you l i ke w i t ho u t ch arge . I t i s pr ov i ded as a Pu b l icServ ice a t t h i s t i me w i th ou t co s t . Th e co n ten t s and des i gns o f sy s t ems are i n f ac tcopyr igh ted . A t a f ut u re da te , a boo k w i l l be r el eased The Geometry of Time. T h echart s a r e o f t e n r ep r oduc t i ons o f an ea rl i er pub l i ca t i on f r om 1986 a l so t o be so onrepublished The Greatest Bull M ar ket In Hi s to ry cov er in g f r o m 1900 up to t he 198 0s .Addi t i ona l upda t i ng i s unde r way t o comp le t e t he Cen t u r y and i n t o t he cu r r e n t t i me ,

provid ing a month to month h i s t o r y o f t he f i na nc ia l d ev e l opment o f Wes tern Soc i e t y .


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The courage to ev en pr i n t t ' a i . s t=ory by Port fol io Magazine is r emarkable . Ican only hope th at t he sp i r i t o f i nde pendence wi l l n ot d i e . W e need desperate l yt o r es t o r e t h e f r ee p r ess . I n t he i nst an t ma t t e r , yo u a r e no t l i ke l y t o see t h i sstory i n a ma jo r ne wspaper fo r t w o r e as ons (1 ) i t expose s th e t ru th ab out t h e ga meis r i gged, and (2 ) Goldman Sachsi s a power fu l f or ce t hat not mer el y cont ro ls t heg overnment in so many ways, bu t t h e y ca n d i c tat e t h e f a t e of a new spaper by t h er evenue and by imp l i c a t i o n w i t h t he c r im ina l p r os ecu t o r i a l po wer s .

In the f i n an c ia l i ndu s t ry , j ust t o get an i n t er v ie w a t .Gold rnanSachs was l i k e

appear ing bef ore God h im sel f . Th e i mage spun aro und the f i rm was one th at so mehowGoldman Sachs was jus t al way s be tt er t han e ve ry one el s e, and wa s so meone so smart ,they were a l ways abl e t o o ne -up eve ryone e l se. Goldman Sachsgo t t he b i gges t dea l s ,was able to g ro om i t s empl oyees fo r t op l eve l gov ernment jo bs secu r in g po l i t i ca lcont ro l bo t h i n t he Un i te d St a t es as we l l as Eu ro pe. They pa id th e h i gh es t bo nusdeals t ha t amaz ing l y a r e neve r c r i t i c i se d even i n t h i s at mosphe re . I t i s a popu la rview that Gol dman Sachs i s l i ke a cunn ing ca t t ha t al ways la nds on i t s f ee t , s i mp l ybecause i t ha s deve l oped an un f a i r adva n t age w i t h r eg u la t o r s and po l i t i c i an s a l i ke .As Portfolio Magazine repor te d , wh en the i r al umni were as ked about th e Conspiracy," some d idn ' t ap p r ec i a t e t h e j oke . Go l dman sa id t ha t s uch c l a i ms a r e l ud i c r ous . "

Nobody would ex pe ct Gol dman Sachsto ad mit w hat t hey hav e be en doin g. What we mustunderstand, i s wh y!

Goldman Sachs i s no t i n t er es t ed i n con t r o l l i ng t he wo r l d , j ust t he wo r ld eco nompu ll in g th e s t r i ng s be h in d th e sc enes . We shou ld no t e xpec t th e SEC nor th e US At t o rto admit t he y l oo k th e ot her way. Al l we ca n do i s exa mine the e v i den ce, fo r t hoseinvolved would never admit an yt h i ng . The whole Sherman Anti-Trust Act was based onpreci se l y t h i s so r t o f ac t i v i t y . Neve r has anyone r ea l l y f ound a co r po r a t i o n gu i l t yin th e e ss ence of .what th e Anti Trust Act was sup pose to pr e ve nt . The th eo ry t ha tcorpora t ions cou l d band to ge ther t o man i pu l a te marke ts o r i ndus t r i es , wou l d be a bu sunless the y i n c l ude d members of go ver nment . The onl y way to s uc ceed is by c o nt r o l l i n

t he po l i t i ca l power s . Un f o r t u na t e l y , we do no t l i ve i n a r ea l democ racy, f o r wedo not e l ec t t he t r easu rer , head of t he Fe dera l R eser ve, SEC, or A t t o r ney Genera l .

These a re pos i t i ons t ha t a re t he sp o i l s o f po l i t i c s t ha t c an be bough t l i ke a hook e r


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The alleged Goldman Sachs Conspiracy as reported by Portfolio Magazine l as tFebruary, cen ter ed around eight (8 ) pr~ poi nt s.

(1) Hank Paulson let Bear Stems collapse, and be absorbed by J.P Morgan at a

mere $10 per share.

a) Rumors were t ha t t rad er s at Gol dm an Sachswere shor t in g t he s t ock o fBear Stems to f or ce i t s c o l l ap se.

b) Conspir acy was th at Goldman Sachsand o ther f i r ms re ta i n ed a "grud ge"against Bear Stems since 1998 whenBear refused to jo in in t h e $ 3. 6b il l i o n b a i l o u t o f Lon g- TI E Ca p it al M an agement.

Truth

Bear Stems. was not p art of t h e I n ve stment Bank "clu b" and th us fo ught incompet i t ion ag a in s t th e o rg an i zed marke t man ipu la t i ons . Th i s w i l l b e exp l a i ne d

in greater det ai l b e l ow, but t he st ock of Bear Stems was aggressively beinga t tacked i n an e f f o r t t hat app ea r s t o f o r c e i t s col l aps e .

(2) CEO of Merr i l l Lync h Jo hn Thain was once co- Pres i dent at Goldman Sachs.Thain in t h e mi dd l e o f cha os , so ld Mer r i l l Lynch to Bank o f Amer ic a f o ran actual p r em ium when days l a te r Lehaenwasbought f o r ~ e s b yBarc lays o f Br i t ai n .

a ) the consp i racy th eory was th a t t o pr ot ec t a f or mer Go ldman co-pres id en t ,t he f o r c e s b e h i nd t h e ~ i n mov ed G e i t h n e r a n d P a ul s o n t o u r g e B a n kof Amer ica to b uy Mer r i l l

Truth:

I t i s unl i k e l y t h a t t hi s c on s p i r a c y t o sel l - o f f M e r ri l l was d e s i g n e d t opro tec t th e r ep u ta t i on o f Goldman Sachsor of Jo hn Th ain. T he re was ex posurein t e r - r e l a t e d and Mer r i l l Lynch was t he b i gges t r e t a i l c l i ent bas e .

(3) AIG Bailout o f $8 5 b i l l i on , wa s l at e r r ai s e d t o $1 2 3 b i l l i on . I t was Ha n kPaulson who in st a l l ed who , Ed L i ddy as A ID 's new CEO who jus t hap pe nedto be ano ther V i ce Cha ir man of Go ld man Sachs..

a) the Conspira cy th eory c l a i ms that res cuing AIG was necessary to prot e ctGoldman Sachs w ho h ad $ 2 0 b i l l i on ex p o s u re i t sel f t o A IG.

Truth:

AIG bai lo ut w as qu i t e s im pl e, t hey w ere on e of t he f ound ing m ~s ofthe manipulat io n c l ub . Gr et che n Morgenson of th e New York Times re por t ed th ati t was J . P. Morgan who too k th e whol e i de a to AI G abou t c r e a t i ng t he CD Sproduct. AI G pa r t i c i pa te d in num erous manket man ipu la t io ns f r am London, fo r

t ha t ope r a t i on was se t up ou ts i de o f t he Un i t ed S t a t es t o en su r e p r i va cy f r omregulators .

(4) Th e Paulson $700 Bi l l i on Bai l out pac kage ended up ext or t i n g f r am Congressa vast amount of mo ney fa r b ey ond what th e ba nks needed, as a l ast di t che ffo r t t o gr ab wh i l e Pa u l son was th ere . On l y $250 b i l l i on was d r awn down

o f which $10 b i l l i on was g i ven t o Goldman Sachs,bu t Pau ls on r e f us ed t og ive o nl y $ 6 b i l l i on t o Lehl lenBmthers, because Goldmanwanted their

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a) Dic k Fu ld , C EO of Le tmnan Brother s, w as as ked by Con gres s why AI Gw as bai led out bu t no t Leh nan? He re sponded: "Un t i l t he da y t he yp ut me in th e gr ou nd, I wi l l wonde r . "

Letman had al ways been a f i erc e co mpet i to r t o Go l dman Sachs. The ch anceto put t he m out of bu s i nes s was fa r t oo t e mpt in g. Gol dman Sachs th rough HankPaulson , ach ieved i t s goa l and t ook one s t e p c l ose r t o el i m ina t i ng t h e ve r ycompeti t io n t he y d i s l i k ed so much. The dr eam at Gol dman Sachs was a lways tobe the dominant fo rc e no mat t er ho w th at ha d t o be ac hi eve d f r om the ru morst ha t poured ou t o f t ha t f i r m.

(5) Goldman ~ and M o rg an Stanley are al l owed to be ch e ban k hol di ngcompanies a l l ow ing th em to t ak e de posi ts t h at ar e n ow FDIC in sur ed.

a ) Lehman was the f i r s t t o a pp roac h th e F edera l Reserve wi th t h i s i dea ,bu t was r esound ly r e j ec t e d .

