Iran-Contra Hearings Day 1 Part 28: Richard Secord Testimony Part 13 (1987)

May 5, 1987 http://www.amazon.com/gp/redirect.html?ie=UTF8&location=http%3A%2F%2Fwww.... Watch the full hearing: http://thefilmarchived.blogspot.com/2010/08/iran-contra-hearings-day-1-richar...

A certificate of deposit or CD is a time deposit, a financial product commonly offered to consumers by banks, thrift institutions, and credit unions.

CDs are similar to savings accounts in that they are insured and thus virtually risk-free; they are "money in the bank" (CDs are insured by the FDIC for banks or by the NCUA for credit unions). They are different from savings accounts in that the CD has a specific, fixed term (often three months, six months, or one to five years), and, usually, a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest.

In exchange for keeping the money on deposit for the agreed-on term, institutions usually grant higher interest rates than they do on accounts from which money may be withdrawn on demand, although this may not be the case in an inverted yield curve situation. Fixed rates are common, but some institutions offer CDs with various forms of variable rates. For example, in mid-2004, with interest rates expected to rise, many banks and credit unions began to offer CDs with a "bump-up" feature. These allow for a single readjustment of the interest rate, at a time of the consumer's choosing, during the term of the CD. Sometimes, CDs that are indexed to the stock market, the bond market, or other indices are introduced.

A few general guidelines for interest rates are: * A larger principal should receive a higher interest rate, but may not. * A longer term will usually receive a higher interest rate, except in the case of an inverted yield curve (i.e. preceding a recession) * Smaller institutions tend to offer higher interest rates than larger ones. * Personal CD accounts generally receive higher interest rates than business CD accounts. * Banks and credit unions that are not insured by the FDIC or NCUA generally offer higher interest rates.

The KL-43 is a portable, electronic cipher device used by the United States from the early 1980s. The machine, manufactured by TRW, is an adaptation of language translator technology, and includes a keyboard for input and an LCD display for output. It also contains a built-in modem, a telephone coupler, and the facility for connecting to a printer. A version of the KL-43 was famously used by Oliver North to communicate with his assistant, Fawn Hall, and others while managing clandestine operations in Nicaragua in support of the "Contra" rebels. The device was paraded in front of cameras during the Iran-Contra congressional hearings.

There are a number of variations of the KL-43, including the KL-43, KL-43A, KL-43C and KL-43D.

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