911 opções de estoque

opções de estoque de 11 de setembro
Houve uma negociação muito alta em "put options" na American Airline e na United Airlines, imediatamente antes do 11 de setembro. Estes foram efetivamente jogos que os preços de suas ações caíram, o que, claro, é o que aconteceu uma vez que os ataques ocorreram. Isso mostra que os comerciantes devem ter tido conhecimento prévio do 11 de setembro.
Esta é uma história complexa, mas as reivindicações nem sempre combinam a realidade.
"Um investidor institucional único com base nos EUA sem vínculos concebíveis com a Al Qaeda comprou 95 por cento da UAL coloca em 6 de setembro como parte de uma estratégia de negociação que também incluiu comprar 115 mil ações da americana em 10 de setembro.
Talvez o desafio mais forte para esta conclusão venha do Professor Allen M Poteshman da Universidade de Illinois em Urbana-Champaign. Ele decidiu investigar isso ainda mais, analisando dados de mercado estatisticamente para tentar avaliar os negócios # 8217; significado. O professor Poteshman aponta vários motivos para questionar o argumento de conhecimento prévio:
Apesar das opiniões expressadas pelos meios de comunicação populares, profissionais acadêmicos e profissionais do mercado de opções, há razões para questionar a determinação da evidência que os terroristas negociaram no mercado de opções antes dos ataques de 11 de setembro. Um evento que causa dúvidas sobre a evidência é o acidente de um avião da American Airlines em Nova York em 12 de novembro. De acordo com o site da OCC, três dias de negociação antes, em 7 de novembro, o índice de colocação de opções sobre ações AMR era 7.74. Com base nas declarações feitas sobre os vínculos entre a atividade de mercado de opção e o terrorismo pouco depois de 11 de setembro, teria sido tentador inferir a partir deste índice de colocação que o terrorismo provavelmente foi a causa do acidente de 12 de novembro. Posteriormente, no entanto, o terrorismo foi excluído. Embora possa ser o caso de uma proporção anormalmente grande de RLM de AMR ter sido observada por acaso no dia 7 de novembro, este evento certamente levanta a questão de saber se os rácios de apontar-se tão grandes como 7,74 são, na verdade, incomuns. Além do acidente de avião do 12 de novembro, um artigo publicado no Barron & # 8217; s em 8 de outubro (Arvedlund 2001) oferece várias razões adicionais para ser cético sobre as afirmações de que é provável que terroristas ou seus associados troquem as opções AMR e UAL antes do Ataques de 11 de setembro. Para iniciantes, o artigo observa que a negociação mais pesada das opções de AMR não ocorreu nas posições mais baratas, mais curtas, o que teria proporcionado os maiores lucros para alguém que conhecesse os próximos ataques. Além disso, um analista emitiu um & # 8220; vender & # 8221; recomendação sobre a AMR durante a semana anterior, o que pode ter levado os investidores a comprar AMR. Da mesma forma, o preço das ações da UAL recentemente declinou o suficiente para se referir a comerciantes técnicos que podem ter aumentado suas compras em compra, e as opções UAL são fortemente negociadas por instituições que cobrem suas posições de ações. Finalmente, os comerciantes que fazem mercados nas opções não aumentaram o preço de venda no momento em que as ordens chegaram, como se houvesse se acreditassem que as ordens eram baseadas em informações adversas não públicas: os fabricantes de mercado não pareciam achar que a negociação estava fora do ordinário no momento em que ocorreu.
No entanto, ele desenvolve um modelo estatístico, o que ele sugere é consistente com a presciência depois de tudo:
Os comerciantes de opções, os gerentes corporativos, os analistas de segurança, os funcionários do intercâmbio, os reguladores, os promotores, os formuladores de políticas e os usuários do público em geral têm interesse em saber se a negociação de opções incomuns ocorreu em torno de determinados eventos. Um dos principais exemplos desse evento são os ataques terroristas de 11 de setembro, e houve uma grande especulação sobre se a atividade de mercado de opções indicava que os terroristas ou seus associados trocaram nos dias que antecederam o 11 de setembro sobre o conhecimento prévio do ataques iminentes. Esta especulação, no entanto, ocorreu na ausência de uma compreensão das características relevantes da negociação do mercado de opções.
Uma questão que nos preocupa sobre isso é a falta de análise da série de más notícias entregues pela American Airlines no dia 7 de setembro, o dia de negociação antes do dia 10 de setembro, quando a negociação mais significativa ocorreu. Professor Poteshman nos disse por e-mail:
Meu estudo inclui regressões quantile que respondem pelas condições do mercado em ações específicas. Portanto, há pelo menos uma correção de primeira ordem para a notícia negativa que estava sendo lançada em 7 de setembro na AMR.
Mas você pode realmente tratar a notícia tão simplesmente? O professor Paul Zarembka apoia as afirmações, dizendo:
Poteshman encontra. essas compras [de opções no estoque da companhia aérea americana]. tinha apenas 1% de probabilidade de ocorrer de forma aleatória.
Mas nós não estamos dizendo que eram aleatórios, e sim que eles podem ter sido uma resposta racional a más notícias significativas entregues no dia anterior. Poteshman está dizendo essencialmente (no que diz respeito à AMR) que as pessoas compraram demais para que isso seja explicado pelas notícias 9/7, portanto, é necessária outra explicação, mas como você pode dizer isso sem analisar a própria notícia? Afinal, se essa notícia estivesse faltando provavelmente em seis meses e # 8201; então, os índices de colocação provavelmente teriam sido ainda mais significativos, e o modelo de Poteshman apresentou ainda mais confirmação da "atividade de mercado da opção inusitada # # 8221", mas isso teria tornado a idéia da presciência mais provável? Nós não pensamos assim. Obviamente, as notícias da AMR eram menos significativas, mas ainda dizemos que você não pode julgar com precisão o significado desses negócios até que você tome em consideração.
Um único investidor institucional com base nos EUA sem vínculos concebíveis com a Al Qaeda comprou 95 por cento da UAL coloca em 6 de setembro como parte de uma estratégia de negociação que também incluiu a compra de 115 mil ações da americana em 10 de setembro. Da mesma forma, grande parte da negociação aparentemente suspeita Na América, em 10 de setembro, foi rastreada para um boletim informativo específico de negociação de opções nos Estados Unidos, enviada por fax para seus assinantes no domingo 9 de setembro, o que recomendou esses negócios.
O 6 de setembro, o UAL coloca automaticamente parece significativo, então, mesmo que apenas um investidor esteja supostamente atrás deles. Mas isso realmente significa que você pode indicar matematicamente que o investidor tinha conhecimento prévio do 11 de setembro, sem considerar as outras condições do mercado e as informações disponíveis no momento?

Opções de colocação.
apostando contra a United e American Airlines antes do 11 de setembro.
Um dos escândalos do 11 de setembro é a opção "put" & quot; colocados em valores de ações da United and American Airlines na semana anterior ao 11 de setembro por alguém tentando ganhar dinheiro com a tragédia.
Esta foi uma grande notícia na imprensa financeira mundial nas semanas após os ataques, com inúmeros artigos na mídia convencional que especularam que Osama acabara de fazer o estoque de ações na história. No entanto, a maioria dos artigos não mencionou que os mercados de ações são monitorados em tempo real (entre outras razões, poderia fornecer informações sobre esses tipos de ameaças). É improvável que alguém que cometa um grande crime, como o 11 de setembro, evidenciaria seu planejamento, como as operações de ações nas companhias aéreas americanas e americanas, uma vez que seria um escrutínio sério e provavelmente interromperá os planos para a atrocidade (assumindo que a atrocidade não era ' t tácitamente a luz verde para fornecer o pretexto para o estado policial da Segurança Interna e a apreensão dos campos petrolíferos do Oriente Médio).
