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Context of 'October 1, 2007: British Government Extends Guarantee for Savings Deposited with Banks and Building Societies'

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Eric Edelman.Eric Edelman. [Source: US Department of Defense]An anonymous phone call is received at the White House in which the caller says Air Force One, the president’s plane, will be the next terrorist target and uses code words indicating they have inside information about government procedures. [Cheney, 9/11/2001; New York Times, 9/13/2001; Woodward, 2002, pp. 18] Air Force One is currently flying toward Barksdale Air Force Base in Louisiana, with President Bush on board (see (10:20 a.m.) September 11, 2001). [9/11 Commission, 7/24/2004, pp. 325] The White House receives a call from an anonymous individual, warning that the next target of the terrorist attacks will be Air Force One. The caller refers to the plane as “Angel.” [Sammon, 2002, pp. 106-107; Woodward, 2002, pp. 18; 9/11 Commission, 7/24/2004, pp. 554; Darling, 2010, pp. 60-61] “Angel” is the Secret Service’s code name for Air Force One. [Williams, 2004, pp. 81; CBS News, 11/25/2009] An unnamed “high White House official” will later say the use of “American code words” shows the caller has “knowledge of procedures that made the threat credible.” [New York Times, 9/13/2001]
Government Officials Told about Threat - News of the threatening call is promptly passed on to government officials in the Presidential Emergency Operations Center (PEOC)—a bunker below the White House—and reported on the Pentagon’s air threat conference call. [US Department of Defense, 9/11/2001 pdf file; Newsweek, 12/30/2001; 9/11 Commission, 7/24/2004, pp. 554; Darling, 2010, pp. 60-61] Vice President Dick Cheney, who is in the PEOC, will comment that the news “reinforced the notion here… that the government has been targeted and that we need to be extra careful about making certain we protected the continuity of government, secured the president, secured the presidency.” [White House, 11/19/2001] According to Major Robert Darling of the White House Military Office, who is also in the PEOC, “The talk among the principals in the room quickly determined that the use of a code word implied that the threat to Air Force One and the president could well be from someone with access to [the president’s] inner circle—possibly someone who was near the president at that very moment.” [Darling, 2010, pp. 61]
Accounts Conflict over Who Receives Call - It is unclear who at the White House answers the call in which the threat against Air Force One is made. The call is received by the White House switchboard, according to some accounts. [Sammon, 2002, pp. 106; Fleischer, 2005, pp. 141-142] Other accounts will indicate it is received by the White House Situation Room. [9/11 Commission, 7/24/2004, pp. 554; Darling, 2010, pp. 60-61] Eric Edelman, a member of Cheney’s staff who is in the PEOC, will say the call is received by the Secret Service. [White House, 10/25/2001] But two Secret Service agents who are on duty today will deny “that their agency played any role in receiving or passing on a threat to the presidential jet,” according to the Wall Street Journal. [Wall Street Journal, 3/22/2004 pdf file] However, a Secret Service pager message will be sent at 10:32 a.m., which states that the “JOC”—the Secret Service Joint Operations Center at the White House—has received an “anonymous call” reporting that “Angel is [a] target.” [CBS News, 11/25/2009]
Military Officer Passes on Details of Threat - Officials in the PEOC reportedly learn about the threat to Air Force One from a military officer working in the center. Although Cheney will say the threat “came through the Secret Service,” he will say later this year that he is unsure who passed the details of it to those in the PEOC. [Meet the Press, 9/16/2001; White House, 11/19/2001] An official in Cheney’s office will say in 2004 that Cheney was informed of the threat by “a uniformed military person” manning the PEOC, although Cheney and his staff are unaware who that individual was. [Wall Street Journal, 3/22/2004 pdf file] National Security Adviser Condoleezza Rice will say that those in the PEOC are told about the threat by a “communicator,” meaning one of the military officers who works in the PEOC, and is responsible for “establishing phone lines and video lines, and staying in touch with the National Military Command Center” at the Pentagon. [White House, 11/1/2001] The military officer Rice is referring to may be Darling. Darling will recall that he answers a call from the White House Situation Room about the threat to Air Force One and then passes on the information he receives to Rice, telling her, “Ma’am, the [Situation Room] reports that they have a credible source in the Sarasota, Florida, area that claims Angel is the next target.” Rice immediately passes on the news to Cheney, according to Darling. [Darling, 2010, pp. 60-61] Cheney will subsequently call Bush and tell him about the threat (see (10:32 a.m.) September 11, 2001). [Sammon, 2002, pp. 106-107; CBS News, 9/11/2002]
Reason for 'Bogus' Threat Unclear - The threat will be determined to be “almost surely bogus,” according to Newsweek. [Newsweek, 12/30/2001] The Secret Service’s intelligence division tracked down the origin of this threat,” the 9/11 Commission Report will state, “and, during the day, determined that it had originated in a misunderstanding by a watch officer in the White House Situation Room.” Although the 9/11 Commission will say it found the intelligence division’s “witnesses on this point to be credible,” Deborah Loewer, the director of the White House Situation Room, will dispute this account. [9/11 Commission, 7/24/2004, pp. 554] By the end of 2001, White House officials will say they still do not know where the threat came from. [Newsweek, 12/30/2001] Darling will write in 2010, “To this day, it has never been determined why either the ‘credible source’ or Situation Room personnel used that code word [i.e. ‘Angel’] in their report to the PEOC.” [Darling, 2010, pp. 62] “The best we can tell,” Rice will say, is that “there was a call that talked about events—something happening to the president on the ground in Florida. And that somehow got interpreted as Air Force One.” She will say that the fact the caller knew the code name for Air Force One is “why we still continue to suspect it wasn’t a crank call.” [White House, 11/1/2001] However, former Secret Service officials will say the code name wasn’t an official secret, but instead “a radio shorthand designation that had been made public well before 2001.” [Wall Street Journal, 3/22/2004 pdf file]

