Jim Hogue

More evidence of Pre-9/11 Inside Trading: Follow the Money?

More evidence of Pre-9/11 Inside Trading: Follow the Money? God forbid
Why was the cashing out of billions of dollars just before 9/11 never investigated?
by Jim Hogue

http://globalresearch.ca/index.php?context=va&aid=8046

Global Research, February 10, 2008
Baltimore Chronicle
Had an investigation been done into the crime of failing to file the “currency transaction reports” in August 2001, then we would know who made the cash withdrawals in $100 bills amounting to the $5 billion surge.

When reviewing the record of July and August of 2001, Bill Bergman noticed a $5 billion surge in the currency component of the M1 money supply—the third largest such increase since 1947. Bergman asked about this anomaly—and was removed from his investigative duties.

It's been over six years since 9/11, but U.S. regulatory entities have been slow to follow through with reports about the complex financial transactions that occurred just prior to and following the attacks. Such research could shed light on such questions as who was behind them—and who benefited—and could help lay to rest the rumors that have been festering.

Jim Hogue: Follow the Money? God forbid.

Follow the Money? God forbid.
Why was the cashing out of billions of dollars just before the 9/11 attacks never investigated?

by Jim Hogue - January 29, 2008

It's been over six years since 9/11, but U.S. regulatory entities have been slow to follow through with reports about the complex financial transactions that occurred just prior to and following the attacks. Such research could shed light on such questions as who was behind them—and who benefited—and could help lay to rest the rumors that have been festering.

Warning bells about anomalies in the fiscal sector were sounded in the summer of 2001, but not heeded. Among those who has since raised questions was Bill Bergman. As a financial market analyst for the Federal Reserve, he was assigned in 2003 to review the record of July and August of 2001. He noticed an unusual surge in the currency component of the M1 money supply (cash circulating outside of banks) during that period. The surge totaled over $5 billion above the norm for a two-month increase. The increase in August alone was the third largest single monthly increase since 1947, even after a significantly above-average month in July.

Surges in the currency component of M1 are often the result of people withdrawing their cash to protect themselves lest some anticipated disaster (such as Y2K) befall the economy. In January of 1991 a surge was recorded (the then second-largest since ’47), which could be attributed to “war-time hoarding” before the Iraq I invasion, but could also be attributed to financial maneuverings and liquefying of assets relating to the BCCI enforcement proceedings.

Bergman points out that the August 2001 withdrawals may have been, to a large extent, caused by the Argentinian banking crisis that was occurring at the time. However, he raises the point that no explanation has yet fully answered the important question: Why was the cashing out of billions of dollars just before the 9/11 attacks never investigated? It’s possible that the answer to this question is also the answer to the other follow-the-money questions surrounding 9/11; and despite an embarrassing heap of evidence, neither the press, nor Congress, nor any agency with investigative responsibility has done its job on our behalf. On the contrary, their inaction might reasonably be construed as a cover-up.

Bergman "followed the money," including developing a framework for working with money-laundering data and “suspicious activity” reports for monitoring and investigating terrorism. The questions he asked about what happened during the summer of 2001 should have led to investigations, which should have resulted in the prosecution of those with foreknowledge of the attacks.