Algumas semanas depois, From the Wilderness, publicado por Michael Ruppert, ligou as opções de venda às companhias aéreas afetadas (e algumas outras empresas, localizadas nas torres) a AB Brown, uma empresa liderada pelo Diretor Executivo da CIA ( a posição número três).
As histórias sobre as opções de venda de repente desapareceram da mídia, e agora apenas a imprensa underground, em grande parte na web, fala sobre elas. Até à data, não houve nenhuma investigação pública pelo governo de quem colocou os negócios de ações (A B Brown era apenas uma das empresas utilizadas, as identidades dos comerciantes não são conhecidas publicamente).
Quando o relatório da Comissão do 11 de Setembro foi lançado em 2004, estava disponível como download de PDF. A primeira coisa que procurei foi a menção das operações de ações pré-9/11 nas companhias aéreas americanas e americanas. O relatório da Comissão explicou que não era significativo, já que os comerciantes não tinham conexões com a Al-Qaeda. O relatório não discutiu se os comerciantes tiveram conexões com a CIA.
Lars Schall.
jornalista alemão independente que rastreia os detalhes do 9/11 insider trading.
UMA PESQUISA EXCLUSIVA ONLINE ASIA TIMES ONLINE.
Insider trading 9/11. os fatos descobertos.
Não pode haver disputa de que o comércio especulativo de opções de venda - onde uma parte aposta que um estoque cairá abruptamente em valor - aumentou os dias em 11 de setembro de 2001 - mesmo que a Comissão de Valores Mobiliários dos EUA e a Comissão do 11 de setembro não diga isso. Mais do que algumas pessoas devem ter avisado antes dos ataques terroristas, e eles ganharam dinheiro com milhões de dólares.
Compreendendo Operações Especiais.
Entendendo a equipe secreta.
uma entrevista com Fletcher Prouty.
Um corretor de ações me chamou de Washington poucos dias antes de a Bay of Pigs ter planejado ter lugar e disse: "Coronel Prouty - ele simplesmente me conheceu, ele não sabia meu trabalho, mas ele disse - Coronel , você pode me dar alguma explicação por que, de repente, pessoas do Pentágono estão me chamando comprando ações de açúcar? & quot; O estoque de açúcar caiu em centavos, porque Castro havia boicotado açúcar americano lá e as empresas perderam muito dinheiro. Mas, de repente, as pessoas que conheciam a perspectiva da invasão estavam comprando estoque de açúcar em US $ 10.000, US $ 20.000 de cada vez, e a demanda de açúcar aumentava muito antes do desembarque de Bay of Pigs. Eles estavam correndo como um empreendimento comercial.
Segue o dinheiro? Deus proibiu.
Por que a cotação de bilhões de dólares antes dos ataques do 11 de setembro nunca investigou?
Eles fizeram uma matança.
As pessoas que conheciam o segredo, os golpes liderados pela CIA usam essa informação para o mercado de ações?
Publicado na terça-feira, 28 de outubro de 2008.
Mistério do terror "negociantes insider"
por Chris Blackhurst, The Independent, 14 de outubro de 2001.
Os especuladores de ações não conseguiram coletar US $ 2,5 milhões nos lucros obtidos com a queda do preço da ação da United Airlines após os ataques do World Trade Center de 11 de setembro.
O fato de que o dinheiro não é reclamado há mais de um mês depois despertou o interesse dos investigadores em uma história descartada como coincidência.
Pode ser que os investidores que conseguiram prever o preço do preço da ação tão habilidosamente relutantes em ser vistos lucrando com a tragédia. Mas os investigadores agora se perguntam se há uma explicação mais sinistra.
As autoridades estão examinando a possibilidade de que, se soubessem o que estava por vir, os comerciantes estavam decididos a tomar seus lucros imediatamente, antes que os reguladores se tivessem acordado em qualquer fraude possível. Mas os investidores não conseguiram prever que a primeira resposta dos mercados de ações dos EUA para o desastre fosse suspender todas as negociações por quatro dias, negando-lhes a chance de cobrar seus lucros.
Mais detalhes sobre as negociações de futuros que compensaram ganhos tão enormes na sequência dos seqüestradores foram divulgados. Para o constrangimento dos investigadores, também surgiu que a empresa costumava comprar muitos dos "colocar" opções - onde um comerciante, de fato, apostou em um preço da ação cair - no estoque da United Airlines foi encabeçado até 1998 por "Buzzy & quot; Krongard, agora diretor executivo da CIA.
Até 1997, o Sr. Krongard foi presidente da Alex Brown Inc, a mais antiga empresa bancária de investimentos da América. Alex Brown foi adquirido pela Bankers Trust, que por sua vez foi comprada pelo Deutsche Bank. Seu último post, antes de demitir-se para assumir seu papel sênior na CIA, era liderar Bankers Trust - negócio de clientes privados da Alex Brown, lidando com contas e investimentos de clientes ricos em todo o mundo.
Não há nenhuma sugestão de que o Sr. Krongard tivesse conhecimento prévio dos ataques.
Entre 6 e 7 de setembro, o Chicago Board Options Exchange viu compras de 4.744 "colocar" Contratos de opção em UAL versus 396 opções de chamadas - onde um especulador aposta em um aumento de preços. Os detentores das opções de venda teriam obtido um lucro de US $ 5 milhões (3,3 milhões), uma vez que o preço da ação da operadora tenha mergulhado após 11 de setembro. Em 10 de setembro, mais negociações em Chicago viram a compra de 4.516 opções de venda na American Airlines, a outra companhia aérea envolvida nos seqüestradores. Isso se compara com apenas 748 opções de compra americanas compradas naquele dia. Os pesquisadores não podem deixar de notar que nenhuma outra companhia aérea viu tal negociação em suas opções de venda.
Não foram apenas as companhias aéreas que foram alvo de investidores incrivelmente pesados. Um dos maiores ocupantes do World Trade Center foi o Morgan Stanley, o banco de investimento. Na primeira semana de setembro, uma média de 27 contratos de opção de compra foi comprada cada dia em suas ações. O total dos três dias antes dos ataques foi de 2.157. Merrill Lynch, outro inquilino do WTC, viu 12.215 opções de compra compradas nos quatro dias antes dos ataques, quando os dias anteriores tinham visto médias de 252 contratos por dia.
Direitos autorais e cópia; 2001 Independent Digital (UK) Ltd.
Reimpresso apenas para uso justo.
a explicação da Comissão do 11 de setembro.
de Nic em Nova York:
No abuso de informações, o álibi:
Um único investidor institucional com base nos EUA sem vínculos concebíveis com a Al Qaeda comprou 95 por cento da UAL coloca em 6 de setembro como parte de uma estratégia de negociação que também incluiu a compra de 115.000 ações da americana em 10 de setembro.
Ah. "Nenhum vínculo concebível com a Qaeda Al Qaeda" equacionado com "sem conhecimento avançado".
O pressuposto é que a presciência poderia vir apenas através de uma conexão da Al-Qaeda.
Nenhuma menção de histórias de Londres, Frankfurt, Tóquio e outros. ou de negociações em qualquer outra coisa que não seja UAL e AAR put options (WTC inquilinos, reinvestores).
E quanto aos $ 2.5 milhões não cobrados? Quem era a "companhia aérea pequena" responsável pelas put compradas em Londres?
