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"'9/11'" Facing Our Fascist State
By Don Paul
The Buildings and Their Victims, Part 2 A Good Investment … A Powerful Proof Statement
We want to show in September 2002 just how far we've come…. We want to have a powerful proof statement in September 2002.
Anne Tatlock, Chief Executive Officer, Fiduciary Trust, San Francisco Business Times, 2/1/02
Larry Silverstein made a sweet deal for himself prior to the fall of the Twin Towers and WTC 7. Of the promised $3.2 billion for the 99-year lease that was estimated to be worth $8 billion, Larry Silverstein committed only $15 million of his Properties' money - that is, less than half of .01 % of the total financing.
He and his partners (mall-builder Westfield America and a group headed by Lloyd Goldman) immediately took out insurance polices worth more than $3.2 billion for their dream-come-true new holding.
On November 5, 2001 the Real Estate Journal reported on the progress that Larry Silverstein, Lloyd Goldman, and their partners had made toward rebuilding on the Twin Towers' site. The REJ article stated that Silverstein had the support of New York senators Charles Schumer and Hillary Clinton (Larry Silverstein had hosted parties for both politicians on his yacht the Silver Shalis) as well as Senate Majority Leader Tom Daschle, Senate Minority Leader Trent Lott ,and House Speaker Dennis Hastert. REJ reported that the mogul had hired Brad Card, brother of White House Chief of Staff Andrew Card, to "work" politicians in New York. He was lobbying for caps on liability from the WTC carnage and pursuing lawsuits against insurers. He talked of building four 50-story buildings and a memorial on the site.
The 11/5/01 REJ article concluded: "It also may end up being a good investment. In the end, Mr. Silverstein may wind up controlling 11 million square feet of attractive, lower-rise modem space instead of 11 million square feet of 30-year-old space in New York's tallest and most conspicuous buildings.
"'It should prove to justify the time, energy and the psychic impact of what we've been through,' Mr. Silverstein says."
In February 2002 Silverstein Properties won $861 million from Industrial Risk Insurers to rebuild on the site of WTC Building 7.
Regarding the Twin Towers, Larry Silverstein and his partners are locked in lawsuits with Swiss Reinsurance, the Towers' main insurer, over whether the 9/11 attacks were one "occurrence" or two. The lease-holders would receive $3.55 billion as a settlement if the attacks are considered one occurrence. They would receive $7.1 billion - that is, more than twice their investment, an investment that was itself only 20% paid for (and in the case of Silverstein Properties less than half of .01 % paid for) if the attacks are determined to be two occurrences.
Whatever the result of the dispute with Swiss Reinsurance, Silverstein Properties will receive billions in insurance moneys and possibly more in state and federal funds to rebuild on the WTC site.
At the time of their collapse the Twin Towers and WTC 7 needed extensive work to stay competitive as office-space in Manhattan. As early as 1993 - the year of the basement-garage bombing by '"Muslim terrorists"' that the FBI had anticipated from at least 1985 onward - the WTC "was already passing its prime as office space, overtaken by a generation of more recent, cybernetic ally 'smart' buildings with higher ceilings and greater built-in electrical capacity," according to Eric Darton's Divided We Stand.
Darton continues: "To maintain the trade center as class-A office space commanding top rents, the PA" (the Port Authority, then the WTC's owner) "would have had to spend $800 million rebuilding the electrical, electronic communications, and cooling systems."
The new Lower Manhattan Development Corporation, created by Governor George Pataki in November 2001, is to decide on uses of the Twin Towers' site. The Lower Manhattan Development Corporation is chaired by John Whitehead, he the former Chief Executive Officer of the Goldman Sachs investment-banking firm and former Deputy Secretary of State in the George Herbert Walker Bush Administration and he another close associate of the Rockefeller family's.
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Now I feel obliged to look at who died and who did not in the World Trade Center attacks last September 11.
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