Talk'n About TVA Finances

Lets talk about TVA finances. Below you will find a comprehensive report on the current financial state of the TVA as described in their Quarterly SEC 10Q filing as of August 3, 2012 and Government Accounting Office's (GAO) October 2011 summary of TVA regarding a lack of financial planning. Also included is the latest TVA Bond Report from Fitch.

   TVA SEC 10Q QUARTERLY REPORT, AUG 3, 2012That is the Fitch Report. Let's look at TVA's financial status based on their SEC Quarterly Report, Form 10Q, filed August 3, 2012. It should become apparent why Fitch's report, paid for by the TVA , reads "Rating Outlook Negative."

All report data is as reported by the TVA and is "unaudited as stated." Data may be found at http://investor.shareholder.com/tva/secfiling.cfm?filingID=1376986-12-30 or View TVA Securities and Exchange Commission filings. Data in all reports as of June 30, 2012.

Page 8-9, ASSETS & LIABILITIES: Assets-$46.825 billion; Liabilities- $46.825 billion

Page 18-19,-- "("JSCCG"), a newly formed entity. In connection with this transaction, TVA and the United States of America agreed to lease the John Sevier Combined Cycle Facility ("John Sevier CCF") located in Hawkins County, Tennessee, to JSCCG for a term of fifty years (the "Head Lease"). TVA also entered into a construction management agreement ("CMA") with JSCCG under which TVA was obligated to use commercially reasonable efforts to cause the John Sevier CCF to achieve substantial completion by January 14, 2013, or as soon thereafter as commercially practicable. John Sevier CCF began commercial operations on April 30, 2012."

--"January 17, 2012, TVA and JSCCG entered into a transaction under which TVA agreed to lease the John Sevier CCF from JSCCG (the "Facility Lease") through January 15, 2042."

--"JSCCGSevier CCF through a $ 900 million secured note issuance (the “JSCCG notes”) and the issuance of $ 100 million of membership interests subject to mandatory redemption. The membership interests were purchased by John Sevier Holdco LLC (“Holdco”). Holdco is a newly formed special single-purpose entity established to acquire and hold membership interests in JSCCG. A non-controlling interest in Holdco is held by a third party through nominal membership interests, to which none of the income or expenses of Holdco are allocated."

--"Due to its participation in the design, business conduct and credit and financial support of JSCCG and Holdco, TVA is deemed to have a variable interest in each of these entities...TVA has the power to direct the activities of an entity when it has the ability to make key operating, investing and financing decisions, including, but not limited to, capital investment and the issuance or redemption of debt. Based on its analysis, TVA has determined that it is the primary beneficiary of JSCCG and Holdco and, as such, is required to account for the VIEs on a consolidated basis. Holdco’s membership interests in JSCCG are eliminated in consolidation." (It seems this statement is saying JSCCG & Holdco are both shill corporations established to shield TVA from the Congressional mandated debt restrictions.)

--Total liabilities of the variable interest entity (VIE) carried on TVA's books: $1.022 billion

Page 21 Debt Outstanding: Short term total net debt- $3.937 billion; Long term total net debt- $21.177. 

TOTAL OUTSTADING DEBT TOTAL- $25.114 BILLION

Page 36 Long term outstanding Power Bonds (Congressional mandated debt cap):

Carried Amount- $21.584 billion; Fair Market Value- $27.078 billion (2011 fair market value of debt was $29.190 billion equals $2,112 billion lowered debt amount between June 2011 and June 2012.)

Page 43 Net Income loss for first 9 months ending June 2012: $-290 million, a 728.6% increase over 2011 which displayed a 35 million income loss. Operating expenses decreased by 3.3% for the same period, while operating income decreased for the same period by 28.1%.

Page 49 Cash flow was (negative) $-260 million for this period as compared to (positive) $214 million for 2011 the same period. The loss is attributed to decreased power sales and in a smaller part investment activity.

Page 50 Total long term commitments and contingencies $65.891 billion reflecting the periods from 2012 thru 2016 and thereafter.

Pages 51 thru 59 of the 10Q report are extremely valuable as they contain a discussion concerning problems faced by the TVA.

One large problem not addressed in any TVA Financial Report Document but identified in the October 2011 report by the General Accounting Office (GAO) and is described as follows: "TVA does not have a formal capital expenditure management plan that identifies assets to be acquired, their costs, and funding sources. The lack of such a plan may impede TVA.’s long range financial planning." This is a serious deficiency by the TVA identified by the GAO and reflects poorly on executive leadership's management capability. GAO-12-107 Tennessee Valley Authority

The GAO summarizes their report regarding the TVA's lack of Capital Expenditure Planning: "TVA’s financial condition may hamper its ability to fund capital improvements. As of September 30, 2010, TVA.’s statutory debt was $23.6 billion, and TVA plans to spend almost $10 billion by fiscal year 2013 for various capital investment projects. Given the significant delays and cost overruns that TVA has historically experienced, these projects could potentially face similar issues. In addition, under a settlement with the Environmental Protection Agency, TVA agreed to invest $3 billion to $5 billion in the next 10 years on new and upgraded pollution controls on existing power plants. TVA also anticipates increases in operating costs. All of these factors could reduce the available funds TVA could use for its planned capital investments. TVA.’s financial condition leaves it with difficult decisions to make in order to meet electricity demand while keeping its debt within the statutory limit."

Flashback: Standard And Poors downgraded TVA's Bond Rating in August of 2011: "Standard & Poor’s rating service downgraded TVA’s rating from its highest level, AAA, to its next highest level, AA plus...Despite the first-ever downgrade TVA debt, the chief financial officer for the Tennessee Valley Authority, John Thomas, said “the fundamental financial strength of TVA is unchanged.” Moody’s Investors Service Inc., recently reaffirmed its top rating for TVA and Fitch rating service has yet to alter its TVA bond rating." http://www.timesfreepress.com/news/2011/aug/09/sp-downgrades-tva-bond-rating/

FITCH RATES TVA'S GLOBAL POWER BONDS - (The short term debt is is converted to long term debt notes.) "Proceeds from the 2012 series A bonds will be primarily used to retire existing short-term debt. " (The short term debt is is converted to long term debt notes.)

It is important to consider the disclaimer when reading this report: "The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings."