A Al Qaeda alegadamente usou uma variedade de meios ilegítimos, particularmente o tráfico de drogas e os diamantes do conflito, para se financiar. Embora o comércio de drogas tenha sido uma fonte de renda para o Talibã, não serviu o mesmo propósito para a Al Qaeda, e não há provas confiáveis ​​de que Bin Ladin esteve envolvido ou fez seu dinheiro através do tráfico de drogas.128 Da mesma forma, vimos nenhuma evidência persuasiva de que a Al Qaeda se financiou através da negociação de diamantes de conflitos africanos.129 Também houve afirmações de que a Al Qaeda se financiou através da manipulação do mercado de ações com base no conhecimento antecipado dos ataques do 11 de setembro. Pesquisas exaustivas da Comissão de Valores Mobiliários, do FBI e outras agências não descobriram nenhuma evidência de que alguém com conhecimento prévio dos ataques se beneficiou com as transações de títulos.130. As alegações altamente divulgadas de informações privilegiadas antes do 11 de setembro geralmente repousam em relatórios de atividade de negociação pre-9/11 incomum em empresas cujo estoque despencou após os ataques. Algumas negociações incomuns, de fato, ocorrem, mas cada tipo de comércio provou ter uma explicação inócua. Por exemplo, o volume de opções de venda - investimentos que pagam apenas quando uma ação caiu no mercado de preços nas empresas-mãe da United Airlines em 6 de setembro e da American Airlines em 10 de setembro - negociação altamente suspeita no seu rosto. No entanto, uma investigação mais aprofundada revelou que a negociação não tinha conexão com o 11 de setembro. Um único investidor institucional com base nos EUA sem vínculos concebíveis com a Al Qaeda comprou 95 por cento da UAL coloca em 6 de setembro como parte de uma estratégia de negociação que também incluiu a compra de 115 mil ações da americana em 10 de setembro. Da mesma forma, grande parte da negociação aparentemente suspeita Na América, em 10 de setembro, foi rastreada para um boletim informativo específico de negociação de opções nos Estados Unidos, enviada por fax para seus assinantes no domingo 9 de setembro, o que recomendou esses negócios. Estes exemplos tipificam a evidência examinada pela investigação. A SEC e o FBI, auxiliados por outras agências e pelo setor de valores mobiliários, dedicaram enormes recursos para investigar essa questão, inclusive garantindo a cooperação de muitos governos estrangeiros. Esses pesquisadores descobriram que o aparentemente suspeito consistentemente se mostrou inocente. Entrevista de José Célia (16 de setembro de 2003, 7 de maio de 2004, 10 a 11 de maio de 2004); Briefing do FBI (15 de agosto de 2003); Memória da SEC, Divisão de Execução para Presidente da SEC e Comissários, "Pre-11 de setembro de 2001, Review Trading", & quot; 15 de maio de 2002; Entrevista de Ken Breen (23 de abril de 2004); Ed G. interview (3 de fevereiro de 2004).
Mike Ruppert descreve 9 dias de insider trading.
vários artigos sobre os escândalos de insider trading.
DETALHES SUPPRIMIDOS DE NEGOCIAÇÃO DE INSCRIÇÃO PENAL DIRIGEM NOS PRINCIPAIS RANKS DA CIA.
DIRETOR EXECUTIVO DA CIA "BUZZY" FIRMA GERENCIADA KRONGARD QUE MANUSEU "PUT" OPÇÕES ON UAL.
Michael C. Ruppert.
FTW, 9 de outubro de 2001 - Embora seja uniformemente ignorado pela mídia norte-americana, existem provas abundantes e claras de que uma série de transações nos mercados financeiros indicaram a presciência específica (criminal) dos ataques de 11 de setembro no World Trade Center e no Pentágono. No caso de pelo menos uma dessas negociações - que deixou um prêmio de US $ 2,5 milhões não reclamado - a empresa usou para colocar as opções "put" & quot; no estoque da United Airlines foi, até 1998, administrado pelo homem que agora ocupa o cargo de Diretor Executivo número três na Agência Central de Inteligência. Até 1997 A. B. & quot; Buzzy & quot; Krongard tinha sido presidente do banco de investimento A. B. Castanho. A. B. Brown foi adquirido pela Banker's Trust em 1997. Krongard tornou-se, como parte da fusão, o vice-presidente do Banker's Trust-AB Brown, um dos 20 maiores bancos dos EUA nomeados pelo senador Carl Levin este ano como relacionado ao branqueamento de capitais. A última posição de Krongard no Banker's Trust (BT) era supervisionar as "relações com clientes privados". Nesta capacidade, ele teve relações práticas diretas com algumas das pessoas mais ricas do mundo em uma espécie de operação bancária especializada que foi identificada pelo Senado dos EUA e outros pesquisadores como intimamente ligados ao lavagem de dinheiro da droga.
Krongard (re?) Ingressou na CIA em 1998 como conselheiro do diretor George Tenet da CIA. Ele foi promovido para diretor executivo da CIA pelo presidente Bush em março deste ano. A BT foi adquirida pelo Deutsche Bank em 1999. A empresa combinada é o maior banco da Europa. E, como veremos, o Deutsche Bank desempenhou vários papéis fundamentais em eventos relacionados aos ataques de 11 de setembro. .
(nota: a maioria das publicações se recusam a tocar este material, não é preciso defender as outras publicações de Larry Flynt para entender a importância desta entrevista - sem nudez nessa página, é "G" classificado)
Krongard e Blackwater.
Esta história foi no site do New York Times no sábado, 17 de novembro de 2007:
Irmão do IG do estado deixa Blackwater.
Pela PRESSÃO ASSOCIADA.
Publicado em: 17 de novembro de 2007.
Arquivado às 5:34 a. M. ET.
WASHINGTON (AP) - O irmão do inspetor geral do Departamento de Estado, Howard Krongard, desistiu como conselheiro da Blackwater Worldwide na sexta-feira, dois dias depois que o relacionamento com o contratado de segurança foi fortemente criticado por um comitê de supervisão do Congresso.
Erik Prince, o alto executivo da Blackwater, disse que as questões de conflito de interesses levantadas pela conexão levaram Alvin '' Buzzy '' Krongard a apresentar sua demissão.
"Eu aceitei relutantemente", disse Prince em um comunicado.
Não está claro se o movimento salvará a credibilidade e a carreira de Howard Krongard, no entanto. O Comitê de Supervisão da Casa e Reforma do Governo planeja se reunir em dezembro para determinar se Howard Krongard testemunhou com sinceridade sobre seu irmão.
Alvin Krongard nunca recebeu nenhum pagamento por seu trabalho no conselho consultivo da Blackwater, que só se encontrou uma vez, disse Prince.
Prince disse que não há alegações de impropriedade contra Alvin Krongard por sua participação no conselho da Blackwater, um grupo recentemente criado para ajudar a companhia de segurança baseada na Carolina do Norte a planejar futuras atividades comerciais.
A Blackwater é um importante empreiteiro do Departamento de Estado e o assunto das investigações federais em curso. Um deles está examinando se os guardas de Blackwater violaram as regras de uso de força durante um tiroteio de 16 de setembro em Bagdá, que deixou 17 mortos de iraquianos.
Prince disse que não há provas de que a habilidade de Howard Krongard para desempenhar seus deveres de supervisão foi comprometida pelo relacionamento de Alvin Krongard com a Blackwater.
"A alegação divulgada de um" aparente conflito de interesses "contra seu irmão Howard, com quem Buzzy não esteve perto por anos, é apenas isso, uma acusação", disse o comunicado do Príncipe.
A saída de Alvin Krongard do conselho da Blackwater ocorre dois dias após a conexão ter sido divulgada durante a audiência pelo Comitê de Supervisão da Casa e Reforma do Governo. Em testemunho assado quarta-feira, Howard Krongard foi convidado por membros democratas do comitê sobre os laços de seu irmão com Blackwater, e ele disse com raiva que não havia nenhum.
