The Zero Hour

In the years immediately after the California Gold Rush of 1848, the American banking system became increasingly chaotic. Banks would send payments to other banks by dispatching porters with bags of gold coins. Errors and confusion were rampant. In 1853, the fifty-two major banks in New York established the New York Settlement Association in the basement of 14 Wall Street to provide some coordination in the exchange of payments. On its very first day, the Association cleared 22.6 million dollars.

By 1968, this antiquated system began to break down. It was virtually impossible to get anything done. The era of teletype technology in the 1950s gave way to that of the computer in the 1960s. By 1970 the advent of the computer allowed the Association to be replaced by the Network, shorthand for the National Electronic Transfer Facility.

The Network began with one computer connected to a telephone. The newfangled system was at first distrusted by the world’s banks, but confidence began to grow. Banks began to accept wire payments. Gradually, every major bank in the world sought to join the Network.

Today, over a trillion dollars moves through the Network each day-90 percent of the dollars used anywhere on earth. Since virtually all Eurodollar and foreign exchange trading is conducted in dollars, and the world’s flow of money is centered in New York, the Network, and its Unisys A-15J dual processor, has become the very nerve center of the world’s financial system.

How fragile is the Network?

A brief case history will illustrate. At the close of business on June 26, 1974, German banking authorities closed the Bankhaus Herstatt in Cologne, a major player in foreign exchange trading. At the end of the German banking day it was still noon in New York, where banks suddenly found themselves out hundreds of millions of dollars. By the next day, the world banking system had gone into shock. Only quick action by Walter Wriston of Citicorp averted a global crash. As president of the Network at the time, he ordered the Network to stay open through the weekend until all payments were worked out. Any bank that refused to honor payment orders was thrown out of the Network.

A direct terrorist strike on the Network’s Water Street facility would trigger worldwide havoc. It would so seriously disrupt the U.S. stock market, Eurodollar payments, and virtually all foreign exchange and foreign trade payments that the world payments system would collapse at once.

The destruction of the Network would topple the business world and plunge America and the world into a massive depression. The U.S. economy would be obliterated, and with it that of the world. America’s reign as a global power would be ended, as the country and much of the world returned to an economic Dark Ages.

It is only a matter of luck-or maybe ignorance of how the capitalist world works-that no terrorist has so far targeted the Network.

But if we could locate a masterful, experienced professional terrorist with a strong motivation-financial or otherwise-to accomplish the task, it is my strong belief that no more effective revenge could ever be wrought on the United States.

CHAPTER SIXTY-FOUR

Now there was a name, the alias Baumann had used to enter the United States. In some ways it was a major victory; in some ways it was dust.

“He may never use it again,” Roth said.

Sarah nodded. “If so, the lead’s useless.”

“Why would he use the name again, anyway? If he checks into a hotel, he does it under some fake name.”

“Credit cards?”

“Does he have this guy Moffatt’s credit cards too?”

“I don’t know.”

“And if he does?”

“Bing, we get him,” Sarah said. “Pops up right away, and he’s nabbed.”

“He’s not stupid. He’s not going to use stolen credit cards. Anyway, the scummiest little dirtbag knows you gotta test out the card first-you know, drive into a self-serve gas station and try the card on one of those credit card thingos there, and if it’s rejected, you know it’s no good. Real easy.”

“He may have to rent a car or a van.”

“Right,” Roth said. “But he’ll need a driver’s license to do that.”

“He’s got Thomas Moffatt’s driver’s license.”

“Well, there you go. So what are you suggesting?”

“This is a specific terrorist threat on U.S. soil. It’s a full-field investigation. That means we can task a hell of a lot of manpower if we want. This monster has already killed two FBI agents.”

“You’re not talking about sending a hundred guys around to every car- and truck-rental place in New York City, are you?”

“And neighboring New Jersey and Connecticut.”

“You gotta be kidding.”

“Hey, don’t forget, we caught the World Trade Center bombers through Mohammed Salameh’s driver’s license, which he used to rent the van.”

“Well, you’re the boss,” Roth said dubiously.

“I don’t mean to be a killjoy,” Christine Vigiani said, the standard gambit of every killjoy, “but the only reason everyone seems so sure Baumann used Thomas Moffatt’s passport is the timing. Pretty slender evidence.”