>>Fitch Rates Tennessee Valley Auth, TN's Global Power Bonds 2012 Series A 'AAA'; Outlook Negative<<
Link: http://finance.yahoo.com/news/fitch-rates-tennessee-valley-auth-222300108.html

Mon, Aug 6, 2012 - NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns an 'AAA' rating to the $1 billion 2012 series A Tennessee Valley Authority (TVA), TN's global power bonds. The bonds are expected to price around Aug. 6, 2012. Proceeds from the 2012 series A bonds will be primarily used to retire existing short-term debt.

In addition Fitch affirms the following parity global power bond ratings:
--$23.9 billion (as of Sept. 30, 2011) global power bonds at 'AAA'.
>>The Rating Outlook is Negative <<

**SECURITY
The bonds are secured by net revenues of TVA's power system.

**KEY RATING DRIVERS
US OWNERSHIP: The 'AAA' rating reflects TVA's status as a wholly owned corporation of the U.S. government. Fitch takes into account in its assessment the likelihood and degree of government support for TVA and similarly rated government-sponsored entities.

FEDERAL GOVERNMENT LINKS: While the TVA Act requires the utility to be self-funding, and TVA's global power bonds do not constitute an obligation of the U.S. government, Fitch believes that U.S. authorities would use extraordinary efforts to support TVA's operations and its global power bond obligations in the event that the utility encountered financial difficulties.

RING-FENCED SERVICE TERRITORY: Through the Federal Power Act's anti-cherry-picking provision, the Federal Energy Regulatory Commission (FERC) is prevented from ordering TVA to provide open-access to its transmission lines for the purpose of serving TVA customers. This provision in essence reduces TVA's risk of customer loss.

POTENTIAL CLOSURE OF LARGEST CUSTOMER: United States Enrichment Corporation (USEC) is TVA's largest directly served customer accounting for 4% of revenue. USEC's Kentucky facility is expected to be operational through May 31, 2013 after which considerable uncertainty exists regarding future operations. The loss of USEC's revenue further increases the need to adjust rates in a sluggish kWh sales environment but will not be material to TVA's overall performance.

EPA SETTLEMENT: Favorably, TVA has settled with the U.S. Environmental Protection Agency (EPA); the states of Tennessee, Kentucky, Alabama, and North Carolina; and various environmental groups on past and potential future new source review (NSR) claims. TVA will incur an expense of $360 million, retrofit some coal units and retire 2200MW of coal capacity as part of the settlement.

DEBT LIMIT: Credit concerns include a reduced flexibility to issue bonds due to the cap of $30 billion, imposed by the TVA Act. This concern is partially mitigated by TVA's past use of alternate financing that does not count against the cap. Although TVA is continuing to work with all stakeholders to increase the debt limit, Fitch believes that it is unlikely that the limit will be increased before the Presidential and Congressional elections in November 2012.

WATTS BAR 2 DELAY: Revised estimates from TVA now anticipate completion of the Watts Bar 2 nuclear unit (WB2) during fall 2015 at a cost between $4 billion and $4.5 billion. Original estimates called for completion in fall 2012 at $2.5 billion. Even if the revised cost estimate holds, Fitch believes that the significant cost increase for WB2 together with potential new safety and security requirements by the Nuclear Regulatory Commission (NRC) will require rate increases.

**WHAT COULD TRIGGER A RATING ACTION
U.S. SOVEREIGN RATING LINKAGE: TVA's bonds are payable solely from net revenues of the power system and don't constitute obligations of the U.S. However, the U.S. government's extensive involvement in the operations of TVA, coupled with the vital importance of TVA in its service area results in a direct linkage between the rating on global power bonds and the U.S. sovereign.

CAPITAL RAISING FLEXIBILITY: Flexibility to raise additional debt capital as needed, given TVA's future capital expenditure plans, is important. Fitch will continue to monitor TVA's ability to finance future growth.

**CREDIT PROFILE
Dual Role of Electric Supply and Economic Development
TVA was created in 1933 as a federal government corporation via legislation enacted by the U.S. Congress. TVA operates the nation's largest public power system with a service area that includes seven states in the southeastern U.S. covering a population of more than nine million people. In addition to selling electricity, TVA is tasked with furthering the economic development of TVA's service area, and reducing the damage from destructive floodwaters within the Tennessee River system and the lower Ohio and Mississippi Rivers.

Self-Funded Power System
Initially, TVA's operations were funded by federal appropriations. Direct appropriations for the TVA power program ended in 1959, and appropriations for TVA's economic development and multipurpose activities ended in 1999. Since 1999, TVA has funded all of its operations entirely from the sale of electricity and power system financings - primarily the sale of debt securities. TVA is not authorized to issue equity securities.

All-Requirements Power Supply Contracts
TVA provides wholesale power to 155 municipalities and cooperatives pursuant to individual long-term all-requirements contracts. Revenues from TVA's municipal and cooperative customers accounted for approximately 85% of TVA's total operating revenues for fiscal 2011. TVA also sells electricity directly to industrial customers, accounting for 12% of operating revenue.


Stable Operating Performance
Revenues from sale of electricity were $11.84 billion in 2011, which is 10% higher than 2010 due to fuel and power cost adjustment despite a 3% reduction in kWh sales. Financial performance has remained steady, though debt service coverage (DSC) has fluctuated over the last few years. The fluctuation in DSC is mainly driven by annual variations in the amount of debt service rather than a change in operating cash flow. Days cash on hand remains low at 22 days of operating expenses, but liquidity improves to 105 days of expenses after including available lines of credit.
Link: http://finance.yahoo.com/news/fitch-rates-tennessee-valley-auth-222300108.html

Jackson County Commission Meeting

The south entrance is now open.

The Chair Dilemma

Once all was settled the commission began their business. Item I was added to the agenda which involved the hire of a new Personnel Manager. A motion was made by Mr. Allen, there was no second nor discussion before the vote. 

Ms. Marilyn Goolesby of Dutton Alabama was selected as the Jackson County Personnel Director.

Agenda of the the Jackson County Commission with my annotations. Click on image for an expanded view.

Alabama Transportation Rehabilitation and Improvement Program

 ATRIP is an ALDOT administered federal aid highway program that funds up to 80% of the construction of important roadway projects. Local sponsors of eligible projects are expected to provide at least 20% of the project construction cost.

Item G on the agenda: Jackson County has already received $1.5 million in the Phase 1 part of the project. Phase 2 the county will receive $3.5 million for road and bridge improvements. The bridge on County Road 151 south of Pisgah will be rebuilt. This is a dangerous, narrow bridge with no side rails.