Truth

I t i s a~ zi ng t ha t t he Fede r a l Rese r ve wculd r e j ec t Le1manye t suppo r tG oldman Sac?m and Morgan Sta nl ey who dr eamed up th ese n i g ht mare s and so l dthem to AIG to us e t h e i r AA A ra t i ng an d name as a major i ns ur ance cc lnpany.Why d id Go ld man and Morgan need to b e cc xne FDIC in su re d? They were hug e i n

and the av era ge matur i t y wa s at b es t 3 0 d ay s. Bot h Go ldman and Morgan neededl ong term capi ta l t o p l a y wi t h . What t he y ne eded were bank deposi t s f r o m th e

average perso n to k ee p th e game goin g. The bu si nes s model was cha ngin g, a ndt hey saw t he l i gh t , an d s t o l e t he i de a f r om hdman .

(6) Out lawing Shor t -S el l i ng : On September 19th , 2 008 , th e SEC Commiss ioner

Chris topher Cox announced a one month ban on shor t - se l l i ng f i nanc ia lcompanies. It i s t ru e t ha t b ot h Bear St ems and Letman Brothers lo ngcomplained t o r eg u la t o r s t ha t " t r ade r s " we r e sho r t i n g t he i r s t ock st ry i ng to cr e at e a pa ni c . Th e SEC prot ect ed Goldman Sachs and the ke ymanipulat i on " c l ub " ye t whe n th e shar e pr i ce s of G ol dman Sachs fe l l by20% in jus t t hre e days , th e SEC ac ted to p ro t ec t t he g o l den ch i l d .

Truth

There is no ex pl an at i on as t o wh y th e SEC would never ac t whe n th e s ou rceo f shor t - se l l i ng was f r om Go ldman Sachs o r f r i ends . The SEC does not i n anyway pro tec t th e marke ts . They p r osecu te a l ot of sma ll - t i me o f f end ers t oc reate the i mage tha t t he y have te e t h , bu t t hey a r e as co r r up t as any t h i r d

world Banana Republ ic . Th ey do not au di t a n y of t he b i g ho uses , and y i e l dto th ei r d e s ir es . E ve n Hank Paul son when he was head of Go ld man Sacks ar gue dfor g rea te r l eve rage to s t ay co mpet i t i ve w i t h ov ers eas . Whow as us in g t h eleve rage ove r seas? Cou ld i t hav e been Go ldman ~ , Mor gan S t an le y and o fcourse AIG?

(7) Bai l ing Out Cit i gr oup: Yes i t was tr ue that even af te r a $20 bi l l i o ni n j ec t i o n f o r C it i gr ou p , t he i r s t oc k f e l l by 60 % in a s i ng l e week . Th i sl ed t o ano t he r $25 b i l l i on pa ckage and t hen t he gove r nnen t a~ t oadd more i f t he i r l o sse s ex ceeded $29 b i l l i on .

a) Who was the Ci t i g r ou p adv is or? Rober t Rub in , f ormer US Treasury Sec .a nd another Gorman chairman wNo was paid $62 mil l i o n i n f e e s

between 2004 and 2007.


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Cit igr oup was too b i g t o fa i l , but t hey ha d Rober t Ru bin as t he i r w h it ekn ight . The consp i r acy t h eo r i es t ha t c l a i m t h i s was t o he l p Rub in , a r e ab it f ar - f et c h e d .

(8) Qbama was the golden ManchurianCandidateo f Gol dman Sachs,is perhapsa b i t ov er t he t op . I t i s t r ue t ha t t he em ployees a t Goldman Sachswereamong the l a r ge st d on ors t o Ob ama as re po rt ed by P o r t f o l i o $ 8 8 4 , 0 0 0 .

a) th e Rumor was t ha t Goldman Sachsm anipulate s Obama and is o n i t s wa yto becorre ots ow n su perp ower.

Truth:

Goldman Sachs did no t o n ly ba ck O bama. You wil l see t hey su pp ort ed McCainas wel l . Th ey know how t o p l ay po l i t i c s ve r y we l l . Gol d man Sachsworks veryhard a t co n t r o l l i ng gov e r nment . They g r oom t he i r own f o r pos i t i on s w i t h i n t heexecut ive b r anch . Ye t do n ' t f or ge t New Jersey Governor Jon Corz i ne . A l so ' do

no t f o r a momen t t h in k t h i s i s l i mi t ed t o t he Un i t ed S t a t es . W e a l so see t h eWorld Bank run by Ro ber t Zoe l l i ck , who was a managing d i re ct or of Goldman Sachs.We f ind Mar io Dr aghai , who i s l ea di ng th e Eu ropean Union re sponse to th e cr i s i s i syet ano th er ..Vice Pre si de nt of Gol dm an Sachsprev iou s ly . Hank Paul son, ap poi nte d a35-year old Goldman Sachsv i ce p r e s id en t Nee l Ka shka ri t o head t he $700 b i l l i onTroubled Assets Rel ie f P r og ra n (T ARP) . The Goldman Sachs po werbase i s ev e n o nboth s i des o f t he At l an t i c , an d we f i nd t ha t t he Mer r i l Lync h CEO John Thain wasa lso a fo rmer co -p res iden t o f Gol dm an Sachsand th e h ead of Wachovia Rober t S tee lwas a fo rmer Goldman Vi ce Cha i r man. Th is am az ing g ro up o f po l i t i cal conne c t io nsruns deep int o th e work ing s at t he Int e rn atio nal Monetary Fundas well. T he re alquest ion is ; How Can a Treasury Secre ta r y s t i l l have s t oc k i n Gol dm an Sachs'2

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room. In t egra ted C i r cu i t s wer e bor n i n t he 1 960s and i t became c lear t ha t t hes e hugecomputers tha t ha d a l r ead y shr unk down f rom a f oo tb a l l f i e l d r unn i ng on va cum tubesw i th t he i nv en t i on o f t r ans i s t o r s , t he ch ip s a l l owed us t o se e t ha t a desk t o p wou ldbe poss ib l e. Th e pr ob lem st r angel y was not bu i l d i ng th e 'computer . The que st i on wa s;What wou ld someone do w i th i t ? Th e v i s io n o f j us t bu i l d t he ba seba l l f i e l d i n t hemiddle o f t he co rn fi e l d an d t hey w i l l come, was no t ex ac t l y bu s i ness po l i cy . The rewas no one who could f or ese e Micr osof t . .The answer .was, bu i l d i t , and so meone e ls ewould f i g ur e ou t ho w to u se i t .

IBM a decade la t e r , c r eate d t he de sk to p computer . Du r i ng th e l a t e 1 970s , t h er ewere companies cr eat in g word pr ocessors us in g 8" f l oppy d i sk s l i ke 3M Corp. But i twas IBM that sa w th e f u tu re and gave i t a shot . Th e f i r st des k to p co mputers th atwere the to p- o f - t he - l i ne were about $6 ,000 in t h e ea r l y 1980s . Never the le ss , t hi sa l lowed much more soph is t i ca t i on t ha t w as soaked up by th e I nv es tment Banks .

The problem wi th th e model in g employed by th e, Inv estment B anks, was th e l i m i te dscope of da ta . Th ey tu rn ed more to prof es s i onal math ge niu s t ypes who l ac ked th eexper ience i n t r ad i ng . Th i s b l en d ing was a d i sas t e r and con t r i bu t ed g r ea t l y t o t heCrash o f 1987 . Models used by the i nd us t r y were sho r t - t e r m. Even to day , mos t sy s t emsof fer i ng sc re ens and char t i ng f o r st ocks and commodi t i es , on l y no w or ov id e anylong- te rm char t s back as fa r as 1 980 . I f you r d a t abase is t h i s sho r t , t he n no mode lw i l l ev er be ab le t o co mprehend, no l es s f o re cas t , an ev ent l i ke a Gr ea t Depress i on .

The mode li ng on de r i va t i ves was f a r t oo sho r t - s i gh t ed t o see t h e l ong - t e r m t r ends .The mind-set of t he I nve stment Bankers was s t i l l capt i vat ed by th e 1 970s and th ee f for ts t o r i g t he g ame. L i ke Leona Helmsley was quoted say ing tha t t axe s were f orl i t t l e p e o p l e , t he I n v e s t men t B a nk er s v i e w " s p e c ul a t i o n " w a s a l s o f o r l i t t l e p l ay e r s .The sure bet w as th e key t o co ns i s t ent su cce ss.

During the l a t e 1970s , th e s i l ve r mar ke t was c l a i med to be " cor ner ed" by th e HuntBro thers . Tha t was fa r f r o m t r ue , f or wh at t he y f ai l ed t o under s ta nd , was tha t t hea t t i t u de o f t he ma jo r b r ok erage houses was no t t ha t y ou were a pure t r ad er -cu s tomer ,but someone to. p ick -of f f or pr of i t . Dur i n g t h e 19 80s, I h ad t o t a k e on some hedging

pro jects t ha t we re awesome. One was in p l at i n um. When you are t he l ar g est t r ader i na nar row market , t he y watc h eve ry th in g you do . I f I was t o se l l , they a ss ume thew hole lo t i s be i ng so ld and j ump in f r on t . Y ou sudden ly f i nd yo ur se l f t r app ed. I w asa w i tness to th e Hunt co l l ap se . They cou l dn ' t ge t ou t of t he mar ke t a t an y p r i ce .

The dea ler s we r e se l l i ng i n f r on t o f t hem t a k in g sho r t po s i t i on s l ook ing t o b uy backwhen the Hunts wer e i n a st a te of pani c d ump ing at an y p r i ce.

