One person involved in the Swift program estimated that analysts had reviewed international transfers involving "many thousands" of people or groups in the United States.

Economists, analysts and investors are reviewing these data for signals about the economy and the direction of the bond and stock markets.

Mr. Grubman introduced himself, Mr. Mody said, and after the former analyst reviewed the company's technology, he made some suggestions.

Refinement - The analyst reviews the findings, identifies any gaps, and collects any additional evidence needed to refute as many of the remaining hypotheses as possible.

Anticipating a good second-quarter report in late January, analysts reviewed their earnings projections.

The person close to the sales said that more than 5,000 analysts - accountants, economists, geologists, engineers and lawyers representing dozens of companies - reviewed the packages.

This analyst had not seen the trailers himself, but reviewed evidence from them.

A senior American intelligence official, while not discussing the source of the information, said analysts were reviewing recently discovered documents that amount to "a potential treasure trove."

Then the analysts reviewed the stocks in the industry sectors they cover.

Two senior analysts review the data and pore over balance sheets.