The next work session will be on August 27, 2012 at 3:30 PM. The regular meeting will be held afterwords.

A 20 minute Executive Session was held concerning the good name and character of an employee. No action was taken after the session and the commission meeting was adjourned.

TVA-Browns Ferry Nuclear Power Facility, NRC Meeting Supplemental Inspection Report

Tanner, Alabama -Thursday, August 9, 2012. The Nuclear Regulatory Commission (NRC) conducted a Supplemental Inspection Status reporting session to the "Red Flag" finding which the NRC placed on Tennessee Valley Authority's (TVA) Browns Ferry Nuclear Power Plant operators for failing to correct reoccurring problems of a stuck valve in the Residual Heat Removal (RHR) System of Browns Ferry Unit 1.

The purpose of the meeting was to discuss the status of TVA’s preparations for Part 3 of the NRC’s supplemental inspections of the plant associated with the "Red Flag" finding.  Public input was allowed at the end of the business session.

A "Red Flag" finding is the highest inspection finding indicating degraded conditions exist in a nuclear power plant without the actual closure of the nuclear facility.

The supplemental inspection processes are called a 95003 process - it is a 3 part process: Part 1- Component Testing Programs, completed September 2011; Part 2- Maintenance Programs, completed December 2011, according to the TVA and the NRC; Part 3 formal 95003 completion - the TVA will notify the NRC when they are ready for the final part 3 inspection process.

 The entire process includes a series of comprehensive, intrusive and diagnostic procedures and inspections which are performed by the NRC to insure the nuclear reactor problem(s) identified are corrected; all programs and processes are reviewed during the final inspection.

According to the NRC, the program's correction process is also designed to insure the nuclear facility operator does not repeat the same failure. Athens News Courier report of the session: http://enewscourier.com/local/x1555256858/TVA-says-no-inspection-until-improvement-at-Browns-Ferry-plant

There is a shortcoming to this process, there is no minimal time frame the nuclear facility operator must complete the enhanced improvements/inspection program Part 3 - the formal 95003 final inspection process. TVA tells the NRC when they are ready for the final inspection. The NRC's corrective process could go on for an indefinite period of time or until the laws of statistical probability catches up to a system of repetitive failures and an accident occurs which may have devastating consequences; such as depicted in the photo to the left of Fukushima Unit #3. (photo by Cryptome) The Browns Ferry Nuclear Reactors are the same type which were at Fukushima, Japan which exploded and melted down due to a "station blackout" and a failure of the facility operator to correct known deficiencies in the GE Mark 1 nuclear rector design and resolve problems due to its location near an earthquake fault zone and tsunami area.

Present at the Supplemental Inspection Status report session were the NRC Region 2 officials (pictured below)

(photo by G. Morgan)

and TVA Nuclear Power Executives (pictured below).

(photo by G. Morgan)

IS PART 2 OF THE 95003 PROCESS ACTUALLY COMPLETE?
A control room fire occurred at the Unit 3 Reactor in January 2012 due to a capacitor failure in the antiquated analog "Warning/Annunciator Panel's" power supply. The TVA reported in its Corrective Action Plan the capacitors have a life expectancy of 8 years. The parts had been in place for more than 30 years. Repetitive failures of the parts were reported in 2008 and 2009. A Corrective Action Program was established in 2011, but no corrective action was taken to replace the antiquated part. (Huntsville Times article by Brian Lawson with official TVA & NRC documentation attached: http://blog.al.com/breaking/2012/07/browns_ferry_nuclear_plant_had.html  )

Prior and after the NRC scheduled meeting I had a discussion about the January Unit 3 control room fire issue with the NRC Public Relations representative and the NRC Senior Resident Inspector assigned to Browns Ferry. The NRC Senior Resident Inspector stated to me," the problem with antiquated capacitors is a problem throughout the Browns Ferry Nuclear Facility." The official report indicates the Maintenance Portion of the 95003 Inspection is complete. Do antiquated capacitors in relays or other power supplies exist in the critical actuators and safety valve systems of the nuclear reactor's Residual Heat Removal system or the High Pressure Cooling Injection systems integral to the reactors safety system?

Relating to the January 2012 Unit 3 Control Room fire: It is significant the NRC does not consider all "Warning/Annunciator Panels" part of the plants safety system, only some panels are chosen to be part of the safety system. The NRC Senior Resident Inspector informed me during our conversation the specific warning panel indicated failures of ventilation systems within the plant. Accordingly, this was a reason not to require the immediate reporting of the power supply fire disabling the warning panel in January of this year in accordance with nuclear safety law.

NRC's 95003 INSPECTION OVERVIEW OF PERFORMANCE INDICATORS
The NRC has stated they will evaluate TVA's corrective actions and the long term plan for improvement relating to the repetitive Residual Heat Removal system valve failure. TVA's implementation of an Integrated Improvement Plan which follows industry standards established for similar inspections is the basis for improving the degraded plant systems.

Corrective actions displayed by the TVA in improving the Browns Ferry Nuclear facility's performance and a display of positive actions regarding performance improvement will be how the NRC measures TVA's success. All corrective action programs as part of the ongoing reactor oversight process will continuously by verified by the NRC.

TVA's POSITION AND CORRECTIVE ACTION PLANS

TVA's Integrated Improvement Plan addresses 5 focus areas of fundamental problems relating to on site safety culture weaknesses. Moving from center, then left to right within the pink area on the slide- Accountability, Corrective Actions Program, Fire Risk Reduction, Equipment Reliability, Organizational Decision Making. (Click on image for an expanded view.)

The Integrated Improvement Plan is finalized. As indicated on the TVA slide: -"A living plan;" -consists of 1000 action items; -40% of the plans actions are complete; - 75% of the plans actions will be complete by years end. (Click on image for an expanded view.)

During the public input session I asked of the TVA executives present whether a contractor or the TVA executives prepared the Performance Metrics system. Keith Polson, TVA Vice President of Browns Ferry replied: "A TVA contractor and our executive staff developed the Performance Metrics program."

Mr. Polson further commented, "there were 45 performance metrics tied to 18 performance areas, 15 major areas to be evaluated and 3 additional areas, identified for performance evaluations."

