Ming the Mechanic:
The unknown 20 trillion dollar company
The NewsLog of Flemming Funch

The unknown 20 trillion dollar company 2003-10-30 17:37
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pictureby Flemming Funch

There is a busy little private company you probably never have heard about, but which you should. Its name is the Depository Trust & Clearing Corporation. See their website. Looks pretty boring. Some kind of financial service thing, with a positive slogan and out there to make a little business. You can even get a job there. Now, go and take a look at their annual report. Starts with a nice litte Flash presentation and has a nice message from the CEO. And take a look at the numbers. It turns out that this company holds 23 trillion dollars in assets, and had 917 trillion dollars worth of transactions in 2002. That's trillions, as in thousands of thousands of millions. 23,000,000,000,000 dollars in assets.

As it so turns out, it is not because DTCC has a nice website and says good things about saving their customers money that they are trusted with that kind of resources. Rather it is because they seem to have a monopoly on what they do. In brief, they process the vast majority of all stock transactions in the United States as well as for many other countries. And - and that's the real interesting part - 99% of all stocks in the U.S. appear to be legally owned by them.

In the old days, when you owned stocks you would have the stock certificates lying in your safe. And if you needed to trade them, you needed to get them shipped off to a broker. Nowadays that would be considered very cumbersome, and it would be impractical to invest via computer or over the phone. So the shortcut was invented that the broker would hold your stocks instead of you. And in order for him to legally be able to trade them for you, the stocks were placed under their "street name". I.e. they're in the name of the brokerage, but they're just holding them in trust and trading them for you. And you're in reality the beneficiary rather than the owner. Which is all fine and dandy if everything goes right. Now, it appears the rules were then changed so the brokers are not allowed any longer to put the stocks in their own name. Instead, what they typically do is to put the stocks into the name of "Cede and Company" or "Cede & Co" or some such variation. And the broker might tell you that it is just a fictitious name, and will explain why it is really more practical to do that than to put it in your name.

The problem with that is that it appears that Cede isn't just some dummy name, but an actual corporation that DTCC controls. And, well, if you ask anybody about this, who actually knows about it, they will naturally tell you that it is all a formality. To serve you better, of course. And, well, maybe it is. DTCC seems like a nice and friendly company. It is a private company, owned by the same people (major U.S. banks) who own the Federal Reserve Bank. And if they all stick to their job, and just keep the money and your stocks flowing smoothly, I'm sure that is all well and good. But if somebody at some point should decide otherwise, and there's a national U.S. emergency and/or the U.S. government becomes unable to pay its debts, well, they might just not give you your stocks back. Because legally they own them. Something to think about.

An fascinating article about this whole thing is here. I will include it at the bottom too, in case it should disappear. Not that I can vouch for or agree with everything the guy is saying, and some of it is a little whacko, but obviously he's been researching this quite a bit. You'll find very little about it on the net otherwise.

The Unknown $19 Trillion Depository Trust Company
by Anthony Wayne

Part I of II

This exclusive report is a compilation of interviews and background research from October 1995 through April 1999.

The Depository Trust Company (DTC) is the best kept secret in America. Headquartered at 55 Water Street in New York City, the average American has no clue that this financial institution is the most powerful banking corporation in the world. The general public has no knowledge of what the DTC is or what they do. How can a private banking trust company hold assets of over $19 trillion and be unknown? In a recent press release dated April 19, 1999, the Depository Trust Company stated:

The Depository Trust Company (DTC) is the world's largest securities depository, holding nearly $19 trillion in assets for its Participants and their customers.... Last year, DTC processed over 164 million book-entry deliveries valued at more than $77 trillion.

In dealing with the trust department of Midlantic Bank, N.A. in New Jersey [now PNC Bank, N.A.], this writer was authorized, as trustee and power of attorney, to transfer original trust assets comprising of common stocks and bonds to a new trust set up in another jurisdiction. An Assistant Vice President from the Trust & Financial Management Office of Midlantic Bank said to me "it will take at least 6 weeks to do this as the majority of the stocks and bonds are not held in the name of the trust". This same Midlantic Bank Assistant V.P. also stated in a letter dated November 17, 1995, "Of the 11 municipal bonds, 8 are held in book entry only. This means they cannot be physically re-registered with a certificate sent to the new trustees." (* these are not the actual figures quoted in the letter in order to protect the privacy of the account holder, at their request. Also, we were asked not to name the Midlantic Assistant V.P. in order to protect her privacy Rights. We respect these requests with full moral compliance). In disbelief, I brought this matter to the attention of our research assistants at the Christian Common Law Institute [formerly the North Bridge News] and we began our lengthy investigation into the matter. After 3 years, the can of worms we've opened up should frighten every American. With the advent of reported Y2K computer glitches and the possible collapse of our 'paper asset' economy, every person who has a stock or bond in their portfolio had better read this report and act on the information we are disclosing here.

In November 1995, after encountering numerous "no comments" and a myriad of "that's not my department" excuses via telephone, I eventually spoke with Mr. Jim McNeff who told me his position was Director of Training for the DTC. He said he'd been employed there for 19 years and was "very proud" of his employer. During my initial telephone interview, either Jim's employer or some other unknown person or persons were illegally listening or taping our telephone conversation according to the electronic eavesdropping equipment we have installed on our end. Why did anyone feel it was necessary to illegally record our conversation without advising us? Was some federal alphabet agency monitoring DTC calls to safeguard National Security? That in itself is suspicious enough to warrant a big red warning flag.

Jim informed me back then (1995) that "the DTC is the largest limited trust company in the world with assets of $ 9.1 trillion". In July 1998, I spoke with Ms. Rose Barnabic of the DTC Finance Department who said that "DTC assets are currently estimated at around $11 trillion". As of April 19, 1999, the DTC itself has stated that their assets total "nearly $19 trillion" (see above). Mr. McNeff had also stated "the DTC is a brokerage clearing firm and transfer center. We're a private bank for securities. We handle the book entry transactions for all banks and brokers. Every bank and brokerage firm must secure their membership with us in case they become insolvent, so your assets are secure with DTC". Yes, you read that correctly. The DTC is a private bank that processes every stock and bond (paper securities) for all U.S. banks and brokerage houses. The big question is this; Just who gave this private bank and trust company such a broad range of financial power and clout?

