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Context of '(8:00 a.m.) September 11, 2001: Computer Specialists in WTC for ‘Emergency Drill’'

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The Chalabi family, with some local partners, found the Middle East Banking Corp. (Mebco). [Salon, 5/5/2004]

Entity Tags: Middle East Banking Corp.

Timeline Tags: Events Leading to Iraq Invasion

An “emergency drill” has been scheduled for today, to take place on the 97th floor of the WTC South Tower. [New York Times, 3/31/2006; New York Times, 4/1/2006] A team of technology consultants from California is visiting investment firm Fiduciary Trust for this drill. (Fiduciary Trust has offices on the 97th floor.) [USA Today, 9/13/2001; Dwyer and Flynn, 2005, pp. 77; New York Times, 3/30/2006] No further details are reported as to what it entails, or who the technology consultants are. However, California-based software company Oracle Corp. will later report that six of its consultants were working on the 97th floor of the South Tower on 9/11 and are subsequently missing. So presumably these were the workers involved with the drill. [InfoWorld, 9/13/2001; Associated Press, 9/14/2001]

Entity Tags: Fiduciary Trust, Oracle Corp

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

Thomas Kean.
Thomas Kean. [Source: Public domain]President Bush names former New Jersey governor Thomas Kean as the chairman of the 9/11 Commission after his original choice, Henry Kissinger, resigned (see December 13, 2002). [Washington Post, 12/17/2002] In an appearance on NBC, Kean promises an aggressive investigation. “It’s really a remarkably broad mandate, so I don’t think we’ll have any problem looking under every rock. I’ve got no problems in going as far as we have to in finding out the facts.” [Associated Press, 12/17/2002] However, Kean plans to remain president of Drew University and devote only one day a week to the commission. He also claims he would have no conflicts of interest, stating: “I have no clients except the university.” [Washington Post, 12/17/2002] However, he has a history of such conflicts of interest. Multinational Monitor has previously stated: “Perhaps no individual more clearly illustrates the dangers of university presidents maintaining corporate ties than Thomas Kean,” citing the fact that he is on the Board of Directors of Aramark (which received a large contract with his university after he became president), Bell Atlantic, United Health Care, Beneficial Corporation, Fiduciary Trust Company International, and others. [Multinational Monitor, 11/1997]

Entity Tags: 9/11 Commission, George W. Bush, Thomas Kean

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

Silverton Bank, a commercial bank that provided major wholesale banking services to client banks, is shuttered by regulators, making it the 30th US bank to fail in 2009. Based in Atlanta, it is the sixth Georgia bank to close this year and is taken over by the federal Office of the Comptroller of the Currency, which appoints the Federal Deposit Insurance Corp. (FDIC) as receiver. Silverton was a correspondent bank that did not take public deposits or make consumer loans, but provided credit card operations, investments, and loan purchases to client banks. At its closure, the bank’s total assets are approximately $4.1 million and total deposits are about $3.3 billion. The FDIC says it has created Silverton Bridge Bank N.A. to manage bank business and minimize disruption to customers over the next 60 days; the FDIC estimates it will cost the Deposit Insurance Fund $1.3 billion.
Consequences of Collapse - The failure’s impact is expected to ripple through the banking industry and industry experts believe it will have catastrophic consequences for banks across the Sun Belt, potentially impacting hundreds of bank balance sheets. Founded in the mid-1980s, Silverton provided credit and deposit services for other banks, acting as a middleman for fiduciary services for 1,500 small US banks in 44 states. Services included federal funds repayments, a check clearinghouse, and loans to bank holding companies, directors, and executives. Local bank attorneys describe Silverton as a mini-Federal Reserve for community banks.
Other Banks Also Closing - As the deepening recession makes it more difficult for consumers and businesses to pay their loans, local banks have closed in droves. So far, on nearly every Friday this year, there has been at least one bank failure. During the third week in April, while banks prepared for the Obama administration’s ‘stress tests,’ four regional banks closed. Despite federal commitment of amounts in the trillions to increase liquidity as well as jumpstart the economy, the speed of bank failures has accelerated. In 2008, a total of 25 banks failed, yet, in the first four months of 2009, 30 banks have failed. Prior to Silverton’s closure, American Southern Bank in Kennesaw, Georgia, was the last FDIC-insured bank to fail; it was shut down on April 24. [Marketwatch, 5/1/2009; CNN, 5/1/2009; Associated Press, 5/1/2009]

Entity Tags: Silverton Bank, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency

Timeline Tags: Global Economic Crises

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