Mas quando confrontado com membros do comitê com evidências, Alvin Krongard se juntou ao conselho, Howard Krongard chamou seu irmão durante uma audiência e foi informado de que ele participou de uma reunião do conselho consultivo da Blackwater em Williamsburg, Virginia, na segunda e terça-feira. Antes dessa conversa, Howard Krongard disse que não estava ciente do link.
Howard Krongard disse então ao comitê que ele estava se recusando de qualquer consulta relacionada à Blackwater.
Na quinta-feira, no entanto, Alvin Krongard desafiou a versão de eventos de Howard Krongard. De acordo com o presidente do comitê de supervisão, o deputado Henry Waxman, da D-Calif., Alvin Krongard convocou o comitê e disse que contou a seu irmão bem antes da audiência de quarta-feira sobre sua decisão de se tornar um conselheiro estratégico da Blackwater.
Em um movimento que aumentou ainda mais as diferenças, o advogado de Howard Krongard na sexta-feira enviou a Waxman uma cópia das notas que ela disse que Howard Krongard tomou durante uma conversa de 31 de outubro com seu irmão. A chamada foi iniciada por Howard Krongard e durou 10 minutos, disse a advogada Barbara Van Gelder.
"Nenhum interesse financeiro", as notas lidas, referindo-se à explicação de Alvin Krongard sobre seu status com Blackwater. "Estava em lista curta para o conselho consultivo, mas não aceitou".
Em uma nota lateral para si mesmo na mesma página, Howard Krongard escreveu: "Por que alguém iria no quadro agora?"
Perguntado para conciliar as versões conflitantes, Van Gelder chamou a situação ", disse ele, disse."
"Essas discrepâncias entre o testemunho de Howard Krongard ea informação de Buzzy Krongard levantam questões sobre a veracidade do depoimento de Howard Krongard", disse Waxman em um memorando entregue aos membros da comissão sexta-feira.
A união que representa os diplomatas dos Estados Unidos na sexta-feira repetiu o pedido para que Krongard demitiu.
"Nós ainda acreditamos que ele deve se afastar temporariamente até que esta questão tenha sido totalmente resolvida pelos órgãos apropriados", disse John Naland, presidente da Associação Americana de Serviços Externos.
Waxman disse que planeja convidar os irmãos Krongard a testemunharem na audiência de dezembro.
Se ambos aparecerem, é provável que seja um encontro frio. Eles falam raramente.
Alvin Krongard entrou em contato com o comitê depois de receber uma carta da Waxman buscando informações sobre suas conexões com a Blackwater e qualquer comunicação que ele tenha tido com Howard Krongard sobre a empresa.
Alvin Krongard disse que estava assistindo seu irmão testemunhar na televisão e ouvi-lo dizer que não havia conexão Blackwater.
"Você poderia ter me derrubado", disse Alvin Krongard ao comitê, de acordo com o memorando da Waxman.
Alvin Krongard contou para o comitê a conversa que ele teve com seu irmão antes da audiência.
"Ele me perguntou se eu tinha algum interesse financeiro ou qualquer vínculo com a Blackwater, e então eu disse a ele 'Eu vou no seu conselho' ',' Alvin Krongard disse à comissão, de acordo com o memorando de Waxman. "Ele respondeu dizendo: 'Por que você faria isso?' e 'Você tem certeza que é uma boa idéia?' '' '
Foi a decisão dele, disse Alvin Krongard a seu irmão, e "nós apenas diferimos sobre isso", de acordo com o memorando de Waxman.
Van Gelder, advogado de Howard Krongard, pediu a Waxman que não realizasse a audiência de dezembro.
"Não há nenhum objetivo legislativo legítimo a ser adquirido ao criticar publicamente dois irmãos uns contra os outros", disse ela em uma carta a Waxman.
O papel do conselho consultivo é oferecer "conselhos de liderança" nos caminhos que a Blackwater deve tomar para expandir seus negócios, de acordo com a empresa. Prince convidou Alvin Krongard para se juntar ao conselho em julho.
As despesas para participar das reuniões do conselho seriam cobertas e os membros do conselho receberiam um honorário de US $ 3.500 para cada reunião atendida. O dinheiro poderia ser pago a eles ou a uma instituição de caridade de sua escolha.
Além de se recusar a partir de assuntos relacionados à Blackwater, Howard Krongard também disse que não está mais envolvido em investigações de corrupção relacionadas à construção defeituosa da embaixada dos EUA em Bagdá, um projeto de US $ 600 milhões que é assediado por atrasos logísticos e preocupações de segurança.
Matthew Lee, escritor da Associated Press, contribuiu para este relatório.
Sugestões de Estados Unidos, sem prova, consultor de ações conhecido do 11 de setembro.
Por ALEX BERENSON.
Publicado em: 25 de maio de 2002.
Um conselheiro de estoque de San Diego que é acusado de subornar um F. B.I. O agente para lhe dar informações confidenciais do governo pode ter tido conhecimento prévio dos ataques de 11 de setembro, disse um promotor federal ontem. Mas um juiz desconsidera essa afirmação e o advogado do conselheiro chamou a alegação ridícula.
Em uma audiência no tribunal em San Diego, Kenneth Breen, um advogado auxiliar dos Estados Unidos, disse que o conselheiro, Amr Ibrahim Elgindy, tentou vender US $ 300.000 em estoque na tarde de 10 de setembro e disse a seu corretor que o mercado de ações em breve mergulharia. "Talvez o Sr. Elgindy tivesse pré-conhecimento de 11 de setembro e, ao invés de denunciá-lo, tentou lucrar com isso", disse Breen.
O Sr. Breen, coordenador da unidade bolsista de uma força-tarefa do governo criada para investigar o financiamento de grupos terroristas, não ofereceu nenhuma outra evidência de que o Sr. Elgindy teve conhecimento prévio dos ataques.
Um advogado do Sr. Elgindy disse que a alegação parece estar motivada pelo fato de que o Sr. Elgindy é muçulmano e nasceu no Egito. Senior F. B.I. As autoridades também disseram que não tinham provas de que o Sr. Elgindy tivesse conhecimento prévio dos ataques.
Na audiência de ontem, o Sr. Breen perguntou ao juiz John A. Houston do Tribunal Distrital Federal em San Diego para manter o Sr. Elgindy sem vínculo. O Sr. Elgindy, também conhecido como Tony Elgindy e Anthony Pacific, recentemente transferiu US $ 700 mil para o Líbano e é um grave risco de vôo, disse Breen.
O juiz Houston desconsiderou as alegações do Sr. Breen sobre o Sr. Elgindy e o 11 de setembro. Mas o juiz disse que havia outras evidências suficientes para que Elgindy pudesse fugir para justificar seu detenção pelo menos até uma audiência de 6 de junho para determinar se ele deveria ser transferido para Nova York para um julgamento.
Jeanne Geren Knight, um advogado do Sr. Elgindy, disse após a audiência que as alegações do Sr. Breen eram ridículas e falsas. "O governo, por falta de provas factuais, decidiu manchar meu cliente com insinuações terroristas", disse Knight. "Isto é um golpe de perfil racial".
O Sr. Elgindy e outras quatro pessoas, incluindo uma atual e uma ex-F. B.I. agente, foram acusados ​​quarta-feira de usar informações confidenciais do governo para manipular os preços das ações e extorquir dinheiro às empresas. Jeffrey A. Royer, que era um F. B.I. agente antes de se juntar à empresa de consultoria de ações do Sr. Elgindy em dezembro, aceitou US $ 30.000 de um sócio do Sr. Elgindy em troca de fornecer informações ao Sr. Elgindy sobre investigações criminais atuais de empresas, alegam os promotores.