The reason the public doesn't know about DTC is that they're a privately owned depository bank for institutional and brokerage firms only. They process all of their book entry settlement transactions. Jim McNeff said "There's no need for the public to know about us... it's required by the Federal Reserve that DTC handle all transactions". The Federal Reserve Corporation, a/k/a The Federal Reserve System, is also a private company and is not an agency or department of our federal government, according to the 1998 Federal Registry. The Federal Reserve Board of Governors is listed, but they are not the owners. The Federal Reserve Board, headed by Mr. Alan Greenspan, is nothing more than a liaison advisory panel between the owners and the Federal Government. The FED, as they are more commonly called, mandates that the DTC process every securities transaction in the US. It's no wonder that the DTC (including the Participants Trust Company, now the Mortgage-Backed Securities Division of the DTC) is owned by the same stockholders as the Federal Reserve System. In other words, the Depository Trust Company is really just a 'front' or a division of the Federal Reserve System.

"DTC is 35.1% owned by the New York Stock Exchange on behalf of the Exchange's members. It is operated by a separate management and has an independent board of directors. It is a limited purpose trust company and is a unit of the Federal Reserve." -New York Stock Exchange, Inc.

Now, let's see how this effects the average working American family. If you're not aware how the system works, you should visit or call a stock broker or bank and instruct them you want to purchase some shares of common stock or a small municipal bond, for example. They will set up a brokerage account for you and act as your agent with full durable power of attorney (which you must legally sign over to them) to conduct business on your behalf, upon your buy or sell instructions. The broker will place your stock or bond purchase into their safekeeping under a "street name". According to Mr. McNeff of the DTC, no bank or broker can place any stock or bond into their firm's own name due to Federal Trade Commission (FTC) and Security and Exchange Commission (SEC) regulations.

The broker or bank must then send the transaction to the DTC for ledger posting or book entry settlement under mandate by the Federal Reserve System. Remember, since your bank or broker can't use their name on the certificate, they use a fictitious street name. "Since the DTC is a banking trust company, we can't hold the certificates in our name, so the DTC transfers the certificates to our own private holding company or nominee name." states Mr. McNeff. The DTC's private holding company or street name, as shown on certificates we have personally examined from numerous certificate holders, is shown as either "CEDE and Company", "Cede Company" or "Cede & Co". We have searched every source known to learn who CEDE really is, but have been unable to get any background information on them. Is Cede Company fictitious or is their identity perhaps a larger secret than DTC? We must presume that the information Mr. McNeff gave us was correct when he confirmed that Cede Company was a controlled private holding company of the DTC. We have now found the following proof that CEDE is real from the Bear Stearns internet site:

NEW YORK, New York - March 16, 1999 - Bear Stearns Finance LLC today announced that it will redeem all of the 6,000,000 outstanding 8.00% Exchangeable Preferred Income Cumulative Shares, Series A ("EPICS") of Bear Stearns Finance LLC, liquidation preference of $25.00 per Series A Share, CUSIP number G09198105. All of the Series A Shares are held by Cede & Co., as nominee of The Depository Trust Company, and the payment of the redemption price will be made to Cede & Co. by ChaseMellon Shareholder Services, LLC, as paying agent, whose address is: 85 Challenger Road, Ridgefield Park, New Jersey 07660.

The banks and brokers are merely custodians for their clients. By federal law (SEC), they cannot hold any assets in the customer's name. The assets must be held in the name of DTC's holding company, CEDE & Co. That's how DTC has more than $19 trillion dollars of assets in trust... or is it really in "trust" if the private Federal Reserve System is technically holding it in their "unknown" entity's name? Obviously, if stock and bond certificates you've purchased aren't in your name, then the "holder" (the Federal Reserve System) could theoretically refuse to surrender them back to you under a "national emergency" according to the Trading with the Enemy Act (as amended). Is this the collateral being held by the private Federal Reserve System to pay off the national debt owed to them by our federal government, first initiated by Lincoln's debt bonds of 1864?

According to Mr. McNeff, the DTC was a former member of the New York Stock Exchange (NYSE), and "Our sister company is the National Securities Clearing Corporation... the NSCC" (they have since merged). He was correct since we now know that the NYSE holds 35.1% of the "ownership" of the DTC on behalf of their NYSE members. Simply put, the Depository Trust Company absolutely controls every paper asset transaction in the United States as well as the majority of overseas transactions, and they now physically hold (as of April 1999) 99% of all stock and bond book-entrys in their street name, not the actual owner's names. If you have stock or bond certificates in your name buried in your back yard or under your mattress, we suggest you keep them there. If not, it might be very wise to cancel your brokerage account and power of attorney status, re-register the stocks and bonds in your name (if you still can), and keep them hidden where only you know their location. Otherwise, you have absolutely no control over them (see Part II of our exclusive research report on the DTC for more information on beneficial ownership status). However, getting a stock or bond certificate these days is not so easy if possible at all:

"For the most part, issuers know little about the role of the Depository Trust Company (DTC). The DTC was created in 1973 as a user-owned cooperative for post-trade settlement. Our members are banks and broker/dealers, whom we refer to as participants. We handle listed and unlisted equities, including 51,000 equity issues and 170,000 corporate debt issues, equating to more than 78% of shares outstanding on the New York Stock Exchange (NYSE). We also have more than 95% of all municipals on deposit.

In the 1980s, the "Group of 30" [business leaders] recommended that stock certificates be eliminated, because physical certificates create risk. The Securities Exchange Commission (SEC) issued a concept release in 1994 to gradually decrease certificates, providing optional direct registration on the books of the issuer instead of a certificate.... this enhances the portability of shares between transfer agents and brokerage accounts. With the direct registration system, brokers transmit instructions to purchase through DTC, which the issuer or transfer agent then registers, so shares can be delivered electronically." -John D. Faith, Manager, Corporate Trust Services, The Depository Trust Company (1996)

Now we're about to reveal to you the most shocking discovery we came across during our research into this matter. Most of us remember a few years back the purported computerized selling of stocks that resulted in Wall Street's "Black Monday":

Dow Dives 508.32 Points in Panic on Wall Street

"The largest stock-market drop in Wall Street history occurred on "Black Monday" -- October 19, 1987 -- when the Dow Jones Industrial Average plunged 508.32 points, losing 22.6% of its total value. That fall far surpassed the one-day loss of 12.9% that began the great stock market crash of 1929 and foreshadowed the Great Depression. The Dow's 1987 fall also triggered panic selling and similar drops in stock markets worldwide" -Source: Facts on File World News CD ROM

The stock exchanges had dramatic record losses, and a record volume of shares were traded on that infamous Monday in October 1987. We all asked ourselves how computers could have done this by themselves without someone knowing about it. After all, someone has to program a computer to tell it what to do, what not to do, or even when to do or not do it.