Improvements needed - improvements realized:  Operational improvements were not meeting established goals; Corrective Actions Program Health guidelines were below goals (radiation exposures); equipment reliability was improving but still is below goals. The industry standard for equipment reliability is 90%. I asked the TVA staff present, "due to the aging state of Browns Ferry do you think it is possible to reach the industry standard of 90%?" Mr. Polson replied, "we intend on being at 80% equipment reliability by years end and we will reach a 90% equipment reliability rate." It was reported that Browns Ferry equipment reliability was at 55% when the process began and is currently at 75%. Further information reported by the TVA executives present- Unit 2 has operated for 427 days continuously without an outage or SCRAM. Browns Ferry has operated over 5 million man hours without an on the job injury.

Mr. Polson further commented, "we are developing a program to correct 'RAD Waste' problems at Browns Ferry." This was another area I asked the TVA staff present to clarify. Polson stated, "the rad waste problem I speak of relates to cooling water disposal. We will be developing a schedule to correct that problem."

TVA Vice President of Nuclear Operations Keith Swafford made 2 important commitments for improvements: "We will fix the safety culture failures which led to the Browns Ferry problems...it is our goal to rid the station of fire risk problems."

PUBLIC INPUT SESSION
5 citizens voiced their concerns to the TVA and NRC, Jackie Tipper, Nancy Muse, Stewart Horn, an unidentified lady and Garry Morgan spoke about several issues.

Nancy Muse, an area resident, pointed out that she knew several fire fighters and emergency responders in the area and they were not aware of any Emergency Plans or procedures or plans relative to the Browns Ferry Nuclear Plant where an evacuation might become necessary. Ms. Muse stated there is a serious lack of preparedness relating to disaster management. (photo by G. Morgan with Nancy Muse's permission)

Ms. Muse expressed other concerns which were reported in the Florence, Alabama Times Daily on line edition: "Florence resident Nancy Muse attended the meeting and was not impressed by TVA’s presentation. “I have been coming to these meetings for 30-something years,” she said.

“We were always led to think things were as they should be, when it is clear now that things are not as they should be.”Muse expressed concern about the plant’s age. She brought an article by The Associated Press that said most nuclear plants like Browns Ferry were only meant to last about 40 years. The plant began operation in 1974. “Browns Ferry does not get good reviews,” she said. “Now is the time to start decommissioning the aging plants.”"  http://timesdaily.com/stories/Browns-Ferry-under-fire-from-public,194028


An online caller during the public input session of the meeting asked, "how long does the TVA have to complete the improvements and request the NRC's final inspection, will the process continue on indefinitely?" Ms. Jackie Tipper, a resident who lives across the river from Browns Ferry commented, "the NRC appears to be a tool of the nuclear power industry."  Mr. Leonard Wert, NRC Region 2 Deputy Administrative Director replied, "the plant operator must make corrective actions. The NRC personnel are dedicated employees and we will not hesitate to close a nuclear facility if it becomes necessary."

SUMMARY
TVA is making long overdue improvements at Browns Ferry. Unfortunately, there seem to be lingering questions regarding management performance indicators, safety culture, maintenance and implementation of Corrective Action Programs.  Obvious management problems which have been reported in the media: The January Control Room fire relates to a trend of continuing maintenance failures and the failure to implement Corrective Action Program plans in a timely fashion to correct known deficiencies. A lack of proper fire safety training resulted in a June White finding. The lack of management focus relating to continuous maintenance, safety and training failure issues are very bothersome. It is this continuous lack of attention to detail in the Browns Ferry Nuclear Facility which very well could begin a chain of non-anticipated events. Particularly when you consider the probability of a natural disaster such as an EF5 Tornado resulting in a station blackout and worse, a direct hit to the nuclear facility.

The TVA has set a performance standard concerning equipment reliability at 90% and they state that is the nuclear industry standard. Currently the TVA's equipment reliability rate is 75% at Browns Ferry and state they will achieve 80% by years end. Is a 10% to 20 equipment reliability failure actually acceptable at a nuclear facility? What if the 20% equipment failure is a critical safety system which must operate properly during a reactor SCRAM?

The official report indicates the Maintenance Portion, Part 2, of the 95003 process is complete. Do antiquated capacitors in electronic relays, switches or other power supplies exist in the critical actuators and safety valve systems of the nuclear reactor's Residual Heat Removal system or the High Pressure Cooling Injection systems integral to the reactors safety system? Although Browns Ferry Vice President Keith Polson indicated the analog systems were being changed out to modern digital systems, the NRC's Senior Resident Inspector indicated there were  problems relating to analog system maintenance and the antiquated capacitor problem existing throughout the nuclear power facility.

There is a continuing failure at the Browns Ferry Nuclear facility to correct maintenance problems and follow through on corrective action plans. The long term nature of continuing maintenance and safety problems reflect a failure in oversight. This is an example of NRC's culture of support to the nuclear industry instead of public health and welfare.

 A continuing lack of attention to detail coupled with a failure to adhere to preventive maintenance programs and corrective action plans are evident in the January Unit 3 control room fire and the recent White Finding issued on June 22, 2012 by the NRC.

The June 22nd White Finding indicated: 1) Operators were not familiar enough with fire safety requirements; 2) a systems approach to training was not properly implemented and the procedures could not be satisfactorily performed by plant operators and staff; 3) there was a failure to adequately identify and perform required training for implementation of procedures for combating plant fire events affected the licensee’s ability to respond to a plant fire.” Reference: http://www.isssource.com/safety-woes-at-browns-ferry-nuke/

The NRC is scheduled to announce later this month the result of the findings regarding the January Unit 3 Control Room Fire. The bottom line, maintenance and safety culture failures are still evident at Browns Ferry and the NRC continues to place the nuclear industry concerns before citizen health and welfare.

Town Hall Meeting with Congressman Mo Brooks at Scottsboro

Mayor Potter introduces Congressman Mo Brooks at last nights Scottsboro Town Hall meeting.

Congressman Brooks presentation was redundant. This was the 3rd Town Hall meeting I have attended. His presentation was a repeat of others with very slight differences. Brooks provided no disclosures as to his current actions on "Capitol Hill" as our 5th Congressional District Representative, or in any committee he is a member.

There were 3 highly questionable statements made by Congressman Brooks at last nights Town Hall Meeting in Scottsboro. (quotes)

1) "Regulation is the epitome of socialism."

 2) "The other side [Democrats] want to make the creation of business evil." 

