The Nine Billion Names of Fraud
We don't want to see a pattern where there isn't one, but - what are we seeing?
Oct 23, 2001: "Lucent: Nearly US$9b In Losses"
Troubled Internet networker Lucent Technologies reported a fourth quarter net loss totaling $9 billion. But the Murray Hill, N.J.-based company said its loss from continuing operations narrowed during the quarter, while its pro-forma net loss was worse than what Wall Street had expected.
Nov 7, 2002: "WorldCom Restatement Now $9 Billion"
The Securities and Exchange Commission has expanded its civil fraud complaints against bankrupt telecommunications firm WorldCom after it said it might have to restate about $9 billion in revenue. In a statement Tuesday, WorldCom said as a result of settlement discussions with the SEC regarding fraud complaints, it planned to restate about $9 billion in revenue.
Oct 6, 2003: "Schwarzenegger Accused of Involvement in $9B California Swindle with Enron’s Ken Lay"
[A] new report by investigative reporter Greg Palast published on Saturday is charging Arnold and Enron’s Kenneth Lay involvement in a $9 billion California swindle. At the center of the story is a private lawsuit filed last year by California’s Lieutenant Governor Cruz Bustamante to make Enron and other power companies pay back $9 billion in illicit profits. The suit shows how they carried off the profits by fraudulent reporting of sales transactions, megawatt "laundering," fake power delivery scheduling. Palast cites a 34-page internal Enron memo he obtained.
Nov 29, 2004: "Russia to write off $9 billion from Iraq's debt"
Interfax news agency said that Russia is intending to cut off at least $9 billion of Iraq's debt to Moscow, UPI reported. Iraqi debt initially amounted to approximately $10.5 billion, according to Russian government officials and will be reduced to $700 million to $1 billion, after rescheduling and writing off.
Dec 15, 2004: "SEC: Fannie Mae Hid $9 Billion Loss"
The SEC says that Fannie Mae, the organization that helps the government prop up the housing market as well as banks with reckless lending practices, violated accounting rules and must restate their earnings.... The SEC has been investigating the accounting of Fannie Mae, which finances one of every five home loans in the United States. Fannie Mae said last month that if the agency found that it had improperly accounted for derivatives, it would show an estimated net loss of $9 billion for the third quarter of this year.
Dec 15, 2004: "Two senators debate the need for a $9 billion unnamed program in the secret federal intelligence budget"
The government spends an increasing amount of its budget on spying, and exactly how much is a closely guarded secret. Here's an example. One large item on the intelligence budget is said to cost $9 billion but officially nobody knows what it is. Some say it's a stealth spy satellite; others say that anyone talking to the news media about it should be investigated.
Jan 30, 2005: "US Iraq authority missing $9 billion"
The U.S. occupation authority in Iraq was unable to keep track of nearly $9 billion it gave to government ministries lacking financial controls, security, communications and adequate staff, a government audit has found.
A question that came to me, with no credit to myself:
"Is there something about global accounting software that pegs $9B as the highest amount you can shuffle off with impunity?"
Oct 23, 2001: "Lucent: Nearly US$9b In Losses"
Troubled Internet networker Lucent Technologies reported a fourth quarter net loss totaling $9 billion. But the Murray Hill, N.J.-based company said its loss from continuing operations narrowed during the quarter, while its pro-forma net loss was worse than what Wall Street had expected.
Nov 7, 2002: "WorldCom Restatement Now $9 Billion"
The Securities and Exchange Commission has expanded its civil fraud complaints against bankrupt telecommunications firm WorldCom after it said it might have to restate about $9 billion in revenue. In a statement Tuesday, WorldCom said as a result of settlement discussions with the SEC regarding fraud complaints, it planned to restate about $9 billion in revenue.
Oct 6, 2003: "Schwarzenegger Accused of Involvement in $9B California Swindle with Enron’s Ken Lay"
[A] new report by investigative reporter Greg Palast published on Saturday is charging Arnold and Enron’s Kenneth Lay involvement in a $9 billion California swindle. At the center of the story is a private lawsuit filed last year by California’s Lieutenant Governor Cruz Bustamante to make Enron and other power companies pay back $9 billion in illicit profits. The suit shows how they carried off the profits by fraudulent reporting of sales transactions, megawatt "laundering," fake power delivery scheduling. Palast cites a 34-page internal Enron memo he obtained.
