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To: Alex who wrote (33853)	5/14/1999 9:58:00 AM
From: hunchback	Read Replies (1) \| Respond to of 116796

CyclePro Commentary: The announced resignation of Treasury Secretary, Robert Rubin has reminded us that the manipulations of the CPT (Crash Protection Team) has had a profound influence on the U.S. stock market indexes. As outlined in this Washington Post article link, the Executive Directory for Market Contingencies document (created by Robert Heller, Federal Reserve Governor following the 1987 crash), is the "Bible" of crash protectionism. Robert Rubin has played the lead role in the CPT over the past several years. Now that Rubin is stepping down, it is not clear whether Summers will be able to replace Rubin's tenacity within his new role in the CPT. I have to admit that I do not know much about Summers background except that he has been Rubin's sidekick for the past four years. Rubin used to be a top trader at Goldman-Sachs and continues to have vast connections with his former employer. It has been widely rumored that Goldman-Sachs is the team that actually implements the directives from the CPT to use S&P futures contracts to manipulate the stock market indexes. After Summers takes over in the CPT, will he continue to have the same internal clout within the CPT and with Goldman-Sachs? All of this remains to be seen. The other major questions that needs to be asked: Why Rubin is quitting now -- is he bailing out for an imminent market crash for which Summers will be left as the scapegoat? How much longer before Greenspan either resigns or simply retires? Since Greenspan is the major roadblock stopping Clinton from using Social Security money in the stock market, my guess is a resignation is more likely. What does this mean for the U.S. stock market? CyclePro believes that Robert Rubin will continue to use the CPT to guarantee that no market crash will occur until after he is safely out of the picture. That means the market may be not be vulnerable to another significant downturn until Rubin's July, 1999 departure. geocities.com