Entity Tags: Eric Edelman, Condoleezza Rice, Richard (“Dick”) Cheney, Deborah Loewer, US Secret Service, Robert J. Darling, White House

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

Tony Blair presenting evidence on October 4, 2001.Tony Blair presenting evidence on October 4, 2001. [Source: Associated Press]British Prime Minister Tony Blair publicly presents a paper containing evidence that al-Qaeda is responsible for the 9/11 attacks. [Los Angeles Times, 10/4/2001; Los Angeles Times, 10/5/2001] Secretary of State Powell and other US officials had promised on September 23 that the US would present a paper containing such evidence. [Los Angeles Times, 9/24/2001] However, the US paper is never released (see September 23-24, 2001). Apparently, the British paper is meant to serve as a substitute. [New Yorker, 5/27/2002] It begins, “This document does not purport to provide a prosecutable case against Osama bin Laden in a court of law.” Nevertheless, it continues, “on the basis of all the information available [Her Majesty’s Government] is confident of its conclusions as expressed in this document.” [BBC, 10/4/2001] In his speech, Blair claims, “One of bin Laden’s closest lieutenants has said clearly that he helped with the planning of the September 11 attacks and admitted the involvement of the al-Qaeda organization” and that “there is other intelligence, we cannot disclose, of an even more direct nature indicating guilt” of al-Qaeda in the attacks. [CNN, 10/4/2001; Time, 10/5/2001] There has been no confirmation or details since of these claims. Even though most of the evidence in the British paper comes from the US, pre-attack warnings, such as the August 6, 2001 memo (see August 6, 2001) to Bush titled “Bin Laden Determined to Strike in US,” are not included. In fact, Blair’s paper states, “incorrectly, that no such information had been available before the attacks: ‘After 11 September we learned that, not long before, bin Laden had indicated he was about to launch a major attack on America.’” [New Yorker, 5/27/2002]

Entity Tags: Al-Qaeda, Colin Powell, Tony Blair, Osama bin Laden

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

Former British official Carne Ross tells the Butler inquiry, which is investigating the British government’s use of intelligence during the lead-up to war with Iraq, that during his tenure as Britain’s key negotiator at the UN “at no time did HMG [Her Majesty’s Government] assess that Iraq’s WMD (or any other capability) posed a threat to the UK or its interests. On the contrary, it was the commonly-held view among the officials dealing with Iraq that any threat had been effectively contained. I remember on several occasions the UK team stating this view in terms during our discussions with the US (who agreed).… With the exception of some unaccounted-for Scud missiles, there was no intelligence evidence of significant holdings of CW [chemical warfare], BW [biological warfare] or nuclear material” being stockpiled or produced by Iraq. “There was, moreover, no intelligence or assessment during my time in the job that Iraq had any intention to launch an attack against its neighbors or the UK or the US,” he adds. Ross also says in his testimony that British officials warned their US counterparts that toppling the Iraq government would result in chaos. “At the same time, we would frequently argue when the US raised the subject, that ‘regime change’ was inadvisable, primarily on the grounds that Iraq would collapse into chaos.” The Foreign Office will warn Ross that if he goes public with his testimony he will be charged with breaching the Official Secrets Act. [Independent, 12/15/2006; Independent, 12/15/2006; Guardian, 12/16/2006]