Nov 29, 2004: "Russia to write off $9 billion from Iraq's debt"
Interfax news agency said that Russia is intending to cut off at least $9 billion of Iraq's debt to Moscow, UPI reported. Iraqi debt initially amounted to approximately $10.5 billion, according to Russian government officials and will be reduced to $700 million to $1 billion, after rescheduling and writing off.
Dec 15, 2004: "SEC: Fannie Mae Hid $9 Billion Loss"
The SEC says that Fannie Mae, the organization that helps the government prop up the housing market as well as banks with reckless lending practices, violated accounting rules and must restate their earnings.... The SEC has been investigating the accounting of Fannie Mae, which finances one of every five home loans in the United States. Fannie Mae said last month that if the agency found that it had improperly accounted for derivatives, it would show an estimated net loss of $9 billion for the third quarter of this year.
Dec 15, 2004: "Two senators debate the need for a $9 billion unnamed program in the secret federal intelligence budget"
The government spends an increasing amount of its budget on spying, and exactly how much is a closely guarded secret. Here's an example. One large item on the intelligence budget is said to cost $9 billion but officially nobody knows what it is. Some say it's a stealth spy satellite; others say that anyone talking to the news media about it should be investigated.
Jan 30, 2005: "US Iraq authority missing $9 billion"
The U.S. occupation authority in Iraq was unable to keep track of nearly $9 billion it gave to government ministries lacking financial controls, security, communications and adequate staff, a government audit has found.
A question that came to me, with no credit to myself:
"Is there something about global accounting software that pegs $9B as the highest amount you can shuffle off with impunity?"
posted by Jeff Wells at 6:50 p.m.
23 Comments:
i used to work for a bank. we typically used a [13,5] format for numerical fields like money amounts in a transaction, for others, like totalizers, we would use [17,5] as format. so the probable answer to your question would be NO, the limit is probably not a technical one. but then, used field formats vary between banks.
[13,5] means 13 places before the comma, 5 after the comma like in 9.999.999.999.999,99999
Maybe there's an absurd "cosmological constant" at play here. For instance: perhaps there are only 9 billion dollars total at any given moment to go around for the entire world at any one "transactive cycle". Maybe the $9b mark is something of an inside joke amongst the world's elite capitalists. As they volley about this $9b ball they have the masses of the world believing they too can be like them. Hence the news being so breezy about these amazing sums.
If you look at the numbers here I pull from my trusty ass, you'll see there could be some truth at least to the suggestion, that at any given moment only a firm 9 billion dollars can be moved about the planet at one time. Look at the financial values each of us command. Does anybody in "our" income and net-worth bracket know how to get a group of your buddies together and move $9b of net worth? Therefore, you could surmise that this "9 billion dollar standard" is pegged directly to the inherent and intended hindrance that the entire human populous of Earth could possibly move, invest, spend or use 9 billion dollars of admittedly liquid assets at any one time. By that I mean in any given transactive data set or accounting cycle.
The unwashed masses therefore, cannot "move" more than 9 billion dollars worth of capitalist credits without the transactions being red-flagged and investigated -- so to speak. The algorithms etc would jump in.
FYI: What started out here as what I would have hoped to be a wry joke has actually turned into, at least to me, a fascinating brainstorm. I know not what I speak of. But you started it. ;)
Keep it up Jeff!
Moreover. . .
If you take into consideration that cryptic descriptor I've been using: "any given moment"
You could imagine schemes to pluck a brief moment out of the global financial grid and move that data, credits (what is it?!?!) to other accounts. Like network sniffing. Nine billion dollars could be the sum of not being quite big enough to "be missed".
