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Bush Rumors Sweep Financial Markets

Beginning on Wednesday, June 5, rumors started circulating in financial markets worldwide that the Bush Administration is about to be devastated by disclosures concerning both its involvement with Enron and foreknowledge of 911.

On June 4, the Administration unwillingly gave the Senate Governmental Affairs Committee 2,000 subpoenead documents describing White House and related contacts with Enron. While the contents of these documents have not been officially disclosed, they are the apparent source of the rumors concerning Enron. To learn more about this story, click here.

Traders have become aware of the fact that unusual volume on the Chicago Mercantile Exchange in the week before 911 means that knowledge of the impending attack must have been widespread, and that knowledgeable insiders were seeking to profit from it. The scale of the profiteering is so large that it cannot have involved just a few brokers. Major institutions must have had foreknowledge.

In addition, what at first seemed like limited incompetence or disloyalty on the part of a few FBI officers has now widened into both FBI and CIA coverup of terrorist activities prior to 911, a coverup so extensive that the Administration must have known about it, or, if it did not, was seriously asleep at the switch.

Condaleeza Rice has claimed that at White House meetings in August the idea of terrorists using airplanes never occurred to anybody. But it has become clear that the Administration was extensively informed of the possibility of airliner hijackings, but did not direct the FAA to provide an adequate warning to airlines. To read Ms. Rice's remarks, click here.

The FAA was directed to issue a warning, but not at a serious enough level to cause the airlines to take the kinds of precautions that might have averted the tragedy.

In part in response to the storm of controversy and rumors, the White House today announced the most sweeping reform of government since the 1940s, even as FBI whistleblower Coleen Rowley testified before Congress that there were eight to nine levels of bureaucracy at FBI headquarters between field agents and the FBI Director.

Fantastically, both FBI Director Robert Mueller's proposal for re-organizing the FBI and the President's plan for reorganizing the government envision even greater centralization. Mueller's plan will conceal FBI activities completely behind a screen of headquarters bureaucrats, and seems designed more to prevent additional whistleblowing than to improve the organization's effectiveness.

To read more about Mueller's plan, click here.

In a further embarrassment to the Administration, an Air Force officer was relieved of his duties at Presidio Monterey in California for stating in a letter to a newspaper that the Administration must have had foreknowledge of the attacks. This attempt to stifle a type of criticism that is sweeping the ranks of the military and federal law enforcement is seen as a tacit admission of just how seriously the Administration views this problem. While the letter is outrageous, the Administration's sensitivity is only fueling the rumors. For more on this, click here.

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