During my telephone conversation, Mr. McNeff was trying to assure me that they [the DTC] have "never lost a certificate or made a mistake in a book ledger transaction". In attempting to give me an example of how trustworthy the DTC is when I asked him how he could back up such a statement, he replied "DTC's first controlled test was 4 or 5 years ago. Do you remember Black Monday? There were 535 million transactions on Monday, and 400 million transactions on Tuesday". He was very proud to inform me that "DTC cleared every transaction without a single glitch!". Read these quotes again: He stated that Black Monday was a controlled test. Black Monday was a deliberately manipulated disaster for many Americans at the whim of a controlled test by the DTC.

What was the purpose of this test? Common sense tells you that you test something before you intend to use it. It's quite obvious that the stock markets are going to 'crash and burn' at some future date and for some 'unknown' reason since the controlled test was so successful. Was this just one of the planned tests for a Y2K internationally planned worldwide economic meltdown? The Great Depression is about to be repeated, and it will be as deliberate and manipulated as the first one that began with the stock market crash of 1929. We are, without a doubt, on the brink of the Mother of all economic Depressions. As of May 3, 1999, the Dow Jones Industrial Average (DJIA) went above a record 11,000 points. Just prior to the 1929 stock market crash, Wall Street was posting record prices, record earnings, and record profits.... just like the scenario we are experiencing today. Will Y2K be a manipulated and deliberate a financial meltdown? Too many facts already support this probability.

On June 7, 1995, the federal government issued a new regulation requiring stock and bond certificate transfers to be cleared in three days instead of the previous five day time period. It coincided with the infamous Regulation CC that purportedly gave us faster three day availability of funds from deposited checks. This means that brokers and banks must get your stock or bond transaction into the street name (Cede & Co.) of the DTC within 3 working days. That's hard to do considering banks claim it takes 3 or more days to clear a check that you've submitted to pay for a stock purchase. But, there's a reason for this new regulation and it coincides with the introduction of the new FRS "dollars".

On February 22, 1996, "the DTC will flip the switch" according to Mr. McNeff. "What switch?", I asked. "This is the day that clearing house funds will no longer be accepted for stock or bond transactions" was my reply from Jim. "Instead, only Fed Funds will be accepted". Fed Funds, or a Fedwire, are electronic computer ledger debit transfers between Federal Reserve System member banks. No checks or drafts have been allowed from that day, just as Mr. McNeff accurately stated. This is more commonly called a 'cashless transaction'. I call it the reality of the mark of the beast. This is the manifestation of the new international god, the New World Order [I prefer the term 'New World DISorder' as a more accurate description].

Consider this my fellow Christian Americans: All pension funds and other institutional 'managed funds' are comprised of paper asset investments such as stocks, bonds, and mutual funds. These certificates are technically in the name of DTC's private holding company, CEDE and Company. The DTC is owned by the private Federal Reserve System owners (Click for a complete list of names). Congress has attempted, on no less than two occasions since 1995, to pass legislation allowing pension funds to be used by the government as purported 'loans'. All the Federal Reserve System has to do is hand it over. But, what happens to the people counting on those pension fund investments in order to feed themselves in their retirement? Too bad for them.... they're out of luck because for the 'good of the nation', they may be forced to share or relinquish their lifetime of hard-earned wealth. This can be done without the consent of Congress under an Executive Order based on the War and Emergency Powers Act and a state of National Emergency, just like we are already under (See further Executive Orders). Since the Federal Reserve System already holds our stocks and bonds in their fictitious DTC "street name", CEDE, then perhaps they'll cash them in for the federal government's failure to repay the loans that have become way overdue. Heck, some of Lincoln's gold backed bonds from 1864 have not been repaid yet.... and for a reason.

On March 6, 1933, all bullion gold and gold coins were forcibly taken from the hands of private citizens (see New York Times). Under the War Powers Act, President Roosevelt declared a national emergency touted as a "Banking Holiday". It was declared due to the deliberately calculated stock market crash that preceded the Great Depression. Where did this gold end up? Into the hands of the Federal Reserve System owners. The majority is stored in the impervious rock vaults they own beneath New York City. Is it any surprise that the DTC physically holds all the remaining non-book entry issued stock and bond certificates in the same place?

Technically, our entire nation is still under the Executive Order declaration of the War Powers Act and in a continual state of national emergency (See Clinton's 1994 Executive Order 12919). The President can enforce any new emergency at any time under Executive Order or Presidential Directive. In 1995, we [the former North Bridge News] published that we expected a new national "dollar" emergency to be declared within a year or two. Just like we thought at the time, they have now blamed it on the purported drug dealers who are allegedly destroying our currency by money laundering schemes.

Since late 1996, old U.S. $100 FRB notes issued by the Federal Reserve Bank are being exchanged for new $100 FRS issued by the Federal Reserve System. These new notes have scanable magnetic platinum encryption on the plastic strips embedded inside the bills. The U.S. Treasury claims this is for "the blind". Now, new $20 and $50 FRS's are replacing the older notes as well. What people don't realize is that very soon, the older FRB notes will no longer be 'legal' and there will be a penalty for hoarding them. This is what happened to those Americans holding gold and gold coins after 1933.

"We are most gratified with the successful introduction of the new $100 and $50 notes and look forward to the same success with the new $20s," Chairman Greenspan said. For the first time, a machine-readable capability has been incorporated for the blind. A new feature in the $20 will facilitate the development of convenient scanning devices that could identify the note as a $20. -U.S. Treasury, Office of Public Affairs, RR-2449 released May 20, 1998.

