Subj:(BW)(TX-GATA) Hearing Date Set for GATA's Lawsuit Vs. Greenspan, Summers, and Bullion Banks
Date: 8/13/2001 10:00:29 AM Pacific Daylight Time
From: LePatron@LeMetropoleCafe.com

To: Rayelan@aol.com

Le Metropole Members,

******
( BW)(TX-GATA) Hearing Date Set for GATA's Lawsuit Vs.
Greenspan,Summers, and Bullion Banks

Business Editors

DALLAS--(BUSINESS WIRE)--Aug. 13, 2001--Judge Reginald Lindsay of U.S. District Court in Boston has

scheduled for 3:30 p.m. Tuesday, October 9, 2001, a
hearing on the defendants' motion to dismiss the
lawsuit brought by a consultant for the Gold Anti-Trust
Action Committee, Reginald H. Howe, against the Bank for International Settlements, the U.S. Federal Reserve
and Treasury Department, and several bullion banks.

The lawsuit alleges collusion by the U.S.
government, the BIS, and the bullion banks to suppress
the price of gold.

The underlying issue at the hearing Oct. 9,
according to Howe, will be whether the U.S.
Constitution and federal law may be enforced
in a federal court action challenging the authority
of former Treasury Secretary Lawrence Summers and other
American officials, working in part through the Bank for International Settlements, to conduct surreptitious
gold price-fixing operations.

"Wonderful news!" says GATA Chairman Bill
Murphy, speaking from GATA's headquarters in Dallas.

"Recent exposes by Reg Howe and James Turk,
which can be read atwww.GATA.org, are devastating
evidence that the plaintiffs have been manipulating
the gold price for the benefit of the few to the
detriment of so many, including the poor sub-Saharan gold producing countries in Africa," Murphy says.

In an essay published this week,
"Gibson's Paradox Revisited: Professor Summers Analyzes
Gold Prices," Howe notes that Lawrence Summers, the new president of Harvard University, co-authored with
Robert B. Barsky and then Harvard Professor Nathaniel
Ropes an article entitled "Gibson's Paradox and the Gold Standard" in the Journal of Political Economy (vol. 96,
June 1988, pp. 528-550). The article, which appears
to draw heavily on a 1985 working paper of the same
title by the same authors, reveals Summers' expertise
regarding gold, gold mining, and the connections among gold prices, interest rates, and inflation.

Howe notes in his essay: "The unusual
and sharp divergence of reallong-term interest rates from inverted gold prices that began in 1995 suggests that Mr. Summers found an opportunity to do some further applied
research on these matters during his tenure at the
Treasury."

Howe goes on:

"Around 1995, real long-term interest
rates and inverted gold prices began a period of sharp
and increasing divergence that has continued to the
present time. During this period, as real rates have
declined from the 4 percent level to near 2 percent,
gold prices have fallen from $400/oz. to around $270
rather than rising toward the $500 level as Gibson's
paradox and the model of it constructed by Barsky
and Summers indicates they should have."

"Professor Summers was the youngest
tenured professor in Harvard's modern history. On Friday, October 12, 2001, in outdoor ceremonies in Tercentenary
Theatre, he will be formally installed as its 27th
president, entrusted with the job of leading the
nation's oldest university -- where "Veritas" is
the motto -- into the new millennium. Three days earlier,
in Courtroom No. 11 of the new U.S. Courthouse on
Boston Harbor, the search for the truth about his interim service in the highest positions at the U.S. Treasury will resume."

The defendants in the GATA/Howe lawsuit are:
the Bank for International Settlements; Alan Greenspan,
chairman of the Board of Governors of the U.S.
Federal Reserve System and a director of the BIS; William J. McDonough, president of the Federal Reserve Bank of
New York and a director of the BIS; five major
bullion banks, J.P. Morgan & Co., Chase Manhattan Corp., Citigroup Inc., Goldman Sachs Group Inc., and Deutsche
Bank; and Lawrence H. Summers, former secretary of
the treasury, who by law exercised control over the U.S.
Exchange Stabilization Fund, subject only to
approval by the
president.

--30--ltw/da*

CONTACT: Gold Anti-Trust Action Committee

Bill Murphy, 214/522-3411

Fax: 214/522-4432

LePatron@LeMetropoleCafe.com

KEYWORD: TEXAS DISTRICT OF COLUMBIA

INDUSTRY KEYWORD: BANKING GOVERNMENT

SOURCE: Gold Anti-Trust Action Committee

Laura Wood
Business Wire/Dallas
972/458-9555
fax 972/458-7646

Le Metropole Cafe

All the best,

Bill Murphy
Le Patron
www.LeMetropoleCafe.com