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9/11 See other 9/11 Articles Title: Larry "Lucky Larry" Silverstein Larry "Lucky Larry" Silverstein by lifeforce@rockymountains.net The Four Winds You’ve got to be lucky to make $4 Billion killing on a 6-month investment of $124 Million Larry Silverstein is the New York property tycoon who purchased the entire WTC complex just 6 months prior to the 9/11 attacks. That was the first time in its 33-year history the complex had EVER changed ownership. Mr. Silverstein’s first order of business as the new owner was to change the company responsible for the security of the complex. The new security company he hired was Securacom (now Stratasec). George W. Bush's brother, Marvin Bush, was on its board of directors, and Marvin’s cousin, Wirt Walker III, was its CEO. According to public records, not only did Securacom provide electronic security for the World Trade Center, it also covered Dulles International Airport and United Airlines — two key players in the 9/11 attacks. The company was backed by an investment firm, the Kuwait-American Corp., also linked for many years to the Bush family. KuwAm has been linked to the Bush family financially since the Gulf War. One of its principals and a member of the Kuwaiti royal family, Mishal Yousef Saud al Sabah, served on the board of Stratesec. Now, consider: The members of a small cabal owned the WTC complex, controlled its electronic security, and also controlled the security not only for one of the airlines whose aircraft were hijacked on 9/11, but the airport from which they originated. Another little “coincidence” -- Mr. Silversten, who made a down-payment of $124 million on this $3.2 billion complex, promptly insured it for $7 Billion. Not only that, he covered the complex against “terrorist attacks”. Following the attacks, Silverstein filed TWO insurance claims for the maximum amount of the policy ($7B), based on the two -- in Silverstein's view -- separate attacks. The insurance company, Swiss Re, paid Mr. Silverstein $4.6 Billion — a princely return on a relatively paltry investment of $124 million. There’s more. You see, the World Trade Towers were not the real estate plum we are led to believe. From an economic standpoint, the trade center -- subsidized since its inception by the NY Port Authority -- has never functioned, nor was it intended to function, unprotected in the rough-and-tumble real estate marketplace. How could Silverstein Group have been ignorant of this? The towers required some $200 million in renovations and improvements, most of which related to removal and replacement of building materials declared to be health hazards in the years since the towers were built. It was well-known by the city of New York that the WTC was an asbestos bombshell. For years, the Port Authority treated the building like an aging dinosaur, attempting on several occasions to get permits to demolish the building for liability reasons, but being turned down due the known asbestos problem. Further, it was well-known the only reason the building was still standing until 9/11 was because it was too costly to disassemble the twin towers floor by floor since the Port Authority was prohibited legally from demolishing the buildings. The projected cost to disassemble the towers: $15 Billion. Just the scaffolding for the operation was estimated at $2.4 Billion! In other words, the Twin Towers were condemned structures. How convenient that an unexpected “terrorist” attack demolished the buildings completely. WTC Building 7 was a part of the WTC complex, and covered under the same insurance policy. This 47-storey steel-framed structure, which was NOT struck by an aircraft, mysteriously collapsed 8 hours later that same day into its own footprint at freefall speed — exactly in the manner of the Twin Towers. How could this have happened? Mr. Silverstein gave the world the answer when he slipped up during a PBS television interview a year later, on 9/11/2002: "I remember getting a call from the...er...fire department commander, telling me that they were not sure they were gonna be able to contain the fire, and I said, 'We've had such terrible loss of life, maybe the smartest thing to do is pull it.' And they made that decision to pull and we watched the building collapse." As anyone who knows anything about construction can tell you, “Pull” is common industry jargon for a controlled demolition. One thing is for sure, the decision to 'pull' WTC 7 would have delighted many people. Especially because it has been reported that thousands of sensitive files relating to some of the biggest financial scams in history — including Enron and WorldCom -- were stored in the offices of some of the building’s tenants: US Secret Service NSA CIA IRS BATF SEC NAIC Securities Salomon Smith Barney American Express Bank International Standard Chartered Bank Provident Financial Management ITT Hartford Insurance Group Federal Home Loan Bank The Securities and Exchange Commission has not quantified the number of active cases in which substantial files were destroyed by the collapse of WTC 7. Reuters news service and the Los Angeles Times published reports estimating them at 3,000 to 4,000. They include the agency's major inquiry into the manner in which investment banks divvied up hot shares of initial public offerings during the high-tech boom. ..."Ongoing investigations at the New York SEC will be dramatically affected because so much of their work is paper-intensive," said Max Berger of New York's Bernstein Litowitz Berger & Grossmann. "This is a disaster for these cases." Citigroup says some information that the committee is seeking [about WorldCom] was destroyed in the Sept. 11 terror attack on the World Trade Center. Salomon had offices in 7 World Trade Center. The bank says that back-up tapes of corporate emails from September 1998 through December 2000 were stored at the building and destroyed in the attack. Inside WTC 7 was the US Secret Service's largest field office with more than 200 employees. "All the evidence that we stored at 7 World Trade, in all our cases, went down with the building," according to US Secret Service Special Agent David Curran. What a neat, complete, and fortuitous turn of events was 9/11. Incidentally, it’s worth noting that one of Lucky Larry’s closest friends — a person with whom it’s said he speaks almost daily by phone — is none other than former Israeli Prime Minister Benjamin Netanyahu.