Why new paper 'money' and for what purpose? Because the new FRS notes in your pocket can be scanned and whoever scans them can know exactly how much money you have on you. The older FRB notes are not encoded to do this. This writer knows firsthand of at least one machine, manufactured by Diebold, Inc. (a/k/a InterBold) that scans the money in your pockets, wallet or purse no different in theory than a credit card scanner, but much more sophisticated. I participated in a 'test' of this machine at a U.S. international airport in 1998. To me, it looks much like the standard metal detector scanners you walk through at all airports. I was asked (by who I believe was a U.S. Treasury Agent, as he introduced himself and flashed his ID quickly in my face so I couldn't read it) if I had any of the new $100 or $50 bills in my pockets. I looked in my wallet and saw I had one new $100 FRS note. I told him "yes", then he said "Good, but don't tell me how much". After saying he would "really appreciate it" if I would help them with a test, he asked me to walk through what looked like a typical airport scanner. No beeps. No noise. No sound at all. He looked at a computer screen and said "Do you have a new $100 bill?". When I confirmed that was true, he thanked me and told me to please move on. I tried to ask him how the machine knew that, but he ignored my question. I took a good look at the scanning system and believe I have now spotted them at Kennedy, Atlanta, Miami and Los Angeles airports.

The odd part about this is that these machines seem to all be located in the customs areas where you enter the U.S. from a foreign country. Obviously, they want to know if someone is carrying more than $10,000 into the U.S. Common sense dictates that they should be more concerned about people leaving with more than $10,000 if they're really trying to thwart the drug dealers.... until you begin to realize that there must be some other hidden agenda: They are apparently going to stop money from entering the U.S. for a reason.

Will the President call for the confiscation of all gold bullion and bullion coins as Roosevelt did? Who will end up with it? The Federal Reserve System owners, just like before. Since June 1998, international gold supplies have been so low that some private Swiss Banks have been paying a premium above the market wholesale value for gold bullion. This was confirmed to us by a gold and diamond mining Chief Executive from Rex Mining in Guinea, West Africa, who supplies raw gold to a major Swiss Banking company smelter and processor The spot gold market has been manipulated to keep the price low so that the Federal Reserve System owners can purchase all that is available through their various trusts and corporations. World gold availability on the open market is now at a record low and mining production of gold is also at a record low output.

What happened to 'supply and demand' with gold and silver? Normally, when supply is high the price decreases. When supply is low, precious metal prices increase. Perhaps the private FED will peg the new dollar to gold prices, as many experts have already speculated. What will stocks and bonds purchased with old dollars be worth then? Pennies to the dollar, so to speak. Who ends up being the only winner? The Federal Reserve System stockholders. They control the circulation amounts of paper money in the U.S. Combine that with the new scanner to stop large amounts from entering into the U.S., and the scenario amounts to a planned shortage of paper FRS notes, the banning of the older FRB notes, and the soon to be astronomical price of gold which most Americans will be forbidden to have or hoard, once again. The facts we've presented in this report all point to this.

People will be at the mercy of the federal government for daily food and for jobs. Checks are soon to be totally phased out. Banks issue ATM debit cards and tell you they must charge more for your account if you use a real live human teller instead of the machine. The switch is being turned on. This is not speculation. This is the truth of reality. It's already been tested, and their new system works. Just ask Jim McNeff of the DTC.

The day has come when you must decide to accept or reject the beast and the New World Disorder.

Part II of II-

You don't own your Stocks....or any of your Bonds...The Depository Trust Company does.
by Anthony Wayne

In Part I of this series, excerpts of which were first published in November 1995 by the former North Bridge News, we exposed The Depository Trust Company (DTC) as the Unknown $ 9.1 Trillion Company. It appears that our startling discoveries of the inner-workings of the DTC had only scratched the surface. We'd like to add more fuel to this blazing fire by further exposing the DTC and those behind it.

The Depository Trust Company has grown since October 1995. On July 1998, this amount was estimated by a DTC employee at more than $11 Trillion. As of April 19, 1999, the DTC itself has stated in a press release that their asset value is nearly $19 trillion. In 3 1/2 years, their assets increased nearly $ 10 Trillion. That's a lot of stocks and bonds supposedly held in trust. The latest trend over the past ten years is for stock and bond brokers to offer "book-entry ownership" only. Every book-entry stock or bond is literally owned by the DTC. Since 1985, most bond and many stock issuers have converted from the issuance of certificates to book-entry systems administered and controlled by the DTC. As of March 1999, the National Securities Clearing Corporation (NSCC) and the Participants Trust Company (PTC) are now merged into the DTC. Practically, there isn't one stock or bond issued that is not controlled by the DTC.

If you purchase any stock or bond through a broker, it is being held for you under a "street name" by the DTC unless you have specifically requested to hold the certificate yourself. If you have a book entry stock or bond, you won't be issued a certificate. It's important to note that you have purchased that particular stock or bond without becoming a registered holder of the actual stock or bond certificate. Instead, you have become a beneficial owner. The difference between the two is like night and day. Take the time to absorb and understand the following definitions:

REGISTERED HOLDER- A Registered Holder literally possesses, owns, and holds, his stock or bond with his name appearing on the face of the certificate. The company that issued the certificate has registered the owner's (holder's) name on their official books. This is the safest way to own a paper asset. You literally possess the fully registered certificate and only you can transfer or sell it. By all Rights and definition of law, you are the owner. You have it, you hold it, you possess it, and you keep it. You have the complete control over it.

BENEFICIAL OWNER- A Beneficial Owner is nothing more than a beneficiary, "One who is entitled to the benefit of a contract"- A Dictionary of Law, 1893. All book-entry stocks and bonds you purchase make you the beneficial owner, not the registered holder. The owner of a book-entry stock or bond is the entity or name that it is registered under.

The DTC owns that bond or stock, not you. Rather than in your name, it's registered (as the legal Registered Owner or agent) in their "street name", Cede & Company. (In the past, it may have been registered in your broker's street name, but this is no longer allowed). The DTC is the Registered Owner - holder - of your stock or bond. The DTC is the legal property-holder, share-holder, stock-holder, owner and purchaser. Your name appears nowhere on the book entry or certificate as the actual owner. Instead, you have been designated by the legal registered owner, the DTC, as the Beneficial Owner. This means that your lawful Rights in that stock or bond are confined to that of a successor or heir.

At the University of Utah College of Law, we found the following examination question about Cede & Co.:

The common stock of LargeCo, Inc. is publicly traded on the New York Stock Exchange. Over 2/3rds of the shares are registered on LargeCo's books in the name of Cede & Co. Cede is a depository company which holds the shares as nominee on behalf of brokerage firms, mutual funds and other active traders. The brokerage firms in turn are also nominees with respect to some of the shares, which they hold on behalf of their customers. Nominees, such as Cede and brokerage firms holding for customers, view the customer as the beneficial owner of the shares and consider the customer to be the one with the right to vote the shares; mutual funds, however, view the fund as the owner of the shares it holds and vote the shares themselves.