3) "The Obama administration is transferring heavy weapons to Mexican Drug lords." This comment was made in regards to the "Fast and Furious" program's selling, purchase,  and tracking of firearms which reach Mexico's narco traffickers. Brooks went on to say, "This program began during the Bush administration but tracking chips were placed in weapons by the Bush administration and agents would confiscate weapons."

Our nation has enough problems without the false rhetoric from our political leaders. The riff between the Democrat and Republican Party grows wider and deeper. There are no efforts by political  leadership from either political party to focus on problem resolution for the benefit of our nation.

 Congressman Brooks was provided a letter with information and references concerning 3 specific issues with questions listed below.

Issue 1: LIBOR BANK FRAUD AND THE MANIPULATION OF THE DERIVATIVES MARKET.
Currently there are over 1000 trillion dollars of derivative financial market instruments which are outstanding that have been traded and sold by U.S. and world banks today. The total world economic worth today is between 70 and 80 trillion dollars. The derivative financial market trading and the manipulation of the interest rates of the derivatives were enabled in the U. S. by the Commodity Futures Modernization Act of 2000, Pub.L. 106-554, 114 Stat. 2763A (as part of the Consolidated Appropriations Act, 2001).

What are you going to do Congressman Brooks to reverse the 2000 Commodity Futures Modernization Act’s further destruction of the United States economy?

ISSUE 2: NATIONAL SECURITY VIOLATION, “LEAK” OF TOP SECRET NATIONAL SECURITY DOCUMENTS. THIS VIOLATION STANDS TO COST THE LIVES OF MILITARY AND CIA OPERATIVES IN THE SOUTHWEST ASIA MILITARY THEATER OF OPERATIONS.

Reference a Reuters News article release link: http://www.reuters.com/article/2012/08/01/us-usa-syria-obama-order-idUSBRE8701OK20120801 There are 4 distinct security compromises apparent in the Reuters article: 1) Obama signed the top secret intelligence authorization; 2) Mission disclosure- “Obama's order, approved earlier this year and known as an intelligence "finding," broadly permits the CIA and other U.S. agencies to provide support that could help the rebels oust Assad.” 3) “United States was collaborating with a secret command center operated by Turkey and its allies. This "nerve center" is in Adana, a city in southern Turkey about 60 miles from the Syrian border, which is also home to Incirlik, a U.S. air base where U.S. military and intelligence agencies maintain a substantial presence.” 4) “Free Syrian Army had obtained nearly two dozen surface-to-air missiles...shoulder-fired missiles, also known as MANPADs, had been delivered to the rebels via Turkey.”

This obvious violation of National Security is atrocious, what are you going to do Congressman Brooks to stop the disclosure of Top Secret National Security information which could result in the loss of U.S. Military or Civilian Assets on the ground in the Southwest Asia Military Theater of Operations?

ISSUE 3: NATIONAL SECURITY VIOLATIONS, LACK OF CIVILIAN CONTRACTOR SECURITY ACCOUNTABILITY AT NUCLEAR INSTALATIONS AND FACILITIES.

There are serious issues within our government today concerning holding accountable the leadership within the Nuclear Regulatory Commission (NRC) and the National Nuclear Security Administration (NNSA) regarding nuclear security. The lack of regulatory enforcement has allowed serious short comings related to security surrounding nuclear facilities. The failures involve civilian security contractors and regulatory managers.

(A)    Y-12 Facility, Reuters News Service, August 3, 2012- Officials said the facility was shut down on Wednesday at least until next week after three senior citizen activists, one being a Nun and 82 years old, cut through perimeter fences to reach the outer wall of a building where highly enriched uranium, a key nuclear bomb component, is stored. http://news.yahoo.com/u-nuclear-bomb-facility-shut-security-breach-115609328.html 

The activists painted slogans and threw what they said was human blood on the wall of the facility, one of numerous buildings in the facility known by the code name Y-12 that it was given during World War Two, officials said.

While moving between the perimeter fences, the activists triggered sensors that alerted security personnel. But officials conceded the intruders were still able to reach the building's walls before security personnel got to them.

Civilian contractors- WSI Oak Ridge, the contractor responsible for protecting the facility at Oak Ridge, Tennessee, is owned by the international security firm G4S.

If the senior citizens had been a trained terrorist group the Southeast U.S today would be a much different place. Retraining is not sufficient; this reflects a serious breach of security, not to mention a breach of WSI’s contract to provide security.

(B)    Civilian Nuclear Power Plants Security Violations- CNN June 29, 2011. 24 civilian nuclear power plants are tested annually. “Last year's results are roughly analogous to those in recent years. In the three previous years, between two and four plants were breached and targets "destroyed," NRC records show.” That equates to an 8% to 16% failure rate, which is an unacceptable failure rate for security operations at civilian nuclear power reactor facilities.

Acceptance of contractor negligence by the NRC:  http://www.nrc.gov/reading-rm/doc-collections/fact-sheets/force-on-force.html The problem once again appears to be civilian contractors and a failure of the regulator to hold accountable those who fail the security exercises. The NRC official’s comment, “We don't characterize (the results) as good or bad because the plants must adhere to our security regulations, period," said NRC spokeswoman Holly Harrington. "If there are these failures, which from time to time occur, they are fixed and the plants are told they have to meet these requirements." That is an excuse; there are repetitive failures at nuclear plants by the civilian security contractors.

“To improve the program, the NRC worked with the nuclear industry to develop a Composite Adversary Force (CAF) that is trained to standards issued by the Commission. The new adversary force has been used for all FOF exercises conducted after October 2004. NRC expects the CAF to be a significant improvement in ability, consistency, and effectiveness over the previous adversary forces. The CAF will be evaluated at each exercise using rigorous NRC performance standards issued in April 2004.”

“The CAF is managed by a company (Wackenhut) that provides much of the security for U.S. nuclear power plants and is, therefore, well-versed in the security operations of power plants. The NRC recognizes that there may be a perception of a conflict of interest where the management company cannot adequately test either the CAF or the plant security force. NRC established a clear separation of functions between the CAF and plant security force to ensure an independent, reliable, and credible mock adversary force. In addition, no member of the CAF may participate in an exercise at his or her home site.”