I l ea r ned ea r l y o n t ha t t o pr of es s io na l l y he dge , one had t o na v i ga t e t he b r oke r s .The onl y way t o dea l w i t h t hem, was t o p l ay one - o f f - aga ins t - ano t he r , use r e l a t edmarkets to co nf use and h i de you r s t r a te gy , or e l se fa l l pr ey t o t he I nve stment Bankers.In o ther words , i f you ha d a l a rge po s i t i o n o f go l d t ha t yo u wanted to s el l , you goto a b ro ker ask in g fo r a ma rke t i n s i l ve r . H e g i ve s you a quo t e , and you th en buy

tak ing what wi l l become an i n t en t i on al l oss . You go bac k t o t he sa me broker and nowask f o r a qu o t e on t h e r ea l m a r ke t you a r e t r y i ng t o se l l go ld . He w i l l ant i c i pa t eyou i n t end t o buy because o f t h e s i l ve r , shi f t i ng t he quo t es t o p i ck - up ex t r a p r o f i ta ssuming you are a bu yer . When you sel l t he go l d , y ou j u st g o t a h i gher b i d, y o u ar eout o f t h e po s i t i on , and he i s sc r amb l i ng t o c ove r w i t h o t he r b r oke r s . I f you h i t al lt he brokers th e same way atp re c i se ly t h sam e t i me. th ey are a l l now sh or t , a n d ar et r apped t r y ing t o ge t ou t sel l i ng back go ld t ha t t he y j us t bough t f r om you .

These games are at t i me s ne cess ary i n t he c as h mark ets be cause th e b ro ker s t he mse lves a re no t sa t i s f i e d w i t h j us t ma k in g a r ea l mar ke t . Th ey need to c r ea te an edge .So when you are th e 800 pound gor r i l l a , you ne ed def ens ive measures. I t he l p s t ounderstand th e me thod to t h e madness of t h e game.


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The marke t man ipu la t i ons th a t r eal l y beg an back in th e 70 's w i th f or ce , bec ameintermixed among th e I n ve stment Bankers wi th t echno lo gy. We began to se e gr ou pi ngo f houses by th e l ate r 1980s and ear l y 1 990s . Perhaps a t f i r s t , t hey were l oo k i ngf o r ano t he r Hun t . They needed t o se l l some b i l l i ona r e on t h e v i r t ue s o f cor n e r i ngand manipulati ng a market.

The f i rs t r e a l coord in ate d scheme began back in 1 993 th at I coul d v er i f y . Thet a r ge t ma r ke t was s i l ve r , an d t h e ce n t r a l pl aye r , br ok e r - dea le r , was Ph i l l i ps B r o t he r swho were a b i g cc arnedi ty ou t f i t . i n Co nnect ic ut , p i ck ed up by Sol cxnan Brothers whowas la ter ab so rbed as wel l . Th is w as known as PhiBro of t he same fame re la t i ng t oMare Rich.

PhiBro had a hu ge c l i ent who th ey we re ac t i n g f o r to bu y up t he s i l v er mar ke tin 1993. Th is was an aggress ive p r o f es s i ona l s t r at eg y . The Gcwmnodity Futures TradingCamnission could e as i l y see w here t he buy in gw as centere d in r eal f or ce. The y went t o

PhiBro descending to kn ow who their cl i e n t w as . Phi lo re f u sed to gi ve up the name.The CFXC ordered P hi lo to j ust ge t ou t of t he mar ke t. Th ey d id . They j u st du rr tpedeveryth ing a t t he marke t w i p i ng ou t s ma l l i nves to r s i n t he b l i nk o f an ey e .

The CPTC ju st w al ke d aw ay. Had th is bea small b roker or money manager, he woul d

Silver Manipulati on of 19 93have been cr i mi na l l y p ros ecut ed. But t h eCFTC is not or i ous f o r nev e r ev en once b r i nging a complaint ag ai nst a major ho use. Thesources I r e l i ed up on, gav e me the nameof the c l i en t WarrenBuf fe t t . Bas ed upont hi s i n f o r ma t io n and be l i e f , w hen h i s namecame up again i n 1 99 7, i t w a s no t a sho ck .

Nevert he less , t h i s i nc i den t se t i n mo t i o n t h e o r i gi n s o f ,o u r c u r r e n t d e b a c l e . I ti s wh y A IG se t u p i t s f i nan c i a l d i v i s i o n i nL ondon, out o f t he wa y of US re gu la to rs a n dthe f r eedom to manipulat e whatever market sthey desi re d. Mov ing t o Lo ndon, was cau sedby thi s CFTCf a i l u r e t o r egu l a t e .

Manipul a t i o n s b e ga n t o s p r e a d l i k e w i l df i r e . R h o d i u m , p l a t i n u m , s i l v e r , B r i t i s hpound, Japanese yen, and even t he Ru ssi an bo ndmarket j u s t t o men t i on a f ew . Th ey begant o move in pa cks , one to c ov er up a man ip ul at io n by makin g i t a~ t o be a br oadm arket move, and second, to bu y st ren gth in nu mbers. Yes, t he y even ta ckl ed oi l a n dwhile o i l shoul d ha ve gone up to about $100 fo r 2 00 7, t he y had th e i r a n al ys ts t ou t l i kethose at. Goldman Sachs that o i l wa s hea ded to $30 0. Th e t r i ck i s al wa ys o ver shoot the

target to cr ea te suc kin g-i n power.

I t was dur i ng th e 19 90s tha t t he g roup began to b e ca l l ed beh ind c l ose d doors ,the "B i l l i onare 's C lub . " For sh or t , t he wo rd " c l u b " w a s e n t i r e l y su f f i c i ent . Th e y

re l i ed upon the wel l kno wn fac t ev en among those tha t co ve red t he. prosecut ion s of

the CFTC and the Se cur i t i e s and Ex change Camnissian ( " S EC"), a nd ad mit te d to mepersonal ly , t h a t ne i ~ t he SEC nor t h e CFTC would br in g ch arges agai nst t h e b i gNew York houses. Jus t as you saw th ere were whi s t l e bl ow ers on Madof f t ha t t h e S E Cwould never i nv es t i ga te , ha d th ose wh is t l e b l ow ers been a " c l u b " member, the S E Cand CFXCwould the n pr os ecute whoever t he "c l ub" handed th em

Michae l Mi l ken a t Dr exe l Bu rnham is a c l as s i c example . Drexe l was a Ph i l ad e l ph i af i r m o r i g in a l l y , no t New Yo r k . M i l k en c r ea t ed t he j unk bond mar ke t and was t r u l y ab r i l l i an t v i s i on a r y . Bu t D r exe l c r ea t ed a mar ke t t h ose i n New Yor k wan ted despe r a t e l y .

The way to get t h a t ma rk et , wa s to i nst i gate t h e po wers of g ov ern nmt t o t ake do wn a~ t i t or .

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Drexel was no t p ar t of t he "club" of "wh it e s ho e"members. Drexel embarked oncrea t ing a new marke t based upon debt popu l a r l y cal l ed " j un k bon ds" th a t w ere t h usf ocused upon p r o f i t , r at he r t h an t h e eq u i t a b le mode l emp loyed by even t he "c lub"and the Federa l Re serve . Ther e were companies wi t h g r ea t p ot en t i a l , but cou l d no tqua li f y us in g co l l at e r a l o t he r t han i n t e l l ec t ua l p r ope r t y so to- speak . A l coa A luminumwas perhaps a c l as s i c ex ample of t he prob le m. The i nv ento r of a l uminum went to a l lthe banks, ' showing h i s d i s co very , bu t no t a s i ng l e ban k would l en d money. The l a stbank he went t o w as t ha t of A ndrew Mello n (1 855 1937). Mello n pe rs ona ll y cal l e d t he

invento r i n t o h i s of f i ce . He t o l d h i m h i s ban k co u ld no t l e nd h i m any money . He th eni nformed h im, he would do so pe rs onal ly . T he Fed model pr eve nts i n no vat i on , t he v e r ysource of e co nomic gr owt h.

What Ni l ken di d a t Drexe l wa s pe rh aps th e most i nn ova t i ve advancement in t heh i s t or y o f ba nk in g so t o sp eak . He c r e a t ed a mar ke t f o r i nno va t i on t ha t d i d no t ex i s t ,and the "c l ub" f e l t t hey were l e f t beh i nd . The y consp i red as a l ways w i t h t hos e i npower at t he Depa r tment of Ju st i c e t o br i ng dow n compet i t or s . T hes e government l awy ersare the peop le who d i c t a t e th e f a t e o f nat i on s t h ro ugh th e i r ow n pers ona l g r eed andsel f- i n te r e s t o f f u r t he r i n g t h ei r car eer . Th ey ar e r espo nsib l e fo r so much eco nomicd amage that fa r m ore i n no vat io n has l e f t t he nat i o n t ha n many suspect . They were t h esole r eason f o r b r eak ing up AT&T, and t r i ed ve r y ha r d t o de s t r oy N i c r oso f t . T hey d i ddest roy Drexe l Bur nham, and tha t was ce r t a i n l y no t i n t he p ub l i c i nt er es t .