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#1. To: Kamala (#0)
Can anyone explain why this money was returned by the Port Authority? MetLife Will Sell Sears Tower By Dean Starkman From The Wall Street Journal Online Two investors who are part of Larry Silverstein's group that owns the World Trade Center lease are among the buyers of the Sears Tower, which MetLife Inc. agreed to sell Thursday for more than $800 million, according to people familiar with the situation. Lloyd Goldman and Joseph Cayre, New York investors who are among Mr. Silverstein's backers in the Trade Center, are part of a group that agreed to buy the Chicago landmark, these people said. Another New York investor, Jeffrey Feil, was also a participant in the Sears Tower deal, the people said. Names of the other investors couldn't be learned. MetLife announced the agreement Thursday, but declined to disclose the buyer or the terms, citing a confidentiality agreement. While the insurance company, based in New York, had previously announced its intention to sell the tower, the speed of the deal and the relatively high price caught the real-estate industry off-guard. MetLife said it would realize an after-tax gain of $90 million on the deal. Messrs. Goldman and Carye couldn't be reached. Attempts to reach Mr. Feil were unsuccessful. The names of the three investors were reported Thursday on the Slatin Report, a Web newsletter. Mr. Goldman led a group including Mr. Cayre that put up most of the $125 million of the equity that Mr. Silverstein, a New York developer, used to buy the 99-year office lease on the Trade Center office portion from the Port Authority of New York and New Jersey. The deal, valued at $3.2 billion, including the Trade Center's retail mall, closed in July 2001, weeks before the September terror attacks that destroyed the complex. Last month, The Wall Street Journal reported that the Port Authority in December had quietly agreed to return all of the $125 million in equity that Mr. Silverstein and his low-profile group originally invested to buy the leases. The full details of that transaction haven't been released to the public. But the deal effectively eliminated the Silverstein group's capital risk in the project, while allowing the group to retain control of 10 million square feet of office space. The Port Authority has rejected a Wall Street Journal request to review the transaction, citing Mr. Silverstein's ongoing lawsuit against his insurers, led by Swiss Reinsurance Co., over how many claims may be collected as a result of the attacks. Email your comments to rjeditor@dowjones.com.
How $125 million became $7 billion in six weeks. PS: The $125 million "investment" was returned to the principles after the towers came down.
If you just look at the money involved and made over 911, how anyone can claim that the corp/gov didn't benefit is beyond me.
Mark If America is destroyed, it may be by Americans who salute the flag, sing the national anthem, march in patriotic parades, cheer Fourth of July speakers - normally good Americans who fail to comprehend what is required to keep our country strong and free - Americans who have been lulled into a false security (April 1968).---Ezra Taft Benson, US Secretary of Agriculture 1953-1961 under Eisenhower
Yep, the sheep would have us believe that Silverstein borrowed $125 million from two fellow tribesmen, then use it to purchase the Towers, then have the Port Authority repay the investors - post 911 - while he peruses a $7 billion dollar insurance claim. This deal was done all within the scope of six weeks, incidentally. Rancid BS...
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