Utilizing contractors to conduct security testing which have security contracts at nuclear facilities is an example of the ridiculousness and the intentional skewering of security exercises.  Even so, 8-16% fails annual security tests. Special Forces units of Department of Defense should be conducting the tests. Managing security operations testing in the current fashion at nuclear reactor facilities is the epitome of management failure and corruption

QUESTION CONCERNING THE NUCLEAR FACILITY SECURITY ISSUES- Congressman Brooks, what are you going to do to improve the security systems at our nuclear power plants and high security nuclear facilities in the Tennessee River Valley area?

Congressman Brooks assured me he would conduct an inquiry and reply to the issues brought forward to him.

Update: As of August 1, 2014 Mr. Brooks has said nothing about the questions asked of him 

Scottsboro City Council Work Session-Little League Players and Coaches Receive Recognition

Last night was a short work session with no items on the published agenda for business. However there was a presentation to members of Scottsboro's Little League and one citizen presentation concerning First Monday.

The City of Scottsboro presented awards to the Little League's 9 year old Scottsboro All-Stars. The team placed 4th in the Dizzy Dean World Series for Little League 9year old players. 

About Dizzy Dean sports: "The main purpose of this program is to provide youth ages five (5) through nineteen (19) years of age, a fair and equal community based baseball and/or softball program."   http://dizzydeanbbinc.org/  

Daily Sentinel Report: "The Scottsboro nine-year-old baseball all-star team's run at the Dizzy Dean World Series ended with a top-four finish...Scottsboro went 5-2 in the tournament, becoming the first Scottsboro team to win a Dizzy Dean World Series game." http://thedailysentinel.com/sports/article_bbe0aa74-d12b-11e1-a29f-0019bb2963f4.html

The players. (photos by G. Morgan)

The coaches.

City Council President Matthew Hodges and Mayor Potter Make presentations.

The trophy.

55 citizens, mostly proud parents, were present for the ceremony, some of the parents recorded this memorable event.

Garry Morgan made presentation in support of the First Monday Trade Day Event during the sign-up portion of the City Council Meeting. The council was asked to support the event and it was mentioned that the City Coordinator for the event must stop harassing vendors by asking them to remove their vehicles from the parking spaces where they are selling items when the city ordinance allows the vendors with their vehicles to be present from 6PM Friday to 6PM Monday during the Trade Day event. Vendors with their parked vehicles must be selling out of the spot where the vehicle is parked. Confidence was expressed in Mayor Potter's ability to resolve this issue.

After the work session adjourned the Scottsboro Solid Waste authority Board met and approved the expansion and purchase of 12+ acres at the Martintown Landfill. Ms. Carol McCrary was absent from last nights City Council and Solid Waste Authority meeting.

The Scottsboro Solid Waste Authority.

Is there more to the Aurora Colorado theater Massacre than meets the public eye? A connection to massive LIBOR FRAUD case?

A tragic story or the beginning of a colossal conspiracy involving international bankers? Information portrayed in this case by international and national media relating to James Holmes experience, handling of weapons, tactics utilized and explosive devices - including the rigging of complicated sets of explosive traps in his apartment is not sensible nor logical information. Holmes has no military experience, no explosive ordinance training, no experience in tactics carried out in the crime he is alleged to have committed. It is improbable that any person lacking explosives and tactical training and experience could have carried out a crime of this nature.



James Eagan Holmes, the Aurora, Colorado movie theater shooting suspect's father is "Robert M. Holmes, senior lead statistician and anti-fraud specialist at the San Diego office of Minneapolis-based FICO (Fair Issac Company), New York Stock Exchange-listed company that was formerly named Fair Isaac."

"The senior Holmes earned a PhD in statistics from Cal-Berkeley, a Master's in bio statistics from UCLA, and a bachelor's in mathematics from Stanford. Over the last ten years, he has developed predictive models for financial services, and credit fraud risk models. He is one of several scientists who patented a predictive model system used to detect telecommunications fraud." http://www.sandiegoreader.com/weblogs/news-ticker/2012/jul/20/holmess-father-is-anti-fraud-scientist/

That is the beginning of the story, now for a theory and motive for a crime.

The Batman Movie Massacre, How, Why and Who ( in part from :  http://www.helpfreetheearth.com/news617_batmanwhohow.html  by Grace Powers and http://www.redicecreations.com/article.php?id=21016 )

Robert Holmes, the shooting suspect’s father, is a senior lead scientist with FICO (Fair Issac Company), the American credit score company. He was scheduled to testify in the next few weeks before a US Senate panel that is investigating the largest bank fraud scandal in world history. The LIBOR (London Interbank Offered Rate) banking fraud scheme threatens to destabilize, and possibly destroy, the Western banking system.

LIBOR Fraud Stories (research by G. Morgan): RBS-  http://www.businessweek.com/news/2012-08-03/rbs-s-ceo-blames-libor-manipulation-on-handful-of-individuals 
Berkshire Bank Sues Barclays, Citigroup Over Alleged Libor Fraud- http://www.sfgate.com/business/bloomberg/article/Berkshire-Bank-Sues-Barclays-Citigroup-Over-3745556.php
LIBOR Fraud ongoing since 1991- http://www.huffingtonpost.com/mark-gongloff/libor-fraud-timothy-geithner_b_1710225.html
$800 Trillion, On any given day, $800 trillion worth of credit-related transactions are linked to Libor rates. Massive Wallstreet corruption- http://www.washingtonpost.com/opinions/elizabeth-warren-libor-fraud-exposes-a-rotten-financial-system/2012/07/19/gJQAvDnDwW_story.html
LIBOR fraud, the mother of all bank scandals- http://www.usnews.com/opinion/blogs/economic-intelligence/2012/07/23/libor-fraud-may-be-the-mother-of-all-bank-scandals
The political nature of the beast- http://dollarsandsense.org/blog/2012/08/libor-swaps-and-the-inherently-political-nature-of-interest-rates.html 


 According to the author, the background of Robert Holmes is the motive for the murders and "setting up Holmes' son.  "Robert Holmes not only uncovered the true intent of the massive LIBOR banking fraud, but his "predictive algorithm model" also traced the trillions of "hidden"dollars to the exact bank accounts of the elite classes who stole it. In other words, Robert Holmes could NAME NAMES! Those names WOULD AWAKEN THE WORLD to the depth of government and corporate corruption which could include members of Congress, Wall Street, Federal Reserve and EU executives and could even include US Presidential candidates and the British Royal family."