The S&L Cr is i s was used as the e xc use to de st ro y Dr exel . T o se t t he r ecor ds t ra igh t , Ja mes Baker came up w i th th e i de a o f c r ea t in g a G-5 , ba ck i n 198 5. Thew hole id ea was to mani pul ate th e do l l a r d own by 4 0% so the y co uld i ncr ease US expor t s .I persona l ly wr o te to t he Whi t e House warn ing th a t t h i s wa s c r azy , wou ld l ea d t oexcessi ve vo la t i l i t y , t hat wo u ld end i n a c r ash . Be r y l Sp r ink l e , Ch i e f EconomicAdvisor to R onal d Reagan, wrot e back . He ex pl a i ned th at P ri n ce ton Economics wast h e o nl y f i r m w i t h v o l at i l i t y m o d e l s a n d u n t i l o t h e r s c o n c u r r e d , t h e y c o u l d n o tre ly onl y u pon one model . When the 1987 Crash h i t , w e wer e ur ged to i m media te l y pr ov i deour ana lys i s s i nc e now eve r yone ag r eed , " vo l a t i l i t y i s t h e num ber one p ro b le m. " Th e1987 Crash took p l ace because o f t he G-5 , and th e f a i l u re t o und ers tand th e o f f se t

o f the Cap i ta l Ac count aga ins t t he Cur ren t Ac count . The more fo re ig n i nv es t ment th a t

poured i n t o t h e Un i t ed S t a t es , goes t h r ough t he Cap i t a l Ac cos t , but t he pr of i t s i nthe fo rm o f i nt er es t an d d i v i de nds go th ro ugh the Cu r ren t Account con fus inq manythat th e pr ob lem is t r ade t h a t wi l l r esul t i n dec l i ni ng sa l es and dom es ti c j obs .They forg ot , t he Ja panese had bought a l most 33-o of th e Nat i ona l Debt , re a l est at e,and s tocks . Man ipu la t i ng th e do l l a r do wn 40-o se t -o f f a mass i ve se l l i ng o f U S as se t s

that re su l ted i n t he 19 87 Crash . When t r ader s ca l l t he i r br ok er as k i ng why th e Dowwas down 500 poin ts , t he a nswer was " I don ' t know !" I t w a s a cur r enc y i nd uced Crashcaused by th e f o r ma ti on o f t he G 5.

The ~ r at s gai ni n g c o n t r o l o f C o n g r e s s , w a nt ed m or e t a x e s f r o m t h e r i c h .They a l te red th e amor t i za t i on o f r e a l es t ate . They c r ea t ed th e S&L Cr is i s f or t heydest royed the i nv es tment t r end i n t ha t sec t o r t ha t c r ea t ed a on e-way marke t t o j us tse ll . P r ope r t y va lu es c r a shed and t hen t h e i r i nsane r egu l a t i ons o f t he S&L in dus t r y

more-or - le ss re qu i r ed th a t t he y l en d i n t o t he l oca l mar ke t w i th t he f ocu s o f r ea lest at e us ing t he co l l at e r a l equ i t y mode l . Sudden ly , t h e S&Ls had po r t f o l i os t ha t t het axes wip ed out and the mar k to-the market ac co unt i ng r e n de red m any i n s o l v e nt .

The Government p rosecu ted two peop le t r y i ng t o b l ame them fo r t he i r ow n mis ta kes .Charles Keat i ng became famous for h i s S& L went br oke de fa ul t i n g on bo nds th at t heprosecut ion th eor y was he knew 7 ye ars i n ad va nce th at he woul d de fa ul t an d t hu s i twas a c r im i na l f r aud . Kea t i ng spen t some t ime i n j ai l , but h i s conv i c t i o n was l at e rquie t ly ov er r u l ed and a .newprosecu t ion was b l ocked as be i ng po l i t i ca l . Th e o t he r h i ghprof i l e b ec ame Ni l ken , t ar ge ted bec ause many S&Ls purchased ju nk b onds th at d e c l i nedwith th e 19 87 Cra sh. The "c lub" suppor ted th e de s t ru c t i on o f Drex e l t o t ake t he m arke tt hey c r ea t ed , and my sou r ces r epo r t ed even i n s t i ga t ed i t .


11/19

The theory used to de s t roy Drexe l on beh a l f o f t he New York i ns t i t ut i ons , wast o f l i p i ns i d e t r ad i n g u p s i d e d o wn . U n f or t u n a t e l y , t he J u d i c i a r y p r o t e c t s n o b o dy a n dw i l l al l ow t h e Execu t i ve t o c i r cumvent t he l aw as i f i t wer e a d i c t a t o r sh ip . Theins ide t r ad in g i ssue emerged f rom the Grea t Depress ion . The c r ime was tha t a di r ec t o ro f a company knew i t w as b r oke . He th en so l d a l l hi s st o ck on i ns id e i n f o r mat i on , anddelayed h is ac t io n of maki ng a pu bl i c a nn ouncement.

Rudol f Ju l i an i f l i ppe d i t al l on i t s head . Suddenly , i f t wo peo p le dec i ded t o

take-over ano ther company, th e c r i me became that a t h i r d pe r son was def ra uded out o ft he same opportuni t y t o mak e money. No one lo s t mo ney. The co urt s sh ou l d ha ve ap pl i e dt he s t r i c t cons t r uc t i o n , bu t ac comoda ted t he w i l l o f p r ose cu t o r s des t r o y ing ove r50,000 job s i n t he p roc ess. Of f i c e managers at Dr exe l c ame in to t r ad i ng - r ooms and

just t o l d t he p eo pl e t o g o ho me. There was no company any more. Never ha d i n s i de rt rad in g ever b een used in r e ve rs e. Bec ause you cannot wi n when the co ur t s ar e no treal but c on t r o l l e d by th e sa me employer , ev er yone was fo rc ed to p l e ad . Th ere was oneexcep ti on . A sma l l t i me r wen t t o t r i a l , and t he j u r y ac qu i t ed h i m.

The Club i s p rob ably th e most power fu l f orc e be hi nd th e c ur ta i n . T he re hav e beenconspiracy th eo r i es ab out se cre t gr ou ps; but th ey work tog th er l i k e Ant i Trust groups t

jus t r i g the f i nan c ia l marke ts . They do no t as p i re t o con t ro l a l l gove rnments . Theyevo lved in to p ro fe ss i ona l marke t man ipu la t o rs t ha t l ed t o bo t h t h e 19 98 Long TermCapi ta l Management cr is i s , a nd now the cur re nt c r i s i s t hat began f r om the very s amesource. Even Gretchen Morganson of th e New York Ti mes t r ac ed th e i de a fo r t he Cr ed i tDefaul t Swaps to J .P . Mor gan Stanl ey, who to ok th e i de a t o AI G i n L on don.

The Club has been untouchable because the y can h i r e go ver nment at t or ney s d i r ec t l yo r " re commend" a la rg e law f i r m who re l i es on t he i r bus i nes s h i re one as a f avo r . I n

Congress , a po l i t i c i an ca nnot go immed iate ly work fo r a l obby i s t . Th ere a re no su chethica l r es t r a i n t s on go vernment a t t o r neys who t r u l y c r on t r o l f ar m ore t han anyoneh as b ee n w i l l i ng t o ex p o s e .

W e kept t r ac k of wh at t h "c l ub" was d oi ng and warned our c l i n t s w he never t h e i rant ic s w e re c o n f l i c t i n g . O n e o f t h e b i g o n e s t h a t b l e w t h e l i d of f , w a s a g a i n s i l v er .

I n 1997, I w ar ned tha t s i l v e r was go i ng to r i se f r o m $4 to $ 7 'be tween Sept~ andJanuar y 1998 . I was even i n v i t e d t o j o i n t hem, and t o l d t o s t op f i gh t i ng , and pu t ou tfa lse fo re cas ts . I dec l i ned . The i r st r a t egy became insane.

A t f i r s t , a f r i end o f m in e who had been p r ime M in i s t e r Tha t che r ' s ec onomic adv i sob ecame a board member of AI G i n L on don. He ca l l e d on e day and as ked i f he cou l d dr o pin to Pr i nc e ton th e nex t morn ing when he a r r i ve d f ro m London. I na tu ra l l y sa i d OK.To my surpr i se , he ar r i ve d wi th t h e he ad t r ad er f r om AIG London who then proceeded to

t r y to co nv i nce me to s t op t al k in g about th e man ipu l a t io ns . I t o l d h i m I w ou ld no t

ever re vea l an y na mes, and th e gov ernment di dn ' t ca r e a ny way.

Things got i nsane th er eaf te r . A n an al yst on t h e p a yr o l l o f Phi Br o had a mai ncontac t a t t he Wal l S t ree t J ou rna l . The y dec i ded to s l a nder me and ge t t he p r es st o t a r g e t m e c l a i m i n g I w a s t r y i n g t o m a n i p u l a t e t h e ma r k et . I t w a s a n i nt e r e s t i n gs t r a t egy , bu t one I car e d no t h ing abou t s i nce I wa s p r i ma r i l y a i ns t i t ut i ona l an dcorpor at e adv i s o r , an d t hey we r e no t r ea l l y i nt er es t ed i n s i l ve r .

The journa l is t f r om th e Wal l S tr ee t Jo ur na l c al l e d me. He accused me o f t hi snonsense and we argued. I t g ot qui t e h ea te d. He sa i d i f s i l ver wa s be in g manipul at ed ,then g ive h i m th e na me. I t o l d h im he would n ' t be l i ev e me anyway. He demanded thename and so I sa i d f i ne, g o ah ead, l e t me gee you pr i n t i t , kno wi ng he never would .The name I ga ve hi m was WarrenBuff e t t . H e l aug hed. To ld me eve ryone knew Buff et t di dnot t r ad e commodit i es . I t ol d hi m t ha t was how much he knew .

The Wal l S t re e t J ou rna l pu b l is hed the a r t i c l e . Th e London newspapers were fe d

s to r ies by th e "C l ub" t ha t I was now the l a r ges t s i l ve r t rader i n t he wo r l d . Th is9


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became al l a j oke t o me. Even th e CFIC coul d l oo k at pos i t i o ns and knew I was no ta bi g p l a y e r i n s i l v er .