O Sr. Elgindy e seu sócio, Derrick W. Cleveland, venderam as ações das empresas que eles aprenderam estavam sob investigação, de acordo com a acusação. (Os vendedores curtos emprestam ações e as vendem, esperando comprá-las mais tarde a um preço mais baixo e diminuem a diferença.) Então, o Sr. Elgindy divulgou as informações negativas em dois sites que ele correu, esperando que as ações das empresas caíssem, os promotores dizer.
Na audiência de ontem, o Sr. Breen disse que na tarde de 10 de setembro, o Sr. Elgindy contatou seu corretor no Salomon Smith Barney e pediu que ele vendesse US $ 300 mil em estoque nos fundos fiduciários de seus filhos. Durante a conversa de 10 de setembro, o Sr. Elgindy previu que a média industrial Dow Jones, que na época era de cerca de 9.600, logo colidiria abaixo de 3.000, disse Breen. O Sr. Elgindy não conseguiu vender as ações antes de os mercados fecharem em 10 de setembro, e foi vendido em 18 de setembro, primeiro dia em que os mercados reabriram para negociação após os ataques, disse Breen.
O corretor Salomon Smith Barney entrou em contato com o F. B.I. depois dos ataques para relatar a conversa, disse o Sr. Breen. Ele não identificou o corretor. Um porta-voz de Salomon Smith Barney confirmou que o Sr. Elgindy era um cliente, mas disse que Salomon não comentou questões relacionadas aos seus clientes.
O Sr. Elgindy também transferiu mais de US $ 700 mil para o Líbano nos meses após os ataques, disse Breen. Quando F. B.I. os agentes invadiram a casa do Sr. Elgindy fora de San Diego na quarta-feira, o Sr. Breen disse que eles encontraram $ 43,000 em dinheiro, além de um diamante e faxes soltos, indicando que o Sr. Elgindy tinha sido derrubado sobre o ataque e deu a sua esposa um poder de advogado para liquidar seus ativos.
A Sra. Knight, advogada do Sr. Elgindy, negou que o Sr. Elgindy tivesse conhecimento prévio dos ataques.
A esposa do Sr. Elgindy é da Louisiana, disse a Sra. Knight, acrescentando que sua mãe era pediatra e seu pai era professor. "Tony não é político", disse ela. "Ele é um capitalista. Ele não vai se mudar para um país do terceiro mundo ".
Funcionários superiores responsáveis ​​pela aplicação da lei disseram ontem que os pesquisadores não tinham evidências concretas de que o Sr. Elgindy tivesse informações antecipadas sobre os ataques de 11 de setembro. Até agora, eles não encontraram quem tenha conhecimento prévio dos ataques, disseram eles. Mas eles disseram que a investigação sobre o motivo pelo qual o Sr. Elgindy tentou vender as ações nas contas de confiança de seus filhos antes de 11 de setembro levantou questões que não foram totalmente respondidas.
O Sr. Elgindy tem apoiado ativamente as causas muçulmanas. Em 1999, ele organizou para trazer 30 refugiados muçulmanos do Kosovo para os Estados Unidos, de acordo com The Daily Herald of Chicago.
O Sr. Elgindy disse que a violência no Kosovo, na província do sul da Sérvia, o horrorizou, comparando-o com os tiroteios no Columbine High School no Colorado. "Pegue a Columbine, tenha ocorrido cinco vezes por dia durante um ano, e esse é o Kosovo", disse Elgindy ao The Daily Herald.
O pai e o irmão do senhor Elgindy também são ativos nas causas árabes e muçulmanas. Seu pai, Ibrahim Elgindy, fundou um grupo de organizações de muçulmanos em Chicago e liderou um protesto de 1998 em nome de Muhammad A. Salah, cujos bens foram apanhados nesse ano depois que o governo dos Estados Unidos ligou o Sr. Salah ao Hamas, o grupo radical palestino . O irmão do senhor Elgindy, Khaled, trabalhou para vários grupos políticos árabes.
Nem Ibrahim Elgindy nem Khaled Elgindy já foram associados ao terrorismo. Khaled Elgindy não retornou as chamadas ontem. Ibrahim Elgindy não pôde ser contactado para comentar.
O próprio Elgindy criticou publicamente os ataques de 11 de setembro. Em um comunicado de imprensa naquele dia, sua empresa, Pacific Equity Investigations, disse: "Devemos buscar, encontrar, apreender e destruir aqueles que são responsáveis ​​por este ataque terrorista".
Dois dias depois, o Sr. Elgindy lançou outro comunicado de imprensa, dizendo que ele havia encaminhado para o F. B.I. e a Comissão de Valores Mobiliários ", muitas postagens e mensagens da Internet que podem ter relevância nesta tragédia e a captura das partes responsáveis ​​por trás disso". Ele também pediu que os investidores se abstenham de vender as ações de qualquer empresa dos Estados Unidos ou a Dolar dos Estados Unidos.
O Sr. Elgindy vendeu as ações nas fianças de seus filhos cinco dias depois.

Insider Trading.
Pré-9/11 Opções de colocação em empresas prejudicadas por ataque Indica o conhecimento prévio.
As transações financeiras nos dias anteriores ao ataque sugerem que certos indivíduos usaram conhecimento prévio do ataque para obter lucros enormes. 1 A evidência de insider trading inclui:
Grandes surtos nas compras de opções de venda de ações das duas companhias aéreas usadas no ataque - United Airlines e American Airlines Surges em compras de opções de venda de ações de empresas de resseguro que esperam pagar bilhões para cobrir perdas com o ataque - Munich Re e o Grupo AXA Surge nas compras de opções de venda de ações de empresas de serviços financeiros prejudicadas pelo ataque - Merrill Lynch & amp; Co., e Morgan Stanley e Bank of America Grande aumento nas compras de opções de compra de estoque de um fabricante de armas que se espera ganhar com o ataque - Raytheon Aumenta as crescentes compras de notas do Tesouro dos EUA a 5 anos.
Em cada caso, as compras anômalas se traduziram em grandes lucros assim que o mercado de ações abriu uma semana após o ataque: opções de venda foram usadas em ações que seriam prejudicadas pelo ataque, e as opções de compra foram usadas em ações que se beneficiariam.
As opções de colocação e compra são contratos que permitem aos seus titulares vender e comprar activos, respectivamente, a preços especificados até uma determinada data. As opções de compra permitem que seus detentores se beneficiem de declínios nos valores de ações porque permitem que ações sejam compradas a preço de mercado e vendidas pelo preço de opção mais alto. A proporção do volume de contratos de opção de venda para contratos de opção de compra é denominada taxa de colocação / chamada. A proporção é geralmente inferior a um, com um valor de cerca de 0,8 considerado normal. 2.
American Airlines e United Airlines, e várias companhias de seguros e bancos registraram grandes perdas em valores de ações quando os mercados se abriram em 17 de setembro. As opções de compra - instrumentos financeiros que permitem que os investidores lucrem com o declínio no valor das ações - foram compradas na estoques dessas empresas em grande volume na semana anterior ao ataque.
United Airlines e American Airlines.
Duas das empresas mais danificadas pelo ataque eram a American Airlines (AMR), a operadora do Flight 11 e Flight 77, e a United Airlines (UAL), a operadora do Flight 175 e do Flight 93. Segundo a CBS News, na semana anterior o ataque, a relação de colocação / chamada para a American Airlines foi de quatro. 3 O índice de colocação / chamada para United Airlines foi 25 vezes superior ao normal em 6 de setembro. 4.
As picos nas opções de venda ocorreram em dias que não eram pacíficos para as companhias aéreas e seus preços das ações.
O Bloomberg News informou que as opções de opções nas companhias aéreas aumentaram para o máximo fenomenal de 285 vezes a média.