The motives for the massacre are:
1) To silence whistle-blower Robert Holmes whose son is now facing a possible death sentence
2) To influence the upcoming vote on the UN Global Small Arms Treaty which could result in gun confiscation and disarming world citizens. The UN treaty could override national sovereignty and give a license to federal governments to assert preemptive gun control powers over state regulatory powers."

JAMES HOLMES WAS KIDNAPPED

Two months prior to the theater massacre, James Holmes’ entire world was turned upside down. That’s when two "Black Op" hitmen, entered his life and unraveled it using a drug called "SCOPOLOMINE" - also known as the "The Devil’s Breath."

DRUGGED

Scopolomine or "The Devil’s Breath" is colorless, odorless and tasteless and can be easily dissolved in drinks or sprinkled on food. Victims become so docile, they have been known to help thieves rob their homes and empty their bank accounts. Women victims have been drugged repeatedly over days and gang-raped or rented out as prostitutes.

In a common scenario, a person is offered a drink laced with the substance and wakes up miles away, extremely groggy and with no memory of what happened. The victim soon discovers that they have handed over jewelry, money, car keys, and sometimes even made multiple bank withdrawals to their assailants.



Scopolamine completely blocks the formation of memories making it impossible for victims to ever identify their aggressors. Under hypnosis, people can normally recall what happened to them...but scopolamine induces amnesia because the memory was never recorded," said Dr. Camilo Uribe, the world’s leading expert on the drug.The drug depresses the cerebrum and destroys the power of reasoning. There is no power to think or reason.

From the CIA: https://www.cia.gov/library/center-for-the-study-of-intelligence/kent-csi/vol5no2/html/v05i2a09p_0001.htm     Scopolamine as "Truth Serum"

"Early in this century physicians began to employ scopolamine, along with morphine and chloroform, to induce a state of "twilight sleep" during childbirth. A constituent of henbane, scopolamine was known to produce sedation and drowsiness, confusion and disorientation, incoordination, and amnesia for events experienced during intoxication. Yet physicians noted that women in twilight sleep answered questions accurately and often volunteered exceedingly candid remarks..."

This is what happened to James Holmes. He claims he has no memory of the massacre or what happened. An employee at the Arapahoe County Detention Center, where Holmes is in an isolation cell, told sources: “He claims he doesn’t know why he’s in jail. He asked, ‘Why am I here?’

THE REAL JAMES HOLMES

James Holmes grew up in a church going family, a "MayberryFICO."

In high school, James ran cross-country, played soccer and snow boarded. After graduating, he completed an internship at the Salk Institute and Miramar College’s biotechnology “boot camp.” He also worked as a camp counselor. James has no criminal or military history whatsoever.

James Holmes received the prestigious National Institutes of Health Neuroscience Training Grant at the University of Colorado Anschutz Medical Campus in Denver. The $26,000 stipend paid his tuition for the highly competitive neuroscience program. Billy Kromka who worked with James for three months last summer in the Medical lab, said, "There’s no way I thought he could have the capacity to commit an atrocity like this".



TIMELINE

June, 2011 - James Holmes enrolls in the neuroscience Ph.D program at the University of Colorado Denver.

May 21, 2012 - Two months before the massacre, James Holmes is befriended by BLACK OP HITMAN #1 who drugs him with scopolomine for the first time. The hitman takes the drugged Holmes back to Holmes apartment at 1690 Paris Street in Aurora. The hitman moves in with Holmes and stays undercover for 8 weeks. The hitman maintains Holmes in a drugged state and accesses his email and bank accounts.

May 22nd, 2012 - Hitman #1 buys a Glock pistol using James Holmes identification. Less than a week later, he upgrades to a shotgun. The following week, he buys an AR-15 rifle. Hitman #1 also purchases explosive materials and equipment to rig Holmes entire apartment with a complex series of booby traps.

June 7th, 2012 - James Holmes shows up on campus for an oral exam in a drugged fog and fails.

June 7th to July 2nd, 2012 - Using James Holmes email, Hitman #1 orders amunition, magazine holders, combat vest, knife, mask etc. with expedited shipping costs through FEDEX and USPS. Holmes signs for the deliveries in a drugged state.

July 5th, 2012 - While James Holmes is drugged, Hitman #1 dyes Holmes’ hair red-orange and takes a photo of him. The hitman then creates a profile for James Holmes on the AdultFriendFinder adults-only website. When completing the profile for Holmes, the hitman doesn’t know that Holmes is 6’3", so he mistakenly enters 6’0".

The hitman uploads James Holmes photo. Only days before the massacre, the hitman makes an entry on the AdultFriendFinder website site. Pretending to be Holmes, he describes his penis as "short/average". He uses the screen name "classicjimbo" with a message on top of the profile which reads, "Will you visit me in prison?"

July 18th, 2012 - Hitman #1 mails an incriminating notebook filled with gruesome sketches and details of the plans for the attack in the crowded theater. The notebook is in a package sent to a professor at the University of Colorado, where Holmes was a Ph.D. candidate until dropping out of school just prior to the killings. The package was delivered by the U.S. Postal Service on the Monday after the shootings which forced the evacuation of a campus building for 2 1/2 hours.

July 19th, 2012 - Hitman #1 drives the GETAWAY CAR to the theater and parks it at the side of the multiplex. He buys a Batman ’The Dark Knight Rises’ movie ticket and enters Theater 9. He sits in the far right front theater seat near the emergency exit door. He receives and picks up a cell phone call from BLACK OP HITMAN #2, then gets up and goes over to the emergency exit door. A movie theater witness named Corbin Dates sees him talking on the cell phone and holding the exit door open with his foot. Hitman #1 jams the exit door ajar for Hitman #2.



Hitman #2 parks James Holmes’ white Hyundai Coupe outside the Theater 9 emergency exit door at the back of the multiplex. James Holmes is drugged and semi-conscious in the passenger seat next to him. Hitman #2 is wearing full protective combat gear. His guns, ammunition, gas can and mask are stashed in back of the car. He calls Hitman #1 on the cell phone and gets the "go ahead" signal.

Hitman #2 gets out of the white Hyundai, leaves the semi-conscious James Holmes (locked?) inside the car, then opens up the hatchback and arms himself with guns and ammo. He straps on his gas mask, carries his weapons and gas cans into the theater through the exit door twenty minutes after the movie starts. Using the tactical maneuvers of a trained commando, he throws a gas canister into the crowd and shoots one shot into the air. The shot scares people out of their seats making them easy targets.

Gunman #1 leaves the theater through the exit door and returns to the getaway car parked at the side of the multiplex.