Entity Tags: Carne Ross

Timeline Tags: Events Leading to Iraq Invasion

Deloitte publishes its Football Money League rankings for the 2005-6 season. The rankings of the top 20 European clubs and their football earnings are:
(1) Real Madrid (€292.1m)
(2) Barcelona (€259.1m)
(3) Juventus (€251.2m)
(4) Manchester United (€242.6m)
(5) AC Milan (€238.7m)
(6) Chelsea (€221.0m)
(7) Internazionale (€206.6m)
(8) Bayern Munich (€204.7m)
(9) Arsenal (€192.4m)
(10) Liverpool (€176.0m)
(11) Lyon (€127.7m)
(12) Roma (€127.0m)
(13) Newcastle United (€124.3m)
(14) Schalke (€122.9m)
(15) Tottenham Hotspur (€107.2m)
(16) Hamburg (€101.8m)
(17) Manchester City (€89.4m)
(18) Rangers (€88.5m)
(19) West Ham United (€86.9m)
(20) Benfica (€85.1m) [Deloitte, 2/2007 pdf file]

Entity Tags: Benfica, Fussball-Club Gelsenkirchen-Schalke 04, Real Madrid Club de Fútbol, Tottenham Hotspur F.C., West Ham United, FC Barcelona, Rangers, Bayern Munich, Arsenal F.C., Newcastle United F.C., Roma, Manchester United F.C., Hamburg SV, Milan, Chelsea F.C., Internazionale, Deloitte, Liverpool F.C., Juventus, Manchester City F.C., Olympique Lyonnais

Timeline Tags: Football Business and Politics

Chelsea announces the club lost £80.2m in the 2005-06 season. The loss is far less than the season before, when it was around £140m, but is still the third largest loss in the history of English football. Total losses over the three years since Roman Abramovich bought the club now exceed £300m. [Reuters, 2/19/2007] Chelsea turned over €221m in the 2005-06 season (see February 2007).

Entity Tags: Chelsea F.C.

Timeline Tags: Football Business and Politics

British Chancellor Alistair Darling is informed of “quite substantial problems” at the troubled British mortgage giant Northern Rock. The notification comes from Sir Callum McCarthy, chairman of the Financial Services Authority. [Daily Telegraph, 2/26/2008]

Entity Tags: Alistair Darling, Financial Services Authority, Callum McCarthy

Timeline Tags: Global Economic Crises

News of the financial difficulties of troubled British mortgage giant Northern Rock breaks in the British media. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008] The BBC reports that Northern Rock’s situation is so bad that it has asked for and been granted emergency financial support from the Bank of England, in the latter’s role as lender of last resort. BBC business editor Robert Peston says Northern Rock is not in danger of going bust and there is no reason for its customers to panic. However, he adds that “the fact it has had to go cap in hand to the Bank is the most tangible sign that the crisis in financial markets is spilling over into businesses that touch most of our lives.” [BBC, 9/13/2007]

Entity Tags: Robert Peston, Northern Rock plc

Timeline Tags: Global Economic Crises

Following a report that troubled British mortgage giant Northern Rock has asked the Bank of England for emergency funding (see September 13, 2007), a run on the bank begins. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008] Northern Rock issues a statement confirming the emergency funding and blaming “extreme conditions” on financial markets. The Bank, the British Treasury, and the Financial Services Authority say they believe Northern Rock is solvent and that the standby funding facility will enable it to “fund its operations during the current period of turbulence in financial markets.” However, this does not reassure savers. The share price plunges 32 percent and depositors try to withdraw their savings. Queues form outside a number of branches, the bank’s website collapses, and its phone lines are jammed. Under current British legislation, savings are only protected up to £33,000 ($66,000). [BBC, 8/5/2008]

Entity Tags: Her Majesty’s Treasury, Financial Services Authority, Northern Rock plc, Bank of England

Timeline Tags: Global Economic Crises

British Chancellor Alistair Darling intervenes in the crisis surrounding the troubled British mortgage giant Northern Rock. A run on the bank began three days ago (see September 14, 2007) and shows no sign of abating, as there are still queues outside a number of branches. Amid a further slide in the company’s share price and fears the run will undermine confidence in the whole banking system, Darling issues a statement saying the Treasury will guarantee all deposits held by Northern Rock. He says savers will not lose a penny and that his action is motivated by the “importance I place on maintaining a stable banking system.” The move appears to work and the queues outside branches will subside the next day. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008]