Quando o mercado reabriu após o ataque, as ações da United Airlines caíram 42% de US $ 30,82 para US $ 17,50 por ação, e as ações da American Airlines caíram 39%, de US $ 29,70 para US $ 18,00 por ação. 7.
Empresas de resseguro.
Várias empresas do setor de resseguro deveriam sofrer grandes perdas do ataque: Munich Re da Alemanha e Swiss Re da Suíça - as duas maiores resseguradoras do mundo e o Grupo AXA da França. Em setembro de 2001, o San Francisco Chronicle estimou o passivo de US $ 1,5 bilhão para a Munique Re e US $ 0,55 bilhão para o Grupo AXA e a Telegraph. co. uk estimou os passivos de Ј1,2 bilhões para a Munique Re e Ј0,83 bilhões para a Swiss Re. 8 9.
A negociação de ações da Munich Re foi quase o dobro do seu nível normal em 6 de setembro e 7, e a negociação de ações da Swiss Re foi mais que o dobro do seu nível normal em 7 de setembro. 10.
Empresas de Serviços Financeiros.
Merrill Lynch e Morgan Stanley Morgan Stanley Dean Witter & amp; Co. e Merrill Lynch & amp; Co. foram ambos sediados no Lower Manhattan no momento do ataque. Morgan Stanley ocupou 22 andares da Torre do Norte e Merrill Lynch tinha sede perto das Torres Gêmeas. Morgan Stanley, que viu uma média de 27 opções de compra no estoque comprado por dia antes de 6 de setembro, viu 2,157 opções de compra compradas nos três dias de negociação antes do ataque. A Merrill Lynch, que viu uma média de 252 opções de venda de ações compradas por dia antes de 5 de setembro, viu 12.215 opções de compra compradas nos quatro dias de negociação antes do ataque. O estoque da Morgan Stanley caiu 13% e as ações da Merrill Lynch caíram 11,5% quando o mercado reabriu. 11.
O Bank of America mostrou um aumento de cinco vezes na negociação de opções de venda na quinta e sexta-feira antes do ataque.
Enquanto a maioria das empresas veria suas avaliações de ações diminuir na sequência do ataque, aqueles no negócio de fornecer os militares veriam aumentos dramáticos, refletindo os novos negócios que estavam preparados para receber.
Raytheon, criador dos mísseis Patriot e Tomahawk, viu suas ações subir imediatamente após o ataque. As compras de opções de compra em estoque Raytheon aumentaram seis vezes no dia anterior ao ataque.
Raytheon foi multado com milhões de dólares inflacionando os custos do equipamento que vende os militares dos EUA. Raytheon tem uma subsidiária secreta, E-Systems, cujos clientes incluíram a CIA e a NSA. 14.
Notas do Tesouro dos EUA.
As notas do Tesouro dos EUA a cinco anos foram compradas em volumes anormalmente altos antes do ataque, e seus compradores foram recompensados ​​com aumentos acentuados em seu valor após o ataque.
A Investigação da SEC.
Pouco depois do ataque, a SEC distribuiu uma lista de ações para empresas de valores mobiliários em todo o mundo buscando informações. 16 Um artigo amplamente divulgado afirma que os estoques marcados pela SEC incluíam as das seguintes corporações: American Airlines, United Airlines, Continental Airlines, Northwest Airlines, Southwest Airlines, US Airways airlines, Martin, Boeing, Lockheed Martin Corp., AIG, American Express Corp, American International Group, AMR Corporation, AXA SA, Bank of America Corp, Bank of New York Corp, Bank One Corp, Cigna Group, CNA Financial, Carnival Corp, Chubb Group, John Hancock Financial Services, Hercules Inc., L-3 Communications Holdings, Inc., LTV Corporation, Marsh & amp; McLennan Cos. Inc., MetLife, Progressive Corp., General Motors, Raytheon, W. R. Grace, Royal Caribbean Cruises, Ltd., Lone Star Technologies, American Express, Citigroup Inc., Royal & amp; Sun Alliance, Lehman Brothers Holdings, Inc., Vornado Reality Trust, Morgan Stanley, Dean Witter & amp; Co., XL Capital Ltd. e Bear Stearns.
Um artigo de 19 de outubro no San Francisco Chronicle informou que a SEC, depois de um período de silêncio, assumiu a ação sem precedentes de delegar centenas de funcionários privados em sua investigação:
Em um comunicado de duas páginas emitido para "todas as entidades relacionadas com títulos" em todo o país, a SEC solicitou às empresas que designassem pessoal sênior que aprecie "a natureza sensível" do caso e possa ser confiado para "exercer uma discrição adequada" como "ponto" pessoas que ligam os investigadores do governo e a indústria. 17.
Michael Ruppert, ex-oficial da LAPD, explica as consequências desta ação:
Interpretação e Reinterpretação de Dados.
Uma análise dos relatórios de imprensa sobre o assunto de insider trading aparente relacionado ao ataque mostra uma tendência, com relatórios iniciais destacando as anomalias e relatórios posteriores desculpando-os. Em seu livro Crossing the Rubicon, Michael C. Ruppert ilustra este ponto, primeiro extraindo uma série de relatórios publicados logo após o ataque:
Um salto na UAL (United Airlines) coloca opções 90 vezes (não 90 por cento) acima do normal entre 6 de setembro e 10 de setembro e 285 vezes superior à média na quinta-feira antes do ataque.
- CBS News, 26 de setembro Um salto na American Airlines coloca opções 60 vezes (não 60%) acima do normal no dia anterior aos ataques.
- CBS News, 26 de setembro. Nenhuma transação similar ocorreu em outras companhias aéreas.
- Bloomberg Business Report, o Instituto para o Contra-terrorismo (TIC), Herzliyya, Israel [citando dados do CBOE] 3 Morgan Stanley viu, entre 7 de setembro e 10 de setembro, um aumento de 27 vezes (não 27%) na compra de colocar opções em suas ações. 4.
3. "Mecânica da Possível Escavação de Negociação de Insider de Bin Laden", Instituto Internacional de Políticas de Herzlyya para o Terrorismo Antiterrorismo (TIC), 22 de setembro de 2001. Michael C. Ruppert, "The Case for Bush Administration Advance Knowledge of 9-11 Attacks", de The Wilderness 22 de abril de 2002. Publicado no Centro de Pesquisa e Globalização & lt; globalresearch. ca/articles/RUP203A. html> ;.
4. TIC, op. cit, citando dados do Chicago Board of Options Exchange (CBOE). [. ] "Terroristas treinados no CBPE". Chicago Sun-Times, 20 de setembro de 2001, & lt; suntimes / terror / stories / cst-nws-trade20.html & gt ;. "Probe de troca de opções de link para ataques confirmados", [. ] Chicago Sun-Times, 21 de setembro de 2001, & lt; suntimes / terror / stories / cst-fin-trade21.html & gt ;.
Ruppert então ilustra uma aparente tentativa de enterrar a história, explicando isso como nada incomum. Um artigo de 30 de setembro do New York Times alega que "explicações benignas estão aparecendo" na investigação da SEC. 20 O artigo culpa a atividade em opções de venda, que não quantifica, em "pessimismo de mercado", mas não explica por que o preço das ações nas companhias aéreas não reflete o mesmo pessimismo do mercado.
O facto de US $ 2,5 milhões das opções de venda permanecerem não reclamadas não é explicado pelo pessimismo do mercado e é prova de que os compradores da opção de venda eram parte de uma conspiração criminosa. 21.

opções de estoque de 11 de setembro
Detalhes suprimidos de Leading de Insider Trading Criminal diretamente nos Rank mais altos da CIA & # 146; s.