For 90 seconds, Hitman #2 shoots hundreds of rounds of bullets into the crowd killing 12 people and wounding 58 others. He then turns and runs out the exit door, strips off his armor and leaves a trail of blood, guns and protective gear that lead to the white Hyundai where James Holmes is sitting in a drugged stupor.

The gunman continues wearing his gas mask to hide his identity from the eye of a rooftop security camera positioned at the corner of the multiplex. After passing under the security camera, Hitman #2 ditches the mask, turns the corner of the building, then ducks into the getaway car driven by Gunman #1. The Black Op hitmen speed away.

The James Holmes Conspiracy: http://topdocumentaryfilms.com/james-holmes-conspiracy/
The James Holmes Conspiracy (2012 Full Documentary) from Multiscan on Vimeo.




What effect has two months in a "scopolamine" stupor had on James Holmes physical, emotional and mental health?

Article in part from: helpfreetheearth.com "Batman Massacre: WHY and HOW and WHO" by Grace Powers  and http://www.redicecreations.com/article.php?id=21016

Meanwhile back in the land of bank fraud and corruption. It appears the LIBOR case may be the biggest bank fraud case in history.  James Holmes father, Mr. Robert Holmes, according to reports, was scheduled to testify before Congress about the LIBOR fraud case. Miraculously, Mr. Holmes son becomes an unexplained weapons and explosives expert in a heinous crime. There may be much more to this story which has not been told.

Is all the above true, maybe - maybe not. What is true is the massive LIBOR Bank Fraud scam. How that involves Mr. Robert Holmes and the very bizarre set of circumstances involving his son up to the time of the Aurora Theater murders is very suspicious and merits an intensive investigation.

WHAT IS LIBOR (London Interbank Offered Rate)and WHY THE CONCERN?

The latest finance scandal concerns the LIBOR, London Interbank Offered Rate, the acronym for the inter-banking loan rate. Some experts maintain the fraud is potentially the biggest crime ever in the world as the LIBOR rate is used as the basis for so many other financial calculations.

Bank robbery by the banker. Barclay's Bank in Britain has been caught with their hands in the "interest rate fixing cookie jar." (At least that is what some are saying. But as I will explain below in "More than Barclay's" the crime is greater.) The banking system was not victimized by a group of criminals, the inter bank interest rate and its system of  derivatives trading appears to be a criminal enterprise. After the financial system meltdown of 2008, the international banking institution's leadership are controlling the political mechanisms of the western world. The governments and the people are paying the cost of the Wall Street bankers’ crimes. The criminals not punished, they are rewarded with trillions of dollars in money from world’s central banks, this includes the U.S. Federal Reserve, via derivative trading schemes.

The biggest impact of the LIBOR rate-fixing scheme occurs in the business of exchange-traded derivatives and over-the-counter derivatives ,  ran by Wall Street's Investment Bankers. There are approximately $1,000 trillion in derivatives in the world economy. However, the total word economy is valued at  $70 to $80 trillion a year. That means the derivatives market which Wall Street investment bankers created are up to 14 times bigger on paper than the actual value of the entire world economic market. An analogy - a house of cards poised for collapse.

The LIBOR fixing and the derivatives market transaction trading are a continuing circle of schemes which allows the criminal enterprise to grow, and ever larger criminal transactions to occur in which the banks ultimately record as profits or pass on as losses to the public at-large. The derivative transactions are greater than worlds total economic market wealth.

MORE THAN BARCLAY'S INVOLVED  

LIBOR Contributing Banks Named in Commodities Fraud and Antitrust Class Actions http://www.securitiesarbitrations.com/Securities-Arbitration-Blog/Article/4/2011/111/LIBOR-Contributing-Banks-Named-in-Commodities-Fraud-and-Antitrust-Class-Actions

April 27, 2011 - Credit Suisse Group AG, Bank of America Corporation, J.P. Morgan Chase & Co., HSBC Holdings plc, Barclays Bank plc, Lloyds Banking Group plc, WestLB AG, UBS AG, Royal Bank of Scotland Group plc, Deutsche Bank AG, The Norinchukin Bank, and Citibank, N.A., have been named in two separate class actions alleging fraud and the manipulation of LIBOR Rates and Exchange Traded LIBOR Based Derivatives.

LIBOR serves as the pricing benchmark for the most actively exchange-traded Libor-based interest rate futures, options and swap contracts in the world, including: CME 1-Month Eurodollar futures and options contracts, CME 3-Month Eurodollar futures and options contracts, CBOT mini-sized Eurodollar futures and options contracts, and CBOT 5-Year, 7-Year, 10-Year, and 30-Year Interest Rate Swap futures and options contracts (collectively "Exchange Traded Libor-Based Derivatives"). As an intended, proximate and direct result of Defendants’ manipulation of Libor, billions (if not trillions) in dollars of Exchange Traded Libor-Based Derivatives.

According to the complaints, beginning as early as 2006 and continuing though at least 2009, these contributor banks intentionally caused and created artificial Libor rates, including artificially manipulating LIBOR prices in violation of the Commodity Exchange Act, 7 U.S.C. 1, and through a combination, agreement and conspiracy to fix - Libor prices and to restrain trade in the market for Libor-based derivatives in violation of the Sherman Act, 15 U.S.C. §1.

The conspiracy consisted of a continuing agreement, understanding or concerted action between and among Defendants and their co-conspirators in furtherance of which Defendants fixed, maintained, and/or made artificial prices for LIBOR-based derivative contracts.

Entities who purchased or sold Exchange Traded Libor-Based Derivatives, including CME Eurodollar futures contracts, on either the Chicago Mercantile Exchange ("CME") or Chicago Board of Trade ("CBOT"), during the period of at least January 1, 2006 through and including December 31, 2009 may have standing to bring these claims. For more information contact Nicholas J. Guiliano, Esquire, The Guiliano Law Firm. ((877) SEC-ATTY )

CRIMINAL CONSPIRACY - WHOSE WATCHING THE WATCH DOG?


The LIBOR scams and fraud in the United States became possible after the signing of the December 21, 2000: Commodity Futures Modernization Act of 2000, Pub.L. 106-554, 114 Stat. 2763A (as part of the Consolidated Appropriations Act, 2001) Say thank you to President William Jefferson Clinton and the 106th Congress of the United States of America for allowing the destruction of our economic system. http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000