Most of the remainder of LargeCo's stock (26% of the total) is held by the Large family, which is still actively involved in management. LargeCo is aware that the beneficial owner of about half the stock registered in Cede's name is the Small family, who live next door to the Larges in downtown Rome, and that the remainder of the Cede stock is beneficially owned by several well known mutual funds.

According to the DTC, under the US Security and Exchange Commission (SEC) rules, you only have the right to "receive proceeds or other advantages as the beneficiary". You are not the owner... you are the consignee, "One who has deposited with a third person an article of property for the benefit of a creditor"- A Dictionary of Law, 1893. In legal terms, you are considered the heir presumptive or heir at law to the stock or bond you paid for. The DTC controls, possesses as creditor, holds and owns your book-entry stock or bond. This is a difficult pill to swallow for those who have placed their assets in stocks and bonds over the past decade. Your broker sends you a fancy accounting every month of your purported holdings, along with dividend and interest payments paid. The fact is, you only receive the benefit of ownership (interest and dividends) without holding title to your property. You are at the mercy of the registered owner, the DTC. If you don't believe this is true, then call your broker right now and ask them who's name is listed as the Registered Holder of your book-entry stocks and bonds. If you're lucky, the broker will tell you "why of course you're the Beneficial Owner", then you'll know the truth. He may emphasize to you that the stocks and bonds are being held in "safe keeping" for your own protection. This is broker language for "your stocks and bonds are held by the DTC in their street name as the creditor".

From J.P. Morgan's internet site:

Registered and beneficial shareholders

There are two types of shareholders: registered, who hold an ADR in physical form, and beneficial, whose ADRs are held by third-parties and are listed under a "nominee" or "street" name.

Registered shareholders are listed directly with the issuer or its U.S. transfer agent. The transfer agent handles the record-keeping associated with changes in share ownership, distribution of dividend payments, and investor inquiries; it also facilitates annual meetings. An issuer's depositary bank can provide the identities of registered shareholders on a regular basis. However, this may not provide the level of shareholder identification required for a successful investor relations effort. Registered shareholders are typically individual investors who have physical possession of their share certificates, generally in lots of 100 shares or fewer. The registered list also includes nominee names such as Cede & Co., which represent the aggregate position of the Depository Trust Company (DTC), the primary safekeeping, clearing, and settlement organization for securities traded in the United States. DTC uses electronic book-entry to facilitate settlement and custody rather than the physical delivery of certificates.

Beneficial shareholders, which can include individual as well as institutional investors, do not have physical possession of their certificates; third-party broker-dealers or custodian banks hold their securities on their behalf. These shares are said to be held in street name because they are kept with the DTC in the name of the broker-dealer or the custodian bank - not the underlying shareholder. Lists of beneficial shareholders who do not object to disclosing their holdings are available from banks and broker-dealers. These lists, called NOBO for Non-Objecting Beneficial Owner, typically provide the names of individual investors.

To help identify institutional investors, who do not usually disclose their holdings, issuers use publicly available filings. Large holders, including investment managers, are required to make periodic filings - such as 13-F, 13-G, and 13-D - with the Securities and Exchange Commission (SEC) disclosing the name and value of the positions in their portfolios.

Which brings us to the street name used, registered, and designated by the DTC as the registered owner of over $19 Trillion (USD) of our stocks and bonds... CEDE & Co. Everyone in the brokerage business keeps pronouncing this name as "See Dee" and Company, but it's spelled C-E-D-E and pronounced "Seed". This is where the real irony comes.

According to Black's Law Dictionary, Sixth Edition, 1990, the word Cede is defined as "To yield up; to assign; to grant; to surrender; to withdraw. Generally used to designate the transfer of territory from one government to another". In the Black's 1951 Fourth Edition, it lists the following as supportive case law; Goetze v. United States, C.C.N.Y., 103 Fed. 72.

Have you made the connection yet? Your book-entry stocks and bonds and all stock and bond certificates purchased through your broker and held by them under your brokerage account are owned by CEDE & COMPANY (the DTC) as the registered owner. You have surrendered, assigned and granted ownership to someone else other than yourself. Their name says it all.

How ironic and sarcastic can they be?

"CEDE- To surrender possession of, especially by treaty. See Synonyms at 'relinquish'." -American Heritage Dictionary of the English Language, 3rd Edition of 1992

If Americans had any idea that they have relinquished the lawful ownership of their stocks and bonds to someone or something else, there would be a revolution. In a sense, that's why we are exposing this paper asset scam to you. The point is, now that you know the truth, do something about it and get your assets back into your name.

Our suggestion to you is this: If you don't literally have every stock and bond registered certificate in your possession, then promptly call your broker and tell him you want all your securities transferred and re-registered into your name as the Registered Holder and Owner. If he says he can't do that because your stock or bond is a book-entry transaction only, we strongly suggest, for your own security, that you sell your book-entry assets immediately. Don't let the broker tell you that it's "safer" for you if they keep your certificates. Remember, you know the truth. Even if all your stock and bond certificates were burned in a fire, the process to have them replaced is simple. If someone were to steal your certificates, you simply report them stolen to the company that issued them and they're automatically cancelled, just like a stolen credit card. Replacement certificates are then issued to replace the lost or stolen originals.

Most people don't realize that when they open a brokerage account, they have entered into an contractural agreement allowing the broker to assign the stocks and bonds to an undisclosed creditor, the DTC. (We suggest you read the small print on your brokerage agreement). This gives the broker your express written permission to place all your securities into the ownership of the DTC. Your broker is an agent for the DTC through mandatory Securities and Exchange Commission regulations and mandates by the Federal Reserve System private bank. Your broker represents them, not you. Your brokerage account is nothing more than a ledger of accounting. It reflects no assets held in your name. The assets are registered in a "street name" that is not you or your name. Sure.... you receive the interest and dividends, but you do so as a beneficiary to the real owner. Your brokerage account in no way, shape, or manner reflects who literally owns your securities. What you own is a brokerage account and nothing more.

A greater consideration is just exactly who does the DTC hold these securities for? As the owner, who has the DTC pledged these securities to? Our research points to the Federal Reserve System, an international private banking cartel with major offices found in Moscow, London, Tokyo, and Peking. By treaty with the United Nations and in compliance with the Bretton Woods Agreement, the DTC under regulation of the Federal Reserve System has pledged all those stocks and bonds to the International Monetary Fund (IMF). These are the same paper securities found in your IRA and pension fund accounts, as well as in your brokerage account. Remember, you don't own them.... you're just a beneficiary.