The mistake made by th e " Cl ub" by t ur n i ng out t he p res s ag ai nst me, was th eyac tua l ly c rea ted such a wor l dwi de s t o ry t ha t t he CFI C was fo r ced to ca l l me . Th eyknew I was not t h e so urc e. The y asked me, where was the manip ula t i on t a k in g g l ac e ' ?

I t o ld t he mi t w a s i n L o n d on , o u t o f t he i r j ur i s di c t i o n. T h e y t o l d m e t h a t t he yc ould p i ck up th e ph one and f i n d o ut . I t o l d t he m th at t h ey ha d to make th at c l ea r

decis ion . I hung up . Never d i d I expec t t ha t t h ey wou l d re a l l y do ay th ing .

A few hours l a t er , m y ph one ra ng. I t w a s a g oo d so urce i n Lo ndon who a ls o washelping to mont i to r the "C l ub" ac t i on s . He t o l d me th a t t he Bank o f En g lan d hadc al led an im mediate meet ing of a l l s i l ver br o ke rs i n London in th e mor ni ng. I wa sshocked. The CFIC had made the c a l l . B u t the n ag ai n , I had g i v en t he m no names soperhaps in t h e i r mind , t h i s wa s f a i r game.

Within th e ho ur , Warre nB uf f et t made a p r es s an nouncement. He admi t t ed h e ha dpurchased $1 b i l l i on wor th o f s i l ve r , i n Lond on. He den ied he was man ipu la t i ng t hemarket. Cl a i med the s i l ve r was a l ong - t er m i nv estment . E ver yone was shocked tha tBuffe t tw as sudden ly exposed as a commodi t y t r ad er a f t e ra l l . T he nex t day , t he Wal l

St reet Jo urna l c a l l ed me. The wr i te r as ked "How did you know?" I t o l d h i m i t was

my job to kn ow! S i l ve r t here a f te r d ec l i ne d and made new lows go ing i n t o 19 99. Somuch for th e l ong- t erm in ves tment .

Curious en ough , Wa rr en Buf fet t ha s now beene xposed to be human. He has l os t a b ou t 50 % l i k eeveryone e lse . Bu t t here i s t he cur i ou s pur chaser egar ding o i l . Buf f e t t i nve s t ed i n o i l at t he ver ytop at t h e sa me t i me Goldman Sachs was for ec ast i ngoi l wou ld nea r l y d oub le . The bu r n ing ques t i o n i s ;DidB uf f e t t g e t t r ap p e d i n a t t he t op i n oi l a l onwith t hose manipu la t in g o i l t h i s t i me ar ound ?

7

Warren Buf fe t t ha s admi t t ed he was "d read wrong" i n h i s r i i l pur ch ase . Bu f fe t thad to pos t a 62 % decl i ne i n ne t i nco me, but t he r evea l i ng l os s comes f ro m oi l and

deri va t i v e s t h a t h e p u b l i c l y c r i t i c i s e d o t h e r s f o r get t i ng i nv o l v e d i n . T h e s o c a l l ed"Oracle o f Omaha" had to ex p l a i n h i s der i va t i v e l osses sudden ly c l a i ming he was ju s t

managing the r i sk . Ye t t he o ther co n t r ad i c t i on i s t he hu ge purchase o f Con ocoPh i l l i pss tock when o i l pr i ces were a t t he i r hi g h. D oes th i s ha ve any t h i ng to do w i t h h i s o l dc onta ct s a t P h i B r o a t a t i m e t h a t a l l t he " c l u b " m ~ s wer e s er i o u s l y l o n g o i l and

h ad t h ei r a n a l y s t s t el l i ng t he p u b l i c i t wou l d st i l l dou b l e ? I t s ca l l e d t a l k i n g y o u rown book.

There have been organ ized market manip ul at io ns i n se ar ch of t h a t per f ec t t r adebased upon i ns i de i n f o r ma t ion f o r a l ong t i me . The who le i ns id e i nf o r ma t io n c r i meis bogus . I t i s one t h i ng fo r a di r ecto r o f a company to se l l h i s share s be fo r e heannounces the company is b r oke , bu t i t i s a d i f f er enc e concept when the i ns i de i n f ois to ge t yo ur hands on go vernment re po rt s o r w a t c hi ng what so meone els e do es. Th er eis no 100% guaran tee in su ch a se t t i ng . I n f act , t he mov i e Wal l S t re e t w i t h Mi ch ae lDouglas po r t r a yed i n s id e i n f o r ma t ion as a yo ung b r oke r f ol l ow in g execu t i ves a r oundand guessing cor r ec t l y w hat th e mer ger wou ld be . So r r y , t h a t i s not a cr i me un le ssthe prosecutors want to make a name for t h emselv es.

W hat we a r e t a l k i ng abou t i s much mor e c l ose . t o co r r up t i o n t han i ns i de t r ad i ngThere have been major manipul at i on s of ma rk ets su ch as r ho di um and then th er e was th emanipu la t ion o f P lat i nu m. Corner in g a s up p ly is fa r too r i sk y . What th e "c l ub " d i d wa st o j o i n f o r ces w i t h Russ ian po l i t i c i ans . The dea l s t r uc k was t o r ec a l l t he Rus s ia nsupply o f p l a t i num t o sudden ly t ake an i nv en t o r y . P la t i num soa red i n p r i ce . O f cou r se

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t he long pos i t i on s were a l r ead y l a i d i n be f o r e th e announcement . Russ ia had neverbef or e r ec a l l ed i t s en t i r e supp ly t o t ak e an i nven t o r y . Neve r t h e le ss , i t wor ked . Theywere ab le to f or ce p l a t i num up fo r t he au to - i nd us t r y were buye rs . A t t he to p, t he"club" so ld t he i r l ong pos i t i ons , r eve r sed i n t o sho r t pos i t i ons , and t h en i n s t r uc t ed

the Russ ian- to end th e i n ve nto ry . p l a t i nu m cra shed. E ven Ford Motor Company sued ove

that one.

The f i r s t ma jo r f ai l u r e was 1998 the Long Term Capital Managenent.bailout. I t

has b ee n w i de l y r e p o r t e d t h a t t hi s w a s a f a i l ur e o f t h e i r de r i v a t i v e t r ad i n g . T h a t i s

onl y p a r t i a l l y co r r ec t . T h e d e r i v a t i v e s w er e not t he cau se of t he ch ao t i c eve nt , b utmerely th e domin o i n a c om pl i ca ted ch ai n. The r ea l t ar ge t wa s Russ ia. The "c lub" wasdeeply in vo lve d w i t h R uss ia and saw th i s as an op por t un i t y t h a t wa s per haps a oncei n a l i f et i m e .

You w il l r eca l l t hat R uss i a was bo r r ow ing heav i l y f r om t he I n t e r na t i ona l Mone t a

Fund ( " IMF") . The i nt e r es t r ate s were excep t i ona l l y hi gh fo r shor t - t e r m paper . I wasagain approached to j o i n t h e "c lub" and was in v i t e d t o Wash in gto n, DC where EdmondSafra o f Repub l i c Na t io na l Bank had re n ted the en t i r e Na t io na l Ga l le r y fo r a par t yhe paid fo r i n honor o f t he IMF. Ev e r yone was t he r e . Bo t h cu r r e n t and pas t po l i t i c i anand d igna t e r i es , r i gh t do wn t o Pau l Vo l ke r .

They wer e t r y ing pe r s i s t e n t l y t o ge t me t o j o i n t he "club" f o r i t was not j ust

money, they were t r y i ng de spera te l y t o ge t me to j o i n t o t ou t t he i r i deas . You mus tunderstand. Pr i n ce to n Economics was re nowned for ou r i nde pendence. We pro vi ded ke yresearch to go vernments , bu t mo s t l y i n t i me s o f c r i s i s . We never cha rged fo r o urser vi ces , bu t al ways con t r i bu t ed ou r t i me as a pu b l i c se r v i ce . The p r ima r y r e asonfor th i s gen erous i t y , was se l f - p re serv a t i on . Once you accept gov ernment fu nds , yo usuddenly f i nd r eq ues ts a t t ac hed. Suddenly , you a r e as ked to ge nera te re por t s t ha tsupport pr e determined out comes. You are qu i c kl y t ur ne d i n t o a Econanic Prost i tu te .This is why when the Eur opean Union was fo rmi ng, a r e qu est fo r a del eg at i on t oat tend an i n s t i t ut i ona l l ec t u r e i n London was r ece i v ed . W hen t he As ian Cr i s i s hi t ,I was reques ted to f l y t o Be i j i ng t o meet w i t h t he Cent ra l Ba nk . Ch in a d i d no t payanyth ing, we would never ac cept any f un ds f ro m any Government . This was th e p r i mar yreason fo r ou r s t el l ar r ep u t a t i on , bu t i t was al s o a t ar ge t t o des t ro y th e messen

ger , when the re su l t can not be co n t ro l l ed .

Government has not be en th e onl y one who wants to c on t r o l f or e ca st i ng . As ea r l yas 1983 I was i n v i t e d t o Ge neva where the Gaon fa mi ly h e ld a hu ge .par ty f o r m e an dwas t r y i ng to i mp ress me by i nt r od uc ing me to th e mover & sha kers o f Eu rope . They

had o f fe red me $5 mi l l i on t o us e my name to c re a te "Armstrong"F inanc ial o r br oke r agof someth ing l i k e t hat . I hes i t a t ed , co nf used why someone would of fe r me so much to

just use my name. I wa s i n v i t e d t o t he grand ope ning of Hera ld Square in N ew Yorktha t I wa s l ed t o bel i ev e was owned and bu i l t by t he Gaon f a m i l y .

