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Profile: Federal Reserve Board of Governors

a.k.a. Federal Reserve, Federal Reserve Board, Board of Governors

Federal Reserve Board of Governors was a participant or observer in the following events:

The 23rd largest commercial bank in the country gets a package of $1.5 billion in financial assistance, in exchange for close supervision of its operations by the Federal Deposit Insurance Corporation (FDIC). The aid consists of a $1 billion bank line of credit from the Federal Reserve, a $325 million loan from the FDIC written as a subordinated note to be paid off after five years and interest-free for the first year, and $175 million in other notes to a group of commercial banks. The following year, as regulators and the banking industries search for a response to a rising incidence of bank insolvency, the First Pennsylvania agreement will be seen by some as a model. [Wall Street Journal, 6/8/1981]

Entity Tags: Federal Deposit Insurance Corporation, First Pennsylvania Bank, Federal Reserve Board of Governors

Timeline Tags: Global Economic Crises

The Federal Reserve Board of Governors issues a non-routine supervisory letter to Federal Reserve banks, emphasizing the need to continue monitoring suspicious activity reports (SARs). The letter gives no explanation why it has been sent out at this particular time, but states, “Reserve banks must continue to conduct a thorough and timely review of all material SARs filed by supervised financial institutions in their districts.” It adds, “A periodic, comprehensive review of SARs will assist Reserve banks in identifying suspicious or suspected criminal activity occurring at or through supervised financial institutions; provide the information necessary to assess the procedures and controls used by the reporting institutions to identify, monitor, and report violations and suspicious illicit activities; and assist in the assessment of the adequacy of anti-money laundering programs.” [Spillenkothen, 8/2/2001] While the letter does not say if there are specific reasons why the banks should currently be watching for suspicious activities, William Bergman, an economist who works at the Federal Reserve Bank of Chicago from 1990 to 2004, will later point out, “Intelligence warnings on terrorism were rising significantly in mid-2001.” He will therefore question whether, “with terrorism and its financing already recognized as an important element of the national money laundering strategy,” this letter is “related to these warnings.” He will also point out, “negotiations between the Taliban and representatives of the United States over energy production issues in Afghanistan ended on August 2, 2001” (see August 2, 2001), and that, “Four days later, President Bush received a ‘PDB’—a presidential daily brief—with a headline warning that bin Laden was ‘determined to strike in US,’ and the body text of the PDB referred to ‘patterns of suspicious activity’” (see August 6, 2001). [Sanders Research Associates, 1/4/2006] When, in December 2003, Bergman asks the Board of Governors staff why it issued the August 2 letter, and if the letter was related to intelligence about heightened terrorist threats, he will receive no reply and subsequently be told he has “committed an egregious breach of protocol in calling the Board staff and asking the question.” [Veteran Affairs Whistleblowers Coalition, 5/14/2006] Also around this time, between June and August 2001, there is an unexplained surge in the amount of US currency in circulation (see June-August 2001). [Sanders Research Associates, 9/16/2005]