FTW - 9 de outubro de 2001 e # 150; Apesar de serem uniformemente ignorados pela mídia norte-americana, há evidências abundantes e claras de que uma série de transações nos mercados financeiros indicou a presciência específica (criminal) dos ataques de 11 de setembro no World Trade Center e no Pentágono. No caso de pelo menos uma dessas negociações - que deixou um prêmio de US $ 2,5 milhões não reclamado - a empresa costumava colocar as opções de & # 147; put # 148; no estoque da United Airlines foi, até 1998, administrado pelo homem que agora ocupa o cargo de Diretor Executivo número três na Agência Central de Inteligência.
Até 1997 A. B. & # 147; Buzzy & # 148; Krongard tinha sido presidente do banco de investimento A. B. Castanho. A. B. Brown foi adquirido pelo Banker & # 146; s Trust em 1997. Krongard tornou-se, como parte da fusão, o vice-presidente do Banker & # 146; s Trust-AB Brown, um dos 20 principais bancos dos EUA nomeados pelo senador Carl Levin este ano como being connected to money laundering. Krongard’s last position at Banker’s Trust (BT) was to oversee “private client relations.” In this capacity he had direct hands-on relations with some of the wealthiest people in the world in a kind of specialized banking operation that has been identified by the U. S. Senate and other investigators as being closely connected to the laundering of drug money.
THE SCOPE OF KNOWN INSIDER TRADING.
Before looking further into these relationships it is necessary to look at the insider trading information that is being ignored by Reuters, The New York Times and other mass media. It is well documented that the CIA has long monitored such trades – in real time – as potential warnings of terrorist attacks and other economic moves contrary to U. S. interests. Previous stories in FTW have specifically highlighted the use of Promis software to monitor such trades.
It is necessary to understand only two key financial terms to understand the significance of these trades, “selling short” and “put options”.
“Selling Short” is the borrowing of stock, selling it at current market prices, but not being required to actually produce the stock for some time. If the stock falls precipitously after the short contract is entered, the seller can then fulfill the contract by buying the stock after the price has fallen and complete the contract at the pre-crash price. These contracts often have a window of as long as four months.
“Put Options,” are contracts giving the buyer the option to sell stocks at a later date. Purchased at nominal prices of, for example, $1.00 per share, they are sold in blocks of 100 shares. If exercised, they give the holder the option of selling selected stocks at a future date at a price set when the contract is issued. Thus, for an investment of $10,000 it might be possible to tie up 10,000 shares of United or American Airlines at $100 per share, and the seller of the option is then obligated to buy them if the option is executed. If the stock has fallen to $50 when the contract matures, the holder of the option can purchase the shares for $50 and immediately sell them for $100 – regardless of where the market then stands. A call option is the reverse of a put option, which is, in effect, a derivatives bet that the stock price will go up.
A September 21 story by the Israeli Herzliyya International Policy Institute for Counterterrorism, entitled “Black Tuesday: The World’s Largest Insider Trading Scam?” documented the following trades connected to the September 11 attacks:
- Between September 6 and 7, the Chicago Board Options Exchange saw purchases of 4,744 put options on United Airlines, but only 396 call options… Assuming that 4,000 of the options were bought by people with advance knowledge of the imminent attacks, these “insiders” would have profited by almost $5 million.
- On September 10, 4,516 put options on American Airlines were bought on the Chicago exchange, compared to only 748 calls. Again, there was no news at that point to justify this imbalance;… Again, assuming that 4,000 of these options trades represent “insiders,” they would represent a gain of about $4 million.
- [The levels of put options purchased above were more than six times higher than normal.]
- No similar trading in other airlines occurred on the Chicago exchange in the days immediately preceding Black Tuesday.
- Morgan Stanley Dean Witter & Co., which occupied 22 floors of the World Trade Center, saw 2,157 of its October $45 put options bought in the three trading days before Black Tuesday; this compares to an average of 27 contracts per day before September 6. Morgan Stanley’s share price fell from $48.90 to $42.50 in the aftermath of the attacks. Assuming that 2,000 of these options contracts were bought based upon knowledge of the approaching attacks, their purchasers could have profited by at least $1.2 million. Merrill Lynch & Co., with headquarters near the Twin Towers, saw 12,215 October $45 put options bought in the four trading days before the attacks; the previous average volume in those shares had been 252 contracts per day [a 1200% increase!]. When trading resumed, Merrill’s shares fell from $46.88 to $41.50; assuming that 11,000 option contracts were bought by “insiders,” their profit would have been about $5.5 million.
- European regulators are examining trades in Germany’s Munich Re, Switzerland’s Swiss Re, and AXA of France, all major reinsurers with exposure to the Black Tuesday disaster. [ FTW Note: AXA also owns more than 25% of American Airlines stock making the attacks a “double whammy” for them.]
On September 29, 2001 – in a vital story that has gone unnoticed by the major media – the San Francisco Chronicle reported, “Investors have yet to collect more than $2.5 million in profits they made trading options in the stock of United Airlines before the Sept. 11, terrorist attacks, according to a source familiar with the trades and market data.
“The uncollected money raises suspicions that the investors – whose identities and nationalities have not been made public – had advance knowledge of the strikes.” They don’t dare show up now. A suspensão da negociação durante quatro dias após os ataques impossibilitou a retirada rápida e reivindicou o prêmio antes que os pesquisadores começassem a procurar.
“… October series options for UAL Corp. were purchased in highly unusual volumes three trading days before the terrorist attacks for a total outlay of $2,070; investors bought the option contracts, each representing 100 shares, for 90 cents each. [This represents 230,000 shares]. Those options are now selling at more than $12 each. There are still 2,313 so-called “put” options outstanding [valued at $2.77 million and representing 231,300 shares] according to the Options Clearinghouse Corp.”
“…The source familiar with the United trades identified Deutsche Bank Alex. Brown, the American investment banking arm of German giant Deutsche Bank, as the investment bank used to purchase at least some of these options…” This was the operation managed by Krongard until as recently as 1998.
As reported in other news stories, Deutsche Bank was also the hub of insider trading activity connected to Munich Re. just before the attacks.
CIA, THE BANKS AND THE BROKERS.
Understanding the interrelationships between CIA and the banking and brokerage world is critical to grasping the already frightening implications of the above revelations. Let’s look at the history of CIA, Wall Street and the big banks by looking at some of the key players in CIA’s history.
Clark Clifford – The National Security Act of 1947 was written by Clark Clifford, a Democratic Party powerhouse, former Secretary of Defense, and one-time advisor to President Harry Truman. Na década de 1980, como presidente da First American Bancshares, Clifford foi fundamental para obter o banco corrupto da CIA BCCI uma licença para operar nas costas americanas. His profession: Wall Street lawyer and banker.
John Foster and Allen Dulles – These two brothers “designed” the CIA for Clifford. Both were active in intelligence operations during WW II. Allen Dulles was the U. S. Ambassador to Switzerland where he met frequently with Nazi leaders and looked after U. S. investments in Germany. John Foster went on to become Secretary of State under Dwight Eisenhower and Allen went on to serve as CIA Director under Eisenhower and was later fired by JFK. Their professions: partners in the most powerful - to this day - Wall Street law firm of Sullivan, Cromwell.
Bill Casey – Ronald Reagan’s CIA Director and OSS veteran who served as chief wrangler during the Iran-Contra years was, under President Richard Nixon, Chairman of the Securities and Exchange Commission. Sua profissão: advogada e corretor de bolsa de Wall Street.
David Doherty - The current Vice President of the New York Stock Exchange for enforcement is the retired General Counsel of the Central Intelligence Agency.
George Herbert Walker Bush – President from 1989 to January 1993, also served as CIA Director for 13 months from 1976-7. He is now a paid consultant to the Carlyle Group, the 11 th largest defense contractor in the nation, which also shares joint investments with the bin Laden family.