For th ose who are n ot E ur ope an, yo u may not k no w who the Gaon f ami ly w as . Th eyowned the Hi l t on H ote l Ch ain i n E ur ope known as Noga Hilton. Th ey had a ls o ow ned theN ige rian o i l r ese r ve s be f o r e t h e coup and na t i ona l i za t i on . I t was t h e N i ge r ia n i s sue

that ca used th e GAONfami ly to t ake i n s i l ent par t ner s. To sho w how "conspiracy"t heo ries a r e no t a l ways nu t s , t he ev en t s t h a t f o l l owed was l i k e r ec e i v i ng a sh ocktreatment.

I t t u rne d ou t t ha t Herald Square i n N ew York was re al ly t he prop er t y o f t herenoun Ferd inand Marcos who was pre s i dent of ph i l l i pp i ne s be tween 1965 and 1986 wholost power j us t as t he Hn nm dc Con fidence Model sh i f t e d f r om a Publ ic to a P r iva teWave caus ing a re vo lu t i o n r i gh t on t i me. The o t he r s i l en t par t ner w as th e h ead o fLibya Mu ammar Muhammad al Quaddafi. When Marcos f l ed t he Ph i l i ppin es , t he FBIwas help ing to se arc h th e wor ld f or m iss i ng go l d r e se rves . I had l on g been v i ewed

as an exper t on go l d af t e r t he mode l ac cura t e p i ck th e p re c i se day fo r t he 1 98 0

11


14/19

at $875 on January 21s t , 19 80. Add ing to t he c o i nc id ence , I wa s on the l i s t o finv i tes fo r t he gr and open ing o f Her a ld Square . I f t hi s wa s no t e nough, sudden ly

w hen the FBI came knock ing on my door c i t i ng t hese l i nks , I t o l d t hem I d i d notknow Marcos, nor d i d I ever a dv is e h i m o f t he Ph il l i ppi ne s . The y th en po i n t edout Marcos had pur chase a house in Pr i nc et on, New Jers ey.

Conspir ac y t h e o r i e s a r e w h at t h e F B I a n d g o v e ~ t r el y on . I t i s har d t o

convince th em to th e co nt ra ry . What th e Gaon exper i ence tau ght me, no th in g i sa lways what i t seems. We had a c l i en t i n Ge neva, Gra in edex, who I bel i e ve d wasa major g ra i n de al er co mmon to Geneva. I t t ur ne d out t h ey wer e a f r on t f or t heKGB. I s o o n r e a l i z e d , t h i n g s w e re d i f f er e n t b e h i n d t h e c u r t a i n .

Edmond Safra of Re publ i c N at io na l Ban k, ha s a l wa ysbeen one of t h os e nebu lous bankers whose repu ta t i on was

i n a cons tan t s ta te o f f l ux . Th ere were rumors tha t heeven assis ted th e CIA i n t he Re agan years wi th I r an

Contra la un der in g of mon ey. Thi s has n ev er b ee n su bst ant ia t ed, bu t h i s r i ght hand man, a .Mr . Zuck er , se ems tohave been caught up i n t he wh ol e me ss .

Yes, Pr i nc eton Economics d id bu s i nes s wi t h R epubl i c3

Nationa l Bank to m y re gre t . Bu t t h ey had a AA ra t in g an d

Edmond Safra were too cheap to t r y t o co mpete wi th s i n J a pan . Th ep roblem about dea l i ng wi t h Go ld man Sachs, th ey t r y t o st

not mer el y you i cl i ent s , but t he ve r y bus i ness p lan i t se l f . On e canno t dea l w i t h

those who are co nst ant l y t r y ing to de f r aud you no mat te r wha t .

E dmonds Safra was no t on e o f t he r ank s o f G o l dman Sachs, bu t h e wa s c l e a rl y o n eo f t he ma in p l aye r s i n t he " c l ub " and I be l i ev e h i s de a t h , o r bet t e r pu t h i s pl ai nassassina t i on , was r e t a l i at i on f o r l o t of ques t i onab le dea l i ngs . Th r ough Repub l i cI wa s s o l i c i t e d s e v e r a l t i m e s t o j oi n t he " c l u b " a n d w as t o l d s p e c i fi c al l y t o s t opf i g h t i n g t h e m . T h e " c l u b " wa s s o w e l l s t r uc t u r e d , t h e y h e l d l i t t er al l y t he k e y s t ogovernment regu la t i on . No one wou ld ever q ues t i on them, and never wou ld th e p re ssut ter a s i ng l e wo rd . To wi e l d s uch power was t r u l y aw esome. But we c l as hed fo r o nepr imary reson I b e l i ev ed i n f or ec as t in g and mode l ing . they be l i eved in con t r o land dominat io n.

Based upon so l i d i n f o r mat i on and be l i e f , Ed mond Safra was deep ly i nv o l ved i na bold p lo t t o con t ro l t he go vernment o f Rus s ia . Bo r r i s Ye l t s i n , f or mer head o f

Russia, was conv inced t o t a ke $7 b i l l i on f r om t he I MF lo ans t o Rus s ia . Two f r i end so f 8 'b lond were i nv o l ved , Ba r i sn o fsky and Gaz insky . One owned a l l t he med ia i n Rus s

and t he o t he r was a pa r t ne r w i t h Ye l t s i n ' s da ugh t e r i n t he na t i ona l ai r l i ne .

The scam was to se t up a co mpany in Geneva to pr e te nd i t wa s do in g th e r e f ur b

i shing o f t he K r eml in . $7 b i l l i on was w i r ed , and Repub l i c st ee r ed t he w i r e t hr ought he Bank of New York. The ru mor was th at Mr . Zu cker or ga ni zed t h i s o ne fo r S afr a.As soon as the w i re t oo k p l ac e , Repub l ic Na t i ona l Bank con t ac ted th e o r ney

e US At tor ne .

and a l le ged tha t Bank o f New York , a h a t ed r i va l , w as dee p ly i nvo lv ed i n a $7 bi l l imoney launder ing sc am. The Feds ran i n , an d th e b i g gest money l au nder in g case wascreated.

12


15/19

Once Republic go t t he F eds t o go a f t e r Bank of New York ( n ot a mem ber of t he"club" ), t h ey t h en t u r n ed t o Ye l t s i n , i ns t r uc t ed h im t h a t t hey wou ld p r o t e c t him,

bu t he was no t t o run ag a in , and to ap po in t ei t he r Ba r is no f sky o r G az i nsky as t h enew head o f Russ ia . Ye l t s i n , r eal i z i ng he had been se t u p , su r p r i s i ng l y t ur ned t oformer KGB head Put in , who pro mised to c l ea n up th e af f a i r i f he wa s ap poi nte d ast he new head of Ru ss i a. To th e shock of t he wo r l d , Y el t s i n , wh o was pr epar in g f o rr e -e lec t i on ; s t ep ped down , -and t h i s - i s how Pu t in r ea l l y came t o power .

A lmos t overn i gh t , Ba r i sn o fsky and Gaz insky f l ed . Th e i r asse t s were con f i sc a t ed .On December 3rd , 1 9 99, Edmond Safra was as sass in at ed. Al l hi s bodyg uards were gi ve nt he n i g h t o f f . M o n a c od i dn ' t r esp ond to a n a l a r m a t S a f ra ' s ap ar t ment fo r ne ar ly3 hours , and i n t he en d , t he y ch arged c r i min a l l y h i s ma l e nu rse who spent 6 ye ar sin p r i son f o r s t ar t i ng t he f i r e t o t r y t o pr et end t o save h i s boss . Nea r l y 6 yea r sla t e r , a t r u l y a maz ing event t ook p l ace . The c r i m ina l ch a r ges we r e d r opped , t h esentence was vacat ed, and th e h i gh co ur t mer e l y s ta te d t ha t t he j udge and th e pro secuto r co l l ud ed to den y h im a f a i r t r i al . He was pu t on a pl an e and sen t home. Neverwould such a re su l t t ak e p l ace i n a Federa l Amer ican cour t . Th ey j us t cannot b r i ngt hemse lves to r u l e ag a i ns t t he go vernment very o f t en . In a h i gh p ro f i l e case , i t i st he o ld Pu r i t a n v i ew i t i s bet t er t o admi t no wr o ng , k i l l t hem a l l , and l et God t h ensor t i t out .

I t was August 1999 when Republ ic ba nged on th e door of t he U S At to rn ey t o t ur nin Bank of New York. Ag ain , a f t e r ne ar l y 6 yea rs , t he tw o br ok ers at B ank of New Yorkwere senten ced to no j a i l t i m e, L uc y Edwards and her hu sband. When the j u dg e ask edwho was the $7 b i l l i on f or , t hey r es ponded, i t wa s a r ans om fo r some r i ch Russ i anbusinessman. The j ud ge asked no more que st i on s. Th e American co urt s w i l l hi de t het ruth more so than ar ly ot he r c ou nt r y

g/,~ , ~ ~ +, ~ I


16/19

Remov' A ll La s

I was ra i sed to b e l i ev e i n t he Un i te d St a t es , t ha t we were a hones t and decentcountry , t h e be acon o f l i be r t y t o t he wo r l d. Th en you s te p beh ind th e cur ta i n an d .you see a perva s iv e who lesa le co r r up t i on . Ju s t ic e Setev ens wro te , "d i sp os i ng o f

. .....lawyers i s a. s te p . in th e. .d i rec t i on . o f . . .a . to ta l i t ar i a n f or m of go ve rnaentu" Wal t er vNat'1 Ass 'n o f R ad i a t io n Surv iv ors , 47 8 US 305, 37 1 (1 985) . I nde ed, th is i s t he ver y

object iv e of t he g ov ernment to wi n a t a l l cos t s an d co ver -up a l l m is t ak es. Th i s i swhy no t on l y i s Ame r ica th e l ar ge s t pe na l . . co lony i n t he wor l d eve n exceed ing Russ iaand China combined, Amer ica has r i se n s i nc e 19 87 f r om a 72% convic t i on r at e t o 99%exceeding t he wo r s t t y r an i ca l i ns t i t u t i on s i n hi s t o r y l i ke t he S t a r Chamber , Span ishI n qu is i t i o n , H it l e r , a n d w e a r e n e a r l y t i ed w i t h Jo s e p h S t a l i n . P ro s e c u t or s a r e v e r yp roud i n neve r l os i ng , f o r t hey ca nno t see beyond t he i r own se l f - i nt e r es t t ha t wha tthey have done is de s t roy eve ry th in g t ha t made us a g rea t na t i on .