When you download a torrent file, you get it in scattered though ordered bits and pieces. Each bit contributes to the overall quality of the portion of the download contained within the file's metadata -- therefore the file can still be enjoyed or used, but at some points you will notice ignorable incongruency. What if the world's financial schemes were looked at in the same way? What if there was money to be made and power to be consolidated out of scooping here and there moments of time and data when nobody could possibly notice nor care?
What value would I have in scooping three milliseconds worth of the soundtrack of someone's pirated Return of the Jedi download? None.
But it is still possible. . .
Put an exponentially higher value on the datastream and you can see where such a method would be valuable. You can also clearly see what value human beings as individuals and supposed holders of "assets" fit in as well. They don't.
Sorry. More brainstorming. . .
I vote for this idea:
"Maybe the $9b mark is something of an inside joke amongst the world's elite capitalists."
It is worth noting that nine billion is the number nine followed by nine zeros.
I think that has to mean something, but who knows what.
This comment has been removed by a blog administrator.
Whether it is in the algorithm or not, it is probably just a simple 'price point', like the price of a speeding ticket. They want to create the illusion of enforcement, but don't want to stop the action by pricing it out of range. If there is really only one set of 9 billion dollars, then the trick is to try to find the cyclic pattern as the various bilderbergers (oops) take turns throwing it away.....
According to 'The Language Crystal,' various kinds of numbers showed up consistently in the Reagan administration, 108 among them, in various guises (i.e., 10.8 billion, 108 Pershing IIs, etc.). Some of the numbers seemed unforced (i.e., baseball, with 108 stitches per ball, had its 108th anniversary in his terms, and the 108th element was discovered, etc., etc.), while others seem to have been deliberately picked, i.e., budget numbers proposals, but also, amounts of monetary frauds.
Thinking only Reagan was a closet adherent of astrology or numerology, this didn't strike me as all that odd, given what we already knew.
Later, as Hoagland shows, it appears a strong hidden part of the power structure deliberately times things according to Egyptian cosmological lineups and the like. So, odd coincidences like this one of all the $9 billions are likely, imo, to hold a mystical significance to those doing them.
sofla
According to 'The Language Crystal,' various kinds of numbers showed up consistently in the Reagan administration, 108 among them, in various guises (i.e., 10.8 billion, 108 Pershing IIs, etc.). Some of the numbers seemed unforced (i.e., baseball, with 108 stitches per ball, had its 108th anniversary in his terms, and the 108th element was discovered, etc., etc.), while others seem to have been deliberately picked, i.e., budget numbers proposals, but also, amounts of monetary frauds.
Thinking only Reagan was a closet adherent of astrology or numerology, this didn't strike me as all that odd, given what we already knew.
Later, as Hoagland shows, it appears a strong hidden part of the power structure deliberately times things according to Egyptian cosmological lineups and the like. So, odd coincidences like this one of all the $9 billions are likely, imo, to hold a mystical significance to those doing them.
sofla
According to 'The Language Crystal,' various kinds of numbers showed up consistently in the Reagan administration, 108 among them, in various guises (i.e., 10.8 billion, 108 Pershing IIs, etc.). Some of the numbers seemed unforced (i.e., baseball, with 108 stitches per ball, had its 108th anniversary in his terms, and the 108th element was discovered, etc., etc.), while others seem to have been deliberately picked, i.e., budget numbers proposals, but also, amounts of monetary frauds.
Thinking only Reagan was a closet adherent of astrology or numerology, this didn't strike me as all that odd, given what we already knew.
Later, as Hoagland shows, it appears a strong hidden part of the power structure deliberately times things according to Egyptian cosmological lineups and the like. So, odd coincidences like this one of all the $9 billions are likely, imo, to hold a mystical significance to those doing them.
sofla
The number nine looks like a male sperm- counter to the number six which could be viewed as a female vulva- when combined would be the yin-yang of life with the two parts making a whole and are one together. These numbers are clearly estoric and have a deeper meaning than just merely existing as assigned values.
Most accountants have calculators with 10digits on them. 9bn is getting to be full scale on such a calculator. Maybe that's when the accountants get worried - they've run out of numbers - and say somethings got to be done.
;-)
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