The truth is, the securities you purchased and paid for with your hard earned money is collateral for the United Nations which is backed by the Federal Reserve System and it's associated agencies, such as the International Monetary Fund. Is it any wonder that the UN can operate year after year with increasing budgets, but without sufficient funds? The UN has nearly $19 Trillion of backing and reserves, thanks to millions of duped Americans. We are financing the New World Dis-Order with our stocks and bonds.

[Y> trade towers? They were dealing in assets and transactions of over 50 trillion dollars.

26 Jul 2011 @ 07:27 by halı yıkama makinaları @88.242.122.199 : www.kromtasmakina.com
thanks

6 Aug 2011 @ 09:14 by iş makinaları @85.99.168.59 : iş makinaları
Thanks for this awesome writeup. I will use this for my research paper so I have bookmarked this page! Thanks so much again!!!

8 Aug 2011 @ 14:00 by William @96.249.35.26 : 1st hand
This information was painstakingly researched, compiled & written by my former boss/associate. It was written back in 1995 so the dollar figures have exploded since that time and are in excess of $200 trillion today.

10 Aug 2011 @ 19:15 by komik oyun @85.104.97.23 : En komik Oyunlar
en güzel en komik oyunlar bu rada En güzel Oyunlar - En Komik Oyunlar - Komik Oyunlar - Komik Oyun - Benten Oyunları - Araba Yarışı Oyunları - Zeka Oyunları - Basketbol Oyunları - Basketbol Oyunu burada sizler için.

14 Oct 2011 @ 14:33 by Andrew @175.110.72.88 : Appreciation
I do like the content and it is really a good post with massive information.Thanks for sharing.
chicago gym

10 Nov 2011 @ 01:43 by aubryfarmer @70.251.111.42 : Incredible human beingThomas Jefferson was concise in his early warning to the American nation, "If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."

25 Nov 2011 @ 00:27 by Mcgyver @24.88.85.163 : Chart from NNDB on DTCC and FTCI
This link is a chart of 2 firms I made up after reading this some time back. Shows the CEOs and connections to other firms. Each node can be expanded further. Requires flash.

[link]

17 Jan 2012 @ 18:39 by Anonymous @84.226.175.9 : We are Legion
Thanks very much for the research and very detailed transcript. We do share your conclusions. Keep spreading the information.

17 Jun 2012 @ 20:45 by Jane Anne Jeffries @98.149.170.125 : The Unknown 20 Trillion Dollar Company
Hi, Flemming~~

I just received this article. CEDE reminds me of what MERS has been to Bank of America, and look at what has happened to so many mortgages. Is the CEDE information still current?

5 Nov 2012 @ 03:37 by Luca Pacioli @50.113.83.45 : Consignment
I think that the old and new accounting literature would consider the public's share certificates that they would be holding as a consignment. It would be a consignment. The should be an asset of the consignor. It is not their asset!

"Whereas in case of a consignment of goods , the legal ownership of the goods is not transferred to the consignment but the ownership of the goods remains vested in the consignor till the goods consigned are sold by the consignee."
[link]

Even Clearer:
"Another inventory-related problem area pertains to goods on consignment. Consigned goods describe products that are in the physical custody of one party, but actually belong to another party. Thus, the party holding physical possession is not the legal owner. The person with physical possession is known as the consignee. The consignee is responsible for taking care of the goods and trying to sell them to an end customer."
[link]

5 Nov 2012 @ 03:43 by Luca Pacioli @50.113.83.45 : Balance sheet, Assets, Erronious $23 T
I think some one might have added a comma to get the "$23 odd trillion dollars of assets."

The balance sheet as of December 31,2011 and 2010 states,
Total Assets $26.6 Billion.

5 Nov 2012 @ 03:46 by Luca Pacioli @50.113.83.45 : 2 Comments abov ight be good explanation
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The two comments I made might be a less volatile explanation.

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2012-01-24 00:50: Intellectual Property
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2007-12-02 20:41: Give One Get One
2007-10-25 21:47: Static or dynamic web metaphors
2007-09-18 22:54: Rethinking blogs
2007-07-04 23:59: Scrutiny of Information

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世論調査から垣間見える
アメリカ人の複雑な心境

 4月15日の午後にボストンの中心部コープリー広場近くのボイルストン通りで2度の爆発が発生し、200人以上が死傷したボストンマラソン爆弾事件。容疑者の兄弟が北カフカス地方からアメリカに移住してきたバックグラウンドを持ち、死亡した兄が強烈な反米思想の持ち主であったという報道も手伝って、アメリカに対するテロの脅威に注目が集まった。

 テロ事件直後の4月17日にロイター通信が行った世論調査では、「アメリカにとって現在最も大きな脅威は何か」という問いに、回答者の56％が国内で日常的に発生する暴力事件だと回答した。外国の組織によるテロ活動と答えた回答者は32％で、通常の暴力事件に対する恐怖感を下回る結果となった。しかし、回答者の約3分の2がボストンマラソン爆弾事件のようなテロがそれぞれの住むエリアでも発生しうると答えており、テロ直後のアメリカ人の複雑な心境が現れている。

 テロを防ぐためにはどうすればいいのか？ そもそも、テロを完全に防ぐことなど可能なのだろうか？

テロ対策予算の
費用対効果は不透明

 2011年4月、オハイオ州立大学のジョン・ミューラー教授と豪ニューキャッスル大学のマーク・スチュワート教授が共同で論文を発表した。そのなかで、911同時多発テロ事件後、アメリカでテロ対策を含む国内の安全強化のために総額で1兆ドルが使われてきたが、1兆ドルに見合った効果が果たして本当にあったのかと疑問を呈した。

 ミューラー教授らの調べでは、テロ対策の予算だけでアメリカ国内の他の犯罪全てに対応するための予算よりも150億ドルも多かった。殺人事件だけで年に数万件発生するアメリカだが、一般の犯罪と比べた場合、テロに遇う確率は極めて低く、費用対効果は見えてこない。論文では予算が雪だるま式に増えていった原因をテロに対する恐怖心だと断定。「脅え」が一人歩きする中で、テロ対策予算が湯水のように使われる現状に警鐘を鳴らしている。