Part of w ha t we c al l Due Pr oc ess of La w i s be in g se r ved so you a r e g i v en no t i c eo f an ac t io n t o de fe nd aga in s t . I n t he cas e o f pr i nce t on Economics , th ere was neverany serv i ce. The SEC and CFTC ins i s t ed upon no l aw yers , an d t he n appo int ed t h e i r ownequity recei ver ent er i ng in to a se cret wr i t t en Memorandum of Agreenentdi rec t ing thereceiver Alan Gatmxt o w i thho ld 31 1 e v i d e n c e

f rom myself , m y f a m i ly , a n d a ny ~ er s t oprevent any def ense whatsoever. Thi s a l on ew as a cr i mi nal ac t f or i t am ou nted to a ni l l e g a l s e i z u r e w i t h o u t n o t i ce .

Within ab out 3 0 d ay s, Al an Gahen t henpled P r ince t on Economics essen t a i l l y gui l t ywithout ever al l ow ing any defense, in ves ti gat ion, or c o un sel . Ca n you i mage i f youwere crimina ll y ch arg ed, denied any la wyer,and then Ala n Cohen st ands up and pl ea ds

Alan M. Cohenyou guilty wi th no r i gh t to ev en speak?

Alan Cohen a lso se ize d a l l evi dence ga th ered in o ur i nv es t i ga t i ons o f t he "clubst ha t was s t i l l i n t he of f i ce , and mor e t ha n 40 t apes r eco r d ing sou r ces . Alan Go(henthreatened my personal la wyer Rich ard Alt man to im pri son him on contempt if h e r e f us et o t u r nove r t h a t evi dence . Th i s se izu r e was t r u l y as t o n i sh i ng , f o r t he ma jo r f i r mwe were keeping track of Col dm an Sachs,and then af ter s ei z i ng the ev ide nce, hewas given a j o b at Gol d man Sachs Executive Vi ce P re s i de nt in charg e of a l l t h i ngs ,"Global Gamplianm." How do es an Execut i ve Vi ce P re s i de nt of Gol dm an Sachsend up

runn ing Pr in ce ton Economics under . cour t o rd er? And ;you s t i l l be l i ev e i n Sant a C l aus ?

Marti n W e iss had o f f e r ed t o r en t Pr i nce t on Economic I ns t i t u t e t o keep i t s s t af fand the pub l i ca t i on and fo re cas t in g ope ra t i ng . Sudden ly , AlanIGohen'scounsel , had

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17/19

r evealed t ha t j u st pe rh aps th i s case had someth ing to do w i t h o t he r t ha n f r au d . Inan email , Tancred Schiavoni of O' M elve ny 5 Mye rs, L LP , to Cha r l es H eck, c ou nsel o f

Martin Weiss , he i ns i s t ed t ha t now I ha d t o t ur no ver th e so urce code o f t he mode l .

"So tha t t h ere i s no mi sunders t and ing , we ar e

going to as k th e Cour t d i r ec t t hat an y co mpensat ion payable t o .A rmst ro ng, Sr . b y. Weiss bedeposi ted i n t o a f r ozen es crow account pendi ng

a det e rm ina t i on o f t i t l e and comp l i ance r e l evan tpor t ions o f t he PI . I n par t , we a re do in g t h i sbecause Armst rong Sr . ha s r ef u sed to t u rn ov ert he uncompi led sou rce code fo r t he model t ha t i sbe ing l i ce nsed. Wi thou t th e un compi led sourc ec ode, no one can re pai r t he model o t he r t hanArmstrong . Accord i ng l y , i t l ooks l i ke Ar mst r ongs t ruc tu red the ' con su l t i ng ' agr eement to be nef i ti nd i r ec t l y f r om a co r po r a t e asse t t ha t he ha swithheld. Among other t h i n gs , we ar e co ncer ned

a bout le av i ng h i m in a pos i t i on t o con s t an t l yblackmail Weis s who have no ot he r c h oi ce bu t t o

Tancred Schiavonit u rn to Arm st rong . .to ma in ta in th e so f t ware aslong as i t r ema ins mis s i ng . "

Never would th e Government ever admi t t h at t hey were ho l d i ng me publ i c l y unt i lt hey fo r ced me to t u rn ov er the mode l t o t hem . I al so be l i ev e , th a t Alan Cohengaveevery s t i t ch o f pr og r aming mat e r i a l s h e co u ld uncove r t o Goldman Sachs. Of cou r se ,nei ther would eve r admit t o t hat one . Mr . Wei ss made i t c l ear , t hey d i d no t r equ i ret he source code, and t ha t a compl ie d ve rs io n of t he model had been ru nni ng wel l f oryears and d id no t r equ i re r ou t i ne r ep a i r s .

Alan Cohen and Tancred Schiavoni th re at en ed our London lawyers wit h c o nt em pt, a n dpu t bo r de r wa t ches on a l l par t ne r s j us t i n cas e t hey t r i ed t o come t o t h e Un i t ed S t a t et o asse r t t he i r pr ope r t y r i ght s . Le t on e pe r son en t e r t h e Un i t ed S t a t es , and t h ey

were p repared to hav e th em ar res ted and th rown in p r i so n w i th ou t t r i al f o r per ha psl i f e under th e p re te nse o f co n t empt . Th is i s t he r ea l Amer i ca mos t peop le do no t se enor do the y even be l i eve i s pos s i b l e . I n a l et t e r date d January 25 , 2 002 f r om one o four London par tn ers , he quo ted th e v i ew of ou r Lo ndon counsel who sai d he " ho ped henever had to dea l w i th s uch unp r i nc i p l ed peop le aga i n . " Th i s dy namic duo , have beenso oppress ive , one cannot even ima g ine tha t t he y wou ld be l i ev e i n God fo r t h ey ca reno th ing , and w i l l ar gu e aga i ns t ev e r y Cons t i t u t i ona l r i gh t sh i f t i ng t he bu r den t o ac i t i zen t o p r ov e t h e r e i s even a Cons t i t ut i on .

How is i t poss i b l e to p r et end pub l i c l y t h a t t her e i s a f r aud when ther e was not rad ing fo r an y t hi r d par t y , an d how can the y p r e t end the model i s a f r aud , ye t whenthe cur ta i n i s down , demand tha t so urc e code as we l l ? By s tac k i ng cou r t s w i t h f orm erprosecuto rs , t her e i s j us t no h ope o f eve r obt a i n i ng a f a i r t r i a l . Ther e a r e no

r igh ts to l i be r t y o r pr o pe r t y when the Government is you r ad ver sary . To p r e t end th a tthey a re so f a i r , j ust i ce , and magnan imous. in f r on t o f t he cur t ai n , and so ev i l w he nyou s tep beh ind i t , i s cer a t i n l y no t t he Amer i ca t he gene ra l pu b l i c be l i ev es i n .

When I was th ro wn in j a i l on c i v i l cont empt on Jan uary 14 th , 2 00 0, i t w a s f or

a n a ll e g e d f a i l u r e t o t u r n o v e r $ 1 . 3 m i l l i on o u t of an a l l eg e d $ 3 b i l l i on . Th i s w a sso n o r b wh en f r i en d s wer e w i l l i ng t o p u t up t he w h ol e $ 1 . 3 m i l l i on i n c a s h f o r

bail, Cohenand Schiavcei ob j ec ted and p re va i le d . I was de n ie d ba i l a t any pr i cet hat cou ld mean only on e t h in g i t neve r was about money, i t w a s ab out sh ut t i ng

own Pr incetOA Economics at al l cost s .

15


18/19

Whatever i l l ega l ac t i t t akes t o w i n , Gohhenand Schiavoniengaged in b as ed upo nm y bel i e f . A l l c i v i l i z ed n a t i o n s a g r e e i n 19 9 2 t o p r o h i b i t to r t ur e " and o f cou r sewe know that Bus h and Chancy d id whate ver t he y wanted in Cu ba. They fa i l e d t o r espe ctt hat what eve r t h ey v i ewed t hey cou ld do even t o an a l l eged t e r r o r i s t , ot he r s cou l d

do the same to Amer ican so l d i e r s . E i t he r we re spec t I nt e r na t i ona l Law, o r we have nor igh t t o de mand o thers do so when we c ross t ha t sa me l i ne .