Entity Tags: William Bergman, Federal Reserve Board of Governors

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

James von Brunn.James von Brunn. [Source: UPI / TPM Muckraker]James von Brunn, an 88-year-old man with a long history of violence and anti-Semitism, opens fire inside Washington’s Holocaust Museum. Von Brunn kills a security guard, Stephen T. Johns, before being brought down by fire from other security guards. Von Brunn is hospitalized in critical condition. Von Brunn brought a .22 rifle into the museum and began shooting almost immediately upon entering the building. [WJLA-TV, 6/10/2009; New York Daily News, 6/11/2009] The New York Daily News identifies von Brunn as a “neo-Nazi.” [New York Daily News, 6/11/2009]
Targeting Jewish White House Official - Von Brunn has a list of nine locations in his car, including the White House, the US Capitol, and media outlets such as Fox News and the Washington Post. [WJLA-TV, 6/10/2009] A note in a notebook found in the car reads: “You want my weapons, this is how you’ll get them. The Holocaust is a lie. Obama was created by Jews. Obama does what his Jew owners tell him to do.” In September 2010, the press will learn that von Brunn intended to kill President Obama’s senior adviser David Axelrod, a Jew. Von Brunn did not believe he could get to Obama, authorities will later confirm, but he had the “motive, means, and intent” to kill Axelrod, one of Obama’s closest aides. Axelrod will be given special Secret Service protection. [Guardian, 6/11/2009; Time, 9/30/2010; TPM Muckraker, 9/30/2010]
Shock, Sadness Mark Reactions - Within hours, President Obama and a number of political and cultural organizations will express their shock and sorrow over the shooting (see June 10-11, 2009).
Long History of Violence, White Supremacist Ties, and Anti-Semitism - Von Brunn maintains a Web site, “holywesternempire.org,” described by reporters as “racist [and] anti-Semitic,” and is the author of a book, Kill the Best Gentiles, which alleges a Jewish “conspiracy to destroy the white gene pool.” Von Brunn served six years in prison for a 1981 attempt to kidnap members of the Federal Reserve Board. (On his Web site, he complained of being convicted by a “Jew/Negro” conspiracy of lawyers and judicial officials.) His Web site alleges that the Holocaust is a hoax, and calls Nazi Germany the “cultural gem of the West.” The FBI is investigating the shooting as a possible hate crime or a case of domestic terrorism. The Southern Poverty Law Center (SPLC) lists von Brunn’s Web site as a hate site. [WJLA-TV, 6/10/2009; NBC New York, 6/11/2009; USA Today, 6/11/2009] “We’ve been tracking this guy for decades,” says SPLC official Heidi Beirich. “He thinks the Jews control the Federal Reserve, the banking system, that basically all Jews are evil.” [Associated Press, 6/10/2009] Von Brunn’s son, Erik von Brunn, says his father’s virulent racism and anti-Semitism has blighted their family for years. In a statement, he writes: “For the extremists who believe my father is a hero: it is imperative you understand what he did was an act of cowardice. His actions have undermined your ‘movement,’ and strengthened the resistance against your cause. He should not be remembered as a brave man or a hero, but a coward unable to come to grips with the fact he threw his and his families lives away for an ideology that fostered sadness and anguish.” [Washington Post, 6/14/2009] Further investigation turns up evidence that Von Brunn has connections to white supremacist organizations and anti-government groups. In 2004, von Brunn stayed for four days in Hayden, Idaho, with Stan Hess, then the representative for white supremacist David Duke’s European rights group. Hess recalls von Brunn as being “very angry about society and the Jewish influence at the Federal Reserve.” Von Brunn, Hess says, alluded to violence but never spoke specifically about a target. [NBC New York, 6/11/2009; USA Today, 6/11/2009] FBI investigators find a painting of Adolf Hitler and Jesus Christ standing together in von Brunn’s home. They also find more firearms, and child pornography on his computer. [MyFoxDC, 6/17/2009; Washington Post, 6/19/2009] Von Brunn also has ties to the far-right, white supremacist British National Party, and had attended meetings of the American Friends of the British National Party. [Guardian, 6/11/2009]
Eradicating Evidence of Support - Within hours of the murder, Web sites featuring von Brunn’s work begin removing his material from their pages; some of those sites are operated by organizations whose members had praised and supported von Brunn’s white supremacist and anti-Obama statements (see June 10-11, 2009).
Connections to Anti-Obama 'Birther' Movement - Von Brunn has also written about his belief that Obama is at the heart of a conspiracy to cover up his Kenyan citizenship (see October 8-10, 2008). Reporter Ben Smith writes, “The penetration of the birther mythology into the violent fringe has to be a worry for the Secret Service, because at it’s heart, it’s about denying Obama’s legitimacy to hold the office of president.” [Politico, 6/10/2009; USA Today, 6/11/2009]
Indicted for Murder, Dies before Trial - Von Brunn will be indicted for first-degree murder in the death of Johns. [Washington Post, 7/29/2009] However, he will die in prison before his trial can commence. [BBC, 1/6/2010]

Entity Tags: British National Party, David Axelrod, James von Brunn, Heidi Beirich, Federal Reserve Board of Governors, Federal Bureau of Investigation, Barack Obama, Erik von Brunn, US Holocaust Museum, American Friends of the British National Party, Southern Poverty Law Center, Stephen T. Johns, Stan Hess, US Secret Service

Timeline Tags: Domestic Propaganda, US Domestic Terrorism

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