 メリーランド大学が公開しているグローバル・テロリズム・データベースによると、911同時多発テロ後の10年間にアメリカ国内で「テロ」と認定された事件での死者は約30人。これには5人が死亡した2001年の炭疽菌事件や、2002年の独立記念日にロサンゼルスの空港でイスラエル人2人が射殺された事件なども含まれている。

 アメリカで最も安全な都市の1つとされるボストンでさえ、過去10年間で最も殺人事件が少なかった2003年に39人が殺害されている。テロと他の凶悪犯罪を同列に扱うなと言われればそれまでだが、費用対効果は気になる問題だ。

 論文発表から2年後、ボストンマラソン爆弾事件によって、再びアメリカ国内でのテロリズムに注目が集まった。前出の世論調査が示すように、テロよりも日常の凶悪犯罪をより大きな脅威と考えるアメリカ人が多いにもかかわらず、テロ対策に多額の税金が投入され続けることに異論を唱える者が少ないという現実も存在する。

 テロ対策の名のもとに莫大な予算を勝ち取る政府機関。そして、景気の上昇がまだはっきりと見えてこないアメリカで「テロ対策バブル」ともいえる現状を謳歌する民間企業の存在。テロや犯罪に対するアメリカ人の脅えが、景気低迷が長期化するアメリカ国内で、右肩上がりの産業を生み出したと考えられないだろうか？

停滞する景気に反比例
対テロ予算は天井知らず 

 テロを防ぐために用意された多額の予算は、諜報機関や軍に流れていくだけではなく民間企業にも流れている。テロ対策に関する業務がアウトソーシングされるケースが増加しているからだ。これがバブルを生み出す正体だ。

 もともと諜報機関や軍の仕事の一部を、民間企業へアウトソースすることは珍しい事ではなかった。10年前を振り返れば、主にアフガニスタンやイラクといった海外の戦地で勤務する仕事がアウトソースされていた。いわゆる民間軍事会社が特殊部隊出身の元エリート兵士を集め、現地での警備や後方支援を担当させた。捕虜への尋問や情報収集を受け持つ民間企業も存在した。

 当時の状況について、ワシントンのブルッキングス研究所で軍隊のアウトソーシング化や戦争におけるロボットの役割を専門に研究するピーター・シンガー氏（現「21世紀安全情報センター」所長）は2004年夏のインタビューで筆者に対し、民間軍事会社が米軍にとって使い勝手のいい存在で、民間人としてイラクやアフガニスタンで活動する兵士が増えるのは自然な流れだと語った。

「民間軍事会社が派遣した兵士はイラクだけで約2万人いる。一般兵士と同じような交戦規程も定められているが、その規定を守らなかった場合の処遇に大きな違いがある。軍人は軍法会議で処罰を受けるが、契約社員として働く元兵士は単純に解雇されるだけで、法的に処罰されるケースは極めて稀だ。トラブルが発生した際のリスク回避という面でも、民間企業へのアウトソーシングには利点があるのだ」

 イラクやアフガニスタンにおける米軍の戦いが泥沼化し始めた2004年頃から、戦場という特殊な状況下で従来の交戦規程や軍規が適用されないといった理由や、死傷者が出ても正規兵ではないためにアメリカ国内の世論にも大きな影響を与えにくいという理由で、民間軍事会社から派遣された元エリート兵士らは大変重宝された。

 しかし、いまは少し状況が変わっている。イラクやアフガニスタンの戦場という特殊な状況下だからこそ、民間企業へのアウトソーシングが活用される。筆者はそう理解していた。

 ところが、セキュリティ強化やテロ防止に多額の予算を投じるようになったアメリカ国内でも、民間企業へのアウトソースは多岐にわたって行われるようになったのだ。

あのスノーデン氏も
派遣スタッフだった

 ワシントンポスト紙は2010年秋に「トップシークレット・アメリカ」と題した調査報道プロジェクトの結果を公表。アメリカ国内でカウンターテロリズムや諜報活動、安全保障に携わる政府機関が1271あり、1931社の民間企業もこれらの業務に関わっている実態が明らかになった。

 全米に1万ヵ所以上作られたオフィスで、85万人を超えるスタッフが機密情報を扱う仕事に従事しており、そのうち約25万人は民間企業からの派遣組であったのだ。英ガーディアン紙は2011年9月、ＣＩＡスタッフの3分の1が民間企業から派遣された契約社員で、ＣＩＡに人材派遣する企業は100以上存在すると伝えている。

 国内外を問わず、米政府が続ける対テロ戦争に携わる民間人は少なくない。

 5月に国家安全保障局（ＮＳＡ）による盗聴活動の実態を暴露し、米司法省から指名手配された状態で現在もロシアに滞在するエドワード・スノーデン氏は、ＮＳＡと契約を結ぶコンピューターメーカーから契約スタッフとしてＮＳＡに派遣されていた。

 2011年1月にはパキスタンのラホールで2人のパキスタン人が射殺され、「強盗だと思い、正当防衛で銃を発砲した」と主張したアメリカ人のＣＩＡ職員、レイモンド・デービスが地元警察に逮捕された。この事件はアメリカとパキスタンの外交関係を悪化させる事態にまで発展したが、のちにデービスも民間企業から派遣された契約スタッフだったことが判明している。

拡大するビジネスチャンス
ネットで諜報担当者を募集!?

 2013年度の諜報関連予算は約520億ドルとされ、これだけでも日本の防衛予算をはるかに凌ぐ額だ。予算の一部はアウトソーシングという形で民間企業にまわされるが、予算そのものが非常に大きいため、ビジネスチャンスとして捉える企業も少なくない。

 インターネット上で諜報機関への契約スタッフを募り、仕事を斡旋する企業も誕生している。

 情報将校として陸軍に勤務していたウイリアム・ゴールデン氏が立ち上げた「インテリジェンスキャリアズ・ドット・コム」では、アメリカ国内外で諜報機関のために行う情報収集やデータ解析、通訳といった仕事がポスティングされている。最終的に連邦政府による身元調査が行われるものの、志願者はオンライン上で希望する仕事を選び、履歴書などを雇用主に送ることができる。