Congress en ac te d t h e Tjorture Vic ti m Prote cti on Act in 1992, a nd ac cep ted th em rl d d e f i n i t i o n o f c on s t i t u t e d " t o r t u r e " a s t h e d e l i be r a t e c o e r c i o n o f i ndi c t edpersons regard i ng a l l eg ed c r im es . Th i s mat t e re d no t t o t he Amer i can Government , norto Gohen and Schiavoni, f o r t hey pu b l ic ly had me th ro wn in t o ce l l s al ong s i de o fa l l eged t e r r o r i s t s . Fo r mor e t ha n 7 yea r s , t he y a r gued t o keep me in j ai l , evenw hen t he re w as c l e a r l y . n o j u s t i f i c at i o n . I ns t e a d , t h e y d i d t he i r be s t t o m is l e a dthe press, th e publi c, an d th e courts to c over -up th eir s henanigans. They had signed

SEC, CFTC, and the US At t o rn ey , t o de pr iv e me o f an y ab i l i t y t o pr esent a de fe nseby r e f us ing t o pr oduce any d i scove r y , i nc l ud ing my own f i l es t he y co n f i s c a t ed . Th i sdocument se t i t out p l ai n l y an d i s par t of t he o f f i c i al cour t r ecor d .

$13(b)The Receiver an d th e JPLs ac knowledge and agre e t ha t t h e y s h al l notand thay sha l l di r ec t t he i r r es pec t iv e agents and re presenta t i ves no t t o

prov ide any non-pub l ic i nf o r mat ion reg ard ing Group or i t s As se t s t o Mar t inArmst rong , Mar t in Armst rong , . J r . , Vi c to r i a Ar mst rong , any per son o r en ti t yknown to ' be under ~ d i r ect -o r i nd i r ec t c on t r o l or act i ng i n co nc er tw i th any o f t h em, any o ther f o r mer o f f i ce r , d i r ec t o r o r e mpl oyee o f PEI o r

P GN, unless the p rov i s i on o f su ch i n f o rmat i on i s e i t he r (a ) agree d to bythe Rece iver and the JPLs , (b ) r eq u i red by app l i ca b le l aw , o r ( c ) re q u i re dby order of E i t he r Cour t

Th is was about as unc ons t i t u t i on a l as yo u can ge t . Ye t t hey- s t i l l wou l d no tobey t he Const i t ut i on o r r eco gn ize any r i gh t s a t an y t i me . W hen Repub l i c Na t i o na lBank p led gu i l t y i n Janu ary 2002, th ey admi t t ed gu i l t and agr bed to pay back what

was t aken, $606 m i l l i on, i n r et u r n f o r absolute inaauni . The "club" was caught ,but s t i l l t he Go vernment wou ld no t cr im in a l l y p r os ecu te and on l y made them pay backwhat was missing nothing el se . Th is sh ould have ended the contempt si nce whyshould I r emain i n pr i so n i f al l v i c t i ms were made who le? Gohen and Schiavoni t h e nl ied to th e cour t c l a i min g th ere were st i l l h ug e l os ses that pr edated doing businesswit h R ep ub l i c , ' t h a t w e r e n o t i nc l u d e d , y e t s t r a n g e l y , t he r e w a s n o a c t u a l d e s c r i p t i ono f any such f r au d . Bu t on e ex i s t ed , as Gobent o ld t h e cou r t , 'and I was th en he ld f o ranother near 5 year s wit hout any in di ctment or even civi l c ompla int de scri bi ng th ea lleged c r i me. There was no th ing a t a l l !

ALAN COHEN: Losses that o cc ur red in t he Pru den t ia l per i od and at t he

per iod a t Repub l i c p r i or t o t he f i r s t f a l se NA[ V ] l e t t e r [ byRepub lic ] a r e no t embraced w i t h i n t h e r es t i t u t i on o f HSBC because

obviously th ey weren't i n t h e p r edeposit io n pe ri od , t he y weren' ti n vo l ved i n i t , and i n t he pe rio d be f o r e t h e f al se NA[ V ] t he r e i sn o as d e sc r i t i on of c r i m i n a l l i ab i l i t .

(Transcript; 1 / 7 /0 2, p17 , L1 -4) (99-Civ-9667)

. Cohen, now Execut ive V ic e P re s i de nt of Gol d man Sachs, i s i n f o r m i n g t h e c o u r tt ha t i n h i s op i n io n t he r e a r e huge l o sses no t i nc l uded , bu t t he r e i s no l i s t o fa l l eg ed l o s s e s , n o l i s t of v i c t i m s , a n d n o c h a r g e s e i t h e r c i v i l l y or cr i mi n a l l y .You may th ink t ha t i n Am er ic a t he re has to b e a t l eas t so mecharge before we hol d

people in ja i l . Th ink aga in .

16


19/19

What proof d o I ha v e t h at Qohenand Schiavoni kn ew they were ly i ng to t he cou r tto keep me in p r i so n fo r an o t her 5 y ea rs? The US At to r ney was deep ly i nv o l ved and.I b e l i e v e d i d t he i r b e s t t o pr ot e c t t h e "club" not m ere ly g iv i n g HS BC and Republ ic

Bank absolute inaam.ty f or th at i m pl ie s th ere must have been crimin al co nduct at t h eh ighes t l ev e l s . o r e l se why even g i ve i r r mn i t y , b ut when l i es a r e t o l d cons i s t e n t l y

........for....so many years, t hey . sl ip , an d t he , truth sp r i ngs fo rt h l i ke a weed in t he -crack ofa s idewa lk . As s i a t an t US At t o r ney Almmx3er Southwell was so e ag er to get Jud ge McKen

t o recuse h im sel f whe n he heard th at h i s w i fe h ad r ep re sented HSBC in some real e st atset t lements , the t r u t h came ou t i n 2005 , more th an 3 ye ars l a t e r .

AL'ESNDER BOUIT5iEU: So to be c l ear , i n t he event o f a conv i c t i on , we

wil l r eques t , you r Hono r , t ha t t he r e be an o r de r o f con t r i bu t i onre imburs ing u l t i ma te l y HSBC, who bas ic a l l y made good and pai d o ut

these lo sses fo r what ever re asons tha t t he y d id . Th ey compensatedthe v i c t i ms . . . Wef r ank ly t hi nk t ha t t here i s mon ey ava i l a b l e ,

which i s p ar t of t he rea son why Mr. Ar mst ron g has been he ld i nc iv i l con t empt . . .

(Transcript 6/ 24 /05 , p1 1-12 )(9 9-Cr-997)

Suddenly , i n 2005 th e US At t o rney admi ts th a t t her e a r e no o t he r vi c t i ms and th aa ny r e s t i t u t i o n t h e y w o u ld w an t t o b e p a i d t o t h e v e r y cr i m i n a l s t h a t t h e y h a d g i v e n

absolute iaanuruty. Not only was the re no all e ged huge losses prio r to d ea li ng wi thRepubl ic , bu t t here was never any suc h cr i mi nal o r c i v i l char ge . The "c lub" d id whati t had to do t o p re vent me f r om ever be i ng re l ea sed, re gar d l ess i f t here was no t e ve n

an alleged cri me.

41 L Ck 4f ~

We are ju st no t t he h on est and God fe ar in g co unt r y we be l j .eve we are . The fa cttha t ever s i nc e th e Wil l y Hor lton a dver t is ements , t he Jud ic ia ry i s so af r a i d of bei ngv iewed as " l i be r a l " t ha t t he en ti r e Cons t i t u t i on has been r educed t o a sc r ap o f du s t .

Even when the "club" gets caught with the ir h an d in a c oo kie -j a r, t he y st i l l ar etold to g i v e t h e money back and walk away. The Goldman Sachs Conspiracy as is n o wbeing ta l ke d about i s f ar br o ade r t ha n most su spect . One must ask ; How does Alan Coheend up runt~ Pr i x m et on Eaancaaics when we were investi ga ti ng th e "c l ub " th at i n c l ud ed

Gagman Sachs? The answer is s im ple . T he "club" does more than inf l ue nce pol i t i c i a ns,they also con tro l t h e Ju di ci ar y and the Jus ti ce Department well be yond anything th emost outrageous conspiracy theory can create.

On May 10th , 20 07, a murderer pend ing t r i al wa s a l l owed in my ce l l . He came inand s t rang led me f r om beh ind . A f te r I pass ed ou t , he be a t me wi t h a t yp ewr i te r br ea k i ng

into p iec es. He th en j umped up and down on my chest tr y i ng t o c ave in the bone str uc tu rt o p ie rce my hear t . His name was Mr . George. In mates ye l l e d f o r t he g ua rd , bu t I wastold he d i d no t pu sh th e pa n ic bu t to n and wa i te d fo r Mr . Ge orge to f i n i sh and he cameout p roud ly ye l l i ng he had k i l l ed me. I wa s t ak en to Be ekman Hosp i ta l . I obv i ou s ly d i dsurvive a f te r 1 we ek i n i nt ens iv e ca re . Mr . George was never c r i mi na l l y ch ar ged. Why?Many people , i nc l ud in g my fami ly , b l i eve t h i s was an as sass ina t i on a t t empt to ge t r i do f me. Of co urse , when the Feds p rosecu te every t h i ng , and wou ld no t p ro secu te th i s e ve n

I am mysel f sk ep t ic a l ab out why i t t oo k p l ac e . I wr i t e t oda y because they do no t wantm e to wr i te . I have no doubt t ha t t he y wou ld k i l l me i f t hey cou l d . So I so r t o f hav eresolved myself t o l i vi n g on ly fo r t h e moment. When you are in th e be ll y o f t h e be ast ,there i s no t mu ch el s e you ca n do .

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Behind the Curtain Goldman Sachs & The Club Masters of the Universe

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Transcript of Behind the Curtain Goldman Sachs & The Club Masters of the Universe