Entity Tags: Alistair Darling, Her Majesty’s Treasury, Northern Rock plc

Timeline Tags: Global Economic Crises

British Chancellor Alistair Darling announces that the government’s scheme to protect savers with money deposited in British banks and building societies is being expanded to guarantee 100 percent of the first £35,000 ($70,000) of savings. Previously, a slightly lesser percentage of the first £33,000 a saver had on deposit was guaranteed. Darling adds that this is the first stage of a wider reform of the compensation system. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008]

Entity Tags: Alistair Darling, Her Majesty’s Treasury

Timeline Tags: Global Economic Crises

The British Treasury agrees to protect 100 percent of new savings deposited with distressed mortgage giant Northern Rock after September 19. The Treasury had issued a similar guarantee three weeks ago (see September 17, 2007), but that had only covered deposits made up to September 19. [BBC, 8/5/2008]

Entity Tags: Northern Rock plc, Her Majesty’s Treasury

Timeline Tags: Global Economic Crises

Troubled British mortgage lender Northern Rock names a consortium headed by Sir Richard Branson’s Virgin Group as the preferred bidder to purchase it. The bank is up for sale because it has been hit hard by the credit crisis and requires new funding. The Virgin offer includes the immediate repayment of £11 billion ($22 billion) of the £25bn ($50 billion) Northern Rock has borrowed from the Bank of England to help it through the crisis. The remainder is to be paid over the next three years. RAB Capital, which is the second-largest shareholder in Northern Rock with a stake of about 6.7 percent, says it will oppose the move from Virgin. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008]

Entity Tags: Northern Rock plc, RAB Capital plc, Virgin Group Ltd

Timeline Tags: Global Economic Crises

SRM Global, a hedge fund that controls 9.9 percent of shares in ailing British bank Northern Rock, warns Chancellor Alistair Darling not to consider nationalizing the bank for less than a fair price. In a letter sent shortly before Christmas, SRM says it has been advised that otherwise there would be a breach of the Human Rights Act and it would have a strong case to pursue ministers through the courts. [BBC, 8/5/2008]

Entity Tags: SRM Global, Her Majesty’s Treasury, Alistair Darling, Northern Rock plc

Timeline Tags: Global Economic Crises

British Chancellor Alistair Darling tells the Financial Times that he is planning to give the Financial Services Authority (FSA) more power to deal with failing banks to avoid another crisis like the one that has engulfed Northern Rock (see September 14, 2007). He proposes giving the FSA the power to seize and protect customers’ cash if a bank gets into difficulties. [BBC, 8/5/2008]

Entity Tags: Alistair Darling, Her Majesty’s Treasury, Financial Services Authority

Timeline Tags: Global Economic Crises

The British Treasury signs Ron Sandler, an experienced banker, to head ailing mortgage giant Northern Rock in the event of its nationalization, according to media reports. [Daily Telegraph, 2/26/2008] Commercial companies are currently finalizing bids in an attempt to keep the bank private, but it will be nationalized the next month and Sandler will be appointed to run it. [BBC, 8/5/2008]

Entity Tags: Northern Rock plc, Her Majesty’s Treasury, Ron Sandler

Timeline Tags: Global Economic Crises

At a meeting with management, the largest two shareholders in the troubled British mortgage lender Northern Rock—hedge funds RAB Capital and SRM Global—put forward a proposal that will stop the bank’s management negotiating its sale without consent from its shareholders. The bank needs to be sold to a new owner because of problems it has encountered during the credit crisis, and both major shareholders are worried they will not get much for their holdings (see November 26, 2007 and Shortly Before December 25, 2007). However, the bank’s management argues that the proposal should be rejected, as it would make a sale harder, and the other shareholders follow their lead, opening the way for the bank to be sold. [BBC, 8/5/2008]

Entity Tags: SRM Global, RAB Capital plc, Northern Rock plc

Timeline Tags: Global Economic Crises

British Chancellor Alistair Darling announces a plan to sell government-guaranteed bonds worth about £25 billion ($50 billion) to help the sale of stricken mortgage giant Northern Rock to a private investor. The proceeds from the sale of the bonds would be used to pay off emergency loans the bank has taken out from the Bank of England. The British treasury thinks the bonds would speed up a private sale of the troubled lender. Although Northern Rock shares rise by about 42 percent on the news, the bank will be nationalized the next month and the bonds will not be issued. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008]