 このウェブサイトを覗いてみたところ、中国語の通訳や、北アフリカ地域で情報収集できる人材の募集などが実際に行われていた。

 911同時多発テロ事件後に諜報関連予算が大幅にアップされなければ、こういったサイトが登場することもなかったのではないだろうか。

大型契約で潤う企業が続出
その成果を疑問視する声も

 911同時多発テロ事件以降、アメリカ国内におけるテロを防ぐために政府予算が湯水のようにアウトソース先に使われてきたことは先に述べたが、他にも恩恵を受けている会社はたくさんある。そのなかの一つが、セキュリティ関連機器メーカーだ。アメリカに行くと必ず空港で目にするボディスキャナーにも多額の税金が投入されている。

 この数年の間にアメリカを訪れた方はご存知だと思うが、アメリカの空港では国内線や国際線を問わず、多くの空港で乗客は搭乗前にボディスキャナーで身体検査を受けなければならない。箱形のスキャナーの中で、乗客は足を開いた状態で両手を頭の後ろに置き、全身をチェックされる。

 このボディスキャナーは「プロビジョン」という商品名でニューヨークに本社を置くL-3コミュニケーションズが製造・販売を行っており、1台あたりの価格は約20万ドルする。L-3コミュニケーションズは米運輸保安局との間で総額9億ドルの契約を結んでおり、プロビジョンを設置するアメリカ国内の空港は現在も増加中だ。

 同社のウェブサイトではプロビジョンの性能が紹介されており、1時間に最大で300人のスキャンを行うことが可能だとする説明文があるものの、なかなか動かない長蛇の列はアメリカの空港では当たり前の光景になってしまった。全米の空港に設置されているプロビジョンだが、米会計検査院は「爆弾などを隠し持った人物を全て発見できるかは不明だ」との調査報告を発表している。

 ボディスキャナーが各空港に設置され始めたのが2008年頃。それ以前にロサンゼルスやニューヨークの空港で使われていたのが、「パファー」と呼ばれるタイプの危険物探知装置だ。箱形の探知装置内で乗客に空気圧を放ち、服などに爆発物などが付着しているかどうかを調べる事ができ、誤作動も少ないことから全米の空港への設置が検討された。

 ピーク時には34の空港で約100台が使われ、USAトゥディ紙は2007年10月に米運輸保安局が434台のパファーを全米の空港に設置する計画を立てていたと報じたが、メンテナンスが容易ではないとの理由で、この年にパファーの採用は凍結されている。全米の空港に配置する計画は頓挫した時点で、政府はすでに約2000万ドルの予算を使ったところだった。

バーチャルフェンスで10億ドル
カメラ対策15億ドルの大盤振る舞い

 パファーのように頓挫した計画は少なくない。

 有名なものでは、メキシコから越境する不法移民や麻薬密売人を国境で発見する目的で建設が進められたバーチャルフェンスがあり、これは通常のフェンスにレーザー装置やセンサーを取り付け、侵入者の位置や経路を特定できるというものであった。

 ボーイング社はバーチャルフェンスの設置で米政府と10億ドルの契約を結び、アリゾナ州の2ヵ所でフェンスの建設を開始した。しかし、想像以上にコストがかかり、3200キロある国境でフェンスを設置できたのは僅か80キロほどで、計画は途中で中止された。

 10億ドルの計画は頓挫したが、アリゾナ州はすでに代替案としてカメラをいくつも設置した監視塔の建設に向けて動き出しており、地元メディアの報道によると、建設費用はバーチャルフェンスよりも高い15億ドル程度になる模様だ。

 新設された政府機関の中にも、存在意義がよくわからないものが存在する。

 2003年から2007年にかけてアメリカ国内の70ヵ所に設置された「フュージョン・センター」と呼ばれる施設は、国土安全保障省の管轄下でテロに関する情報を集め、それらを諜報機関や警察当局、軍と共有している。それぞれのエリアで収集された不審人物の情報がネットワーク化された情報共有システムで全米の政府機関に送られるという触れ込みであったものの、テロとは無関係の市民団体やイスラム教徒が要注意人物としてマークされていた事実が明るみになり、批判が噴出した。

 上院国土安全保障委員会はフュージョン・センターについての調査を開始。昨年10月3日に発表した調査報告書の中で、フュージョン・センターから送られる情報の中には信頼性の低い情報も少なくなく、逆に他の政府機関を混乱させると指摘。

 委員会のトム・コバーン上院議員（共和党）は、「毎年1兆ドルの財政赤字が増え続けるなかで、たとえ対テロリズムという名目があっても、税金がどのように使われているのかを注視することは必要だ。超党派で行った今回の調査を通じて、議会にはフュージョン・センターに税金が投入されることが本当に有益なのかを見極めてもらいたい」とコメントしている。

 国土安全保障省はフュージョン・センターの年間予算について詳細を明らかにはしていないが、委員会では2003年以降14億ドル程度の税金が使われていたという試算も発表している。

「恐怖産業」を作り上げたのは
アメリカ人自身という指摘も

 アメリカを代表するジャーナリストで、テレビニュースのアンカーとして四半世紀にわたって活躍したテッド・コッペル氏は8月、ウォールストリート・ジャーナルに寄稿し、アメリカ国民の多くが「テロの恐怖」という具現化することのできないものに脅えており、その脅えこそがさらなる恐怖を作り上げていると主張した。

 以下はその一部を抜粋したものだ。

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 今後どのようにしてテロの脅威と向き合っていくのか。これこそが我々の直面する大きな課題だ。アメリカ国民が持つ「脅え」の意識は、恐怖感に対応するための新たな経済や産業などを作り上げた。これらは決してアルカイダによって作られたものではない。我々が自らに対して与えたものなのだ。

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 ボストンマラソン爆弾事件から3ヵ月が過ぎた7月中旬、マサチューセッツ大学ローウェル校で安全保障について教鞭をとるジェームズ・フォレスト教授は税金の無駄遣いは許されるものではないと前置きしたうえで、「テロを防ぐためにハイテク機器を導入する警察が増えるのはある意味で自然な流れだと思う。どこまでやるかという課題は残されているが」と語った。

 情報収集ツールから空港のボディスキャナーまで、アメリカ国内で対テロ対策に使われるハイテク機器は日々進化を続けている。皮肉なことに景気が低迷するアメリカで最も安定して雇用を創出しているのが、官民問わず対テロリズムを目的とした安全保障の分野なのだ。

 対テロ産業はこの10年で確固たる地位を築いたが、産業そのものが大きくなればなるほど、脅えるアメリカ市民が増加するというパラドックスも見え隠れする。