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The allegations, by two former military intercept officers assigned to the National Security Agency, include claims that U.S. spies routinely listened in on intimate conversations and sometimes shared the recordings with each other. At least some of the snooping was done under relaxed eavesdropping rules approved by the Bush administration to facilitate spying on terrorists.

The chairman of the Senate intelligence committee, Sen. John D. Rockefeller IV (D-W.Va.), yesterday termed the accusations “extremely disturbing” and said his staff had begun gathering information and may consider holding hearings. “Any time there is an allegation regarding abuse of the privacy and civil liberties of Americans, it is a very serious matter,” he said.

The alleged intercepts were described by two linguists who said they witnessed the activity while assigned to the NSA’s giant eavesdropping station known as Back Hall at Fort Gordon, Ga. Adrienne Kinne, 31, a former Army reservist, was an intercept operator at the site from 2001 to 2003, while Navy linguist David Murphee Faulk, 39, held a similar position from 2003 to 2007. Both provided accounts to investigative journalist James Bamford for his book “The Shadow Factory,” due for release next week, and also in interviews with ABC News.

Both said the NSA’s intercept program was intended to pick up intelligence about terrorists and their plans — which sometimes happened. But the operators also would frequently tap into phone calls by Americans living abroad — usually satellite phone calls made from the Middle East, or routine calls made by U.S. military personnel from phones in Baghdad’s Green Zone, they said in interviews broadcast yesterday.

Faulk said some of his fellow operators, after stumbling upon a titillating conversation, couldn’t wait to let their friends in on it.

“There’s good phone sex or there’s some pillow talk — pull it up, it’s really funny,” Faulk told ABC, recalling conversations between operators.

While declining to give specifics, an NSA spokesman said some of the allegations were currently under investigation, while others had been “found to be unsubstantiated.”

“We operate in strict accordance with U.S. laws and regulations and with the highest standards of integrity and lawful action,” said chief spokesman Patrick Bumgardner. He added that any evidence of misconduct would bring a “swift and certain” response.

A U.S. intelligence official familiar with the reports noted that two internal investigations, by the inspectors general of the NSA and the Army, were unable to substantiate the allegations by Kinne. The official spoke on the condition that he not be identified, citing the secret nature of the intercept program.

The Big Board implemented the automatic halts after the stock market crashed in the late 1980s to force traders to take a break from frenzied selling.

The Dow Jones industrial average would have to fall 1,100 points in a day to trigger the first halt. If that point is reached before 2 p.m., the market would shut down for an hour. If the threshold is breached between 2 p.m. and 2:30 p.m., the halt will last 30 minutes. No trading stops will take place if the plunge occurs after 2:30 p.m.

Based on Thursday’s Dow close of 8,579, the threshhold number to cause the market stop in ond day would be 7,479.

If the index were to fall 2,200 points before 1 p.m., the market would close for two hours. If such a decline took place between 1 p.m. and 2 p.m., there would be a one-hour pause. The market would close for the day if stocks sank to that level after 2 p.m.

In the event of a 3,350-point decline, the market would close for the day, regardless of the time.

The thresholds are computed at the beginning of each quarter to establish a specific point value for the quarter. The 1,100-point drop represented a 10 percent decline at that time; the 2,200 level, a 20 percent drop and the 3,350 level is a 30 percent drop.

In a staggering final hour of trading, the Dow fell more than 400 points after Standard & Poor’s downgraded car maker General Motors and investors were forced to sell off shares to meet margin calls.

The S&P 500 fell 75.0 to 909.9 while the Nasdaq closed down 95.2 at 1645.1, its lowest level since August 2003.

Trading volumes soared, sending volatility near to all time highs, as the Dow closed down 7.3pc. That came exactly a year after the index hit an all-time high on October 9, 2007.

“This is just pure panic,” said Chris Orndorff, head of equity strategy at Payden & Rygel in Los Angeles.

The slump led to calls for governments in Europe and the US to push through more draconian moves to help ailing financial markets, including full nationalisation of banks.

The event, at the Ritz-Carlton in California’s Half Moon Bay, aims to “motivate and educate” about 150 independent agents who sell AIG coverage to high-end clients, said spokesman Nicholas Ashooh.

White House spokeswoman Dana Perino today called “despicable” expenses from the first gathering, a weeklong conference last month at the St. Regis Resort in Monarch Beach. Those costs included $23,000 for spa services, according to Representative Henry Waxman, chairman of the Oversight and Government Reform Committee.

AIG considered buying advertisements to explain its position, only to be told by public relations consultant George Sard that it would be “a really bad idea.”

Mr Saleh did not say what evidence had been found to show the group’s links with Israel, a regional enemy of Yemen.

The arrests were connected with an attack on the US embassy in Sanaa last month which killed at least 18 people, official sources were quoted saying.

Israel’s foreign ministry has rejected the accusation as “totally ridiculous”.

“A terrorist cell was arrested and will be referred to the judicial authorities for its links with the Israeli intelligence services,” Mr Saleh told a gathering at al-Mukalla University in Hadramawt province.

“Details of the trial will be announced later. You will hear about what goes on in the proceedings,” he added.

The 17 September attack was the second to target the US embassy since April. Militants detonated car bombs before firing rockets at the heavily fortified building.

Mr Saleh did not identify the suspects, but official sources were quoted saying it was same cell – led by a militant called Abu al-Ghaith al-Yamani – whose arrest was announced a week after the attack.

An Israeli foreign ministry spokesman said the Yemeni president’s statement was without foundation.

“US and global financial markets continue to be severely strained. A root cause of this situation is the housing correction and a lack of confidence in mortgage assets, as well as a lack of confidence in many of the financial institutions that hold these assets,” Mr Paulson told reporters.

“Because of this widespread uncertainty investors are hesitant to commit capital to financial institutions. Investor confidence is critical to restore liquidity and enhance the stability of our financial system.

“Today’s announcement of a coordinated rate cut including Europe, China and other large economies is a welcome sign that Central Banks around the world are prepared to take the necessary steps to support the global economy during this difficult time.”

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You can combine this with a laser rangefinder, digital three-axis inclination sensors and computer gunsights to achieve some almost Judge Dredd-style results. For instance your enemy is hiding unsportingly in a trench or behind a wall. You can ping his hide with the rangefinder, select an extra metre or two of distance on the fuze, and shoot slightly high. The grenade-slug will explode just above the target’s head, spraying him with shrapnel despite his frontal hard cover. You could use the same trick to make your rounds explode right next to an enemy hiding around a corner.