Entity Tags: Alistair Darling, Her Majesty’s Treasury, Northern Rock plc

Timeline Tags: Global Economic Crises

British Chancellor Alistair Darling rejects two bids to keep troubled lender Northern Rock in private hands and says the bank will be nationalized. Darling says that both bids would require a “very significant implicit subsidy” from the taxpayer, so the bank is to be placed into a “temporary period of public ownership.” Ron Sandler, a banking executive sounded out by the government in advance (see January 12, 2008), is placed in charge of the now state-owned bank. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008] Shares in Northern Rock are suspended from trading the next day. Darling says the nationalized bank will operate “at arm’s length” from the government. Prime Minister Gordon Brown says the decision to nationalize is “the right move at the right time” and is one which “protects savers” and is in “the best interests of taxpayers.” Conservative Party shadow chancellor George Osborne tells MPs that Darling “is a dead man walking” and Conservative leader David Cameron demands Darling be fired over his handling of the nationalization. Sandler says it will take years for the bank to pay back its loans from the taxpayer, but declines to comment on potential job losses. [BBC, 8/5/2008]

Entity Tags: George Osborne, David Cameron, Ron Sandler, Her Majesty’s Treasury, Gordon Brown, Alistair Darling, Northern Rock plc

Timeline Tags: Global Economic Crises

Chelsea announces a loss of £74.8m for the 2007-08 football season. The figures show a 25 percent increase in turnover, to £190.5m, making the club second only to Manchester United in the Premier League, but the loss fell by only 7 percent compared to the previous season (see February 19, 2007). Chief executive Peter Kenyon allows that the club’s aim of breaking even by 2010 is “ambitious,” but adds: “I don’t think it’s something we are postponing, but it’s always been ambitious. We are determined to meet it, or get as close as we can.” [Guardian, 2/22/2008] The club will actually make a loss of over £70m in the 2009-10 season (see January 31, 2011).

Entity Tags: Chelsea F.C., Peter Kenyon

Timeline Tags: Football Business and Politics

Following the seizure of two Icelandic banks by that country’s government (see October 7, 2008), the British government invokes anti-terrorism legislation to seize Icelandic assets in Britain. Iceland’s Prime Minister Geir Haarde criticizes Britain, saying he is upset and shocked that it has used “hostile” anti-terrorism legislation to freeze Icelandic banks’ assets. However, British Prime Minister Gordon Brown condemns Iceland’s handling of the collapse of its banks and its failure to guarantee British savers’ deposits. He says Iceland’s policies are “effectively illegal” and “completely unacceptable.” Iceland will later threaten legal action against Britain. [BBC, 2/2/2009]

Entity Tags: Gordon Brown, Geir Haarde

Timeline Tags: Global Economic Crises

Chelsea announces that the club made a loss of £44m the previous season. This is the smallest loss since the football club was taken over by Roman Abramovich in 2003 and was achieved despite a fall in turnover from £213.1m to £206.4m. Chief executive Ron Gourlay comments, “It is still our aim to be self-sufficient and we will achieve this by increasing our revenues as we continue to leverage off our brand.” [Guardian, 12/30/2009]

Entity Tags: Chelsea F.C., Ron Gourlay

Timeline Tags: Football Business and Politics

Chelsea announces a huge loss of £70.9m for the 2009-2010 football season, in which the club won the league and cup double. In the previous season the loss had been £44.4m (see December 30, 2009), although in the two years before that it was around £70m. Chelsea blames the loss on the amortization of player transfer fees, which means how much a player’s value in the accounts decreases over the length of his contract. Chelsea chairman Bruce Buck describes the results as “significant progress,” and cites what the club calls a “net cash inflow of £3.8m” as evidence. Buck says, “That the club was cash generative in the year when we recorded a historic Premier League and FA Cup double is a great encouragement and demonstrates significant progress as regards our financial results.” The same day as the loss is announced, Chelsea pays Liverpool a record £48m for Spanish striker Fernando Torres. [Independent, 2/1/2011]

Entity Tags: Bruce Buck, Chelsea F.C.

Timeline Tags: Football Business and Politics

Chelsea announce a loss of £67.7m for the 2010-2011 season, slightly less than the previous one (see January 31, 2011). There was a modest increase in revenues to £222.3m from £205.8m, thanks to Champions League and television income. Wages were down by £4.4m on last year and operating expenses down by £7m. The accounts contain an extraordinary item of £28m relating to the replacement of manager Carlo Ancelotti with André Villas-Boas in the summer. This means that Chelsea’s manager replacement costs have been around £64m in the last four years. In addition, the accounts reveal Chelsea paid £6.4m to Her Majesty’s Revenue and Customs to settle claims arising from a failed tax avoidance scheme that involved paying players not salary, but compensation for use of their image rights. The size and repeated nature of the loss means that Chelsea may have difficulty complying with UEFA’s financial fair play regulations, although the consequences of this are unclear. [Guardian, 2/8/2012]

Entity Tags: Chelsea F.C.

Timeline Tags: Football Business and Politics

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