A. B. “Buzzy” Krongard – The current Executive Director of the Central Intelligence Agency is the former Chairman of the investment bank A. B. Brown and former Vice Chairman of Banker’s Trust.
John Deutch - This retired CIA Director from the Clinton Administration currently sits on the board at Citigroup, the nation’s second largest bank, which has been repeatedly and overtly involved in the documented laundering of drug money. This includes Citigroup’s 2001 purchase of a Mexican bank known to launder drug money, Banamex.
Nora Slatkin – This retired CIA Executive Director also sits on Citibank’s board.
Maurice “Hank” Greenburg – The CEO of AIG insurance, manager of the third largest capital investment pool in the world, was floated as a possible CIA Director in 1995. FTW exposed Greenberg’s and AIG’s long connection to CIA drug trafficking and covert operations in a two-part series that was interrupted just prior to the attacks of September 11. AIG’s stock has bounced back remarkably well since the attacks. To read that story, please go to copvcia/stories/part_2.html .
One wonders how much damning evidence is necessary to respond to what is now irrefutable proof that CIA knew about the attacks and did not stop them. Whatever our government is doing, whatever the CIA is doing, it is clearly NOT in the interests of the American people, especially those who died on September 11.
[© COPYRIGHT, 2001, Michael C. Ruppert and FTW Publications, copvcia . Todos os direitos reservados. – May be reprinted or distributed for non-profit purposes only.]
Commander in Chief.
Back Off Bin Ladens.
The Bushes and the Carlyle Group.
How Bush and other ex-politic os profit from connections and access.
What doesn't he want Americans to know?
The sanctions have loopholes our vice president made millions from.

SUPPRESSED DETAILS OF CRIMINAL INSIDER TRADING.
LEAD DIRECTLY INTO THE CIA'S HIGHEST RANKS.
CIA EXECUTIVE DIRECTOR "BUZZY" KRONGARD.
MANAGED FIRM THAT HANDLED "PUT" OPTIONS ON UAL.
by Michael C. Ruppert.
FTW, October 9, 2001 - Although uniformly ignored by the mainstream U. S. media, there is abundant and clear evidence that a number of transactions in financial markets indicated specific (criminal) foreknowledge of the September 11 attacks on the World Trade Center and the Pentagon. In the case of at least one of these trades -- which has left a $2.5 million prize unclaimed -- the firm used to place the "put options" on United Airlines stock was, until 1998, managed by the man who is now in the number three Executive Director position at the Central Intelligence Agency. Until 1997 A. B. "Buzzy" Krongard had been Chairman of the investment bank A. B. Castanho. A. B. Brown was acquired by Banker's Trust in 1997. Krongard then became, as part of the merger, Vice Chairman of Banker's Trust-AB Brown, one of 20 major U. S. banks named by Senator Carl Levin this year as being connected to money laundering. Krongard's last position at Banker's Trust (BT) was to oversee "private client relations". In this capacity he had direct hands-on relations with some of the wealthiest people in the world in a kind of specialized banking operation that has been identified by the U. S. Senate and other investigators as being closely connected to the laundering of drug money.
Krongard (re?) joined the CIA in 1998 as counsel to CIA Director George Tenet. He was promoted to CIA Executive Director by President Bush in March of this year. BT was acquired by Deutsche Bank in 1999. The combined firm is the single largest bank in Europe. And, as we shall see, Deutsche Bank played several key roles in events connected to the September 11 attacks.
THE SCOPE OF KNOWN INSIDER TRADING.
Before looking further into these relationships it is necessary to look at the insider trading information that is being ignored by Reuters, The New York Times and other mass media. It is well documented that the CIA has long monitored such trades - in real time - as potential warnings of terrorist attacks and other economic moves contrary to U. S. interests. Previous stories in FTW have specifically highlighted the use of Promis software to monitor such trades.
It is necessary to understand only two key financial terms to understand the significance of these trades, "selling short" and "put options".
"Selling Short" is the borrowing of stock, selling it at current market prices, but not being required to actually produce the stock for some time. If the stock falls precipitously after the short contract is entered, the seller can then fulfill the contract by buying the stock after the price has fallen and complete the contract at the pre-crash price. These contracts often have a window of as long as four months.
"Put Options" are contracts giving the buyer the option to sell stocks at a later date. Purchased at nominal prices of, for example, $1.00 per share, they are sold in blocks of 100 shares. If exercised, they give the holder the option of selling selected stocks at a future date at a price set when the contract is issued. Thus, for an investment of $10,000 it might be possible to tie up 10,000 shares of United or American Airlines at $100 per share, and the seller of the option is then obligated to buy them if the option is executed. If the stock has fallen to $50 when the contract matures, the holder of the option can purchase the shares for $50 and immediately sell them for $100 - regardless of where the market then stands. A call option is the reverse of a put option, which is, in effect, a derivatives bet that the stock price will go up.
A September 21 story by the Israeli Herzliyya International Policy Institute for Counter terrorism, entitled "Black Tuesday: The World's Largest Insider Trading Scam?" documented the following trades connected to the September 11 attacks:
- Between September 6 and 7, the Chicago Board Options Exchange saw purchases of 4,744 put options on United Airlines, but only 396 call options. Assuming that 4,000 of the options were bought by people with advance knowledge of the imminent attacks, these "insiders" would have profited by almost $5 million .
- On September 10, 4,516 put options on American Airlines were bought on the Chicago exchange, compared to only 748 calls. Again, there was no news at that point to justify this imbalance; Again, assuming that 4,000 of these options trades represent "insiders", they would represent a gain of about $4 million .
- [The levels of put options purchased above were more than six times higher than normal.]
- No similar trading in other airlines occurred on the Chicago exchange in the days immediately preceding Black Tuesday.
- Morgan Stanley Dean Witter & Co., which occupied 22 floors of the World Trade Center, saw 2,157 of its October $45 put options bought in the three trading days before Black Tuesday; this compares to an average of 27 contracts per day before September 6 . Morgan Stanley's share price fell from $48.90 to $42.50 in the aftermath of the attacks. Assuming that 2,000 of these options contracts were bought based upon knowledge of the approaching attacks, their purchasers could have profited by at least $1.2 million .
- Merrill Lynch & Co., which occupied 22 floors of the World Trade Center, saw 12,215 October $45 put options bought in the four trading days before the attacks; the previous average volume in those shares had been 252 contracts per day [a 1200% increase!] . When trading resumed, Merrill's shares fell from $46.88 to $41.50; assuming that 11,000 option contracts were bought by "insiders", their profit would have been about $5.5 million .
- European regulators are examining trades in Germany's Munich Re, Switzerland's Swiss Re, and AXA of France, all major reinsurers with exposure to the Black Tuesday disaster. [FTW Note: AXA also owns more than 25% of American Airlines stock making the attacks a "double whammy" for them.]
On September 29, 2001 - in a vital story that has gone unnoticed by the major media - the San Francisco Chronicle reported, " Investors have yet to collect more than $2.5 million in profits they made trading options in the stock of United Airlines before the Sept. 11, terrorist attacks, according to a source familiar with the trades and market data ".
& quot; The uncollected money raises suspicions that the investors - whose identities and nationalities have not been made public - had advance knowledge of the strikes ". They don't dare show up now. A suspensão da negociação durante quatro dias após os ataques impossibilitou a retirada rápida e reivindicou o prêmio antes que os pesquisadores começassem a procurar.
"October series options for UAL Corp. were purchased in highly unusual volumes three trading days before the terrorist attacks for a total outlay of $2,070; investors bought the option contracts, each representing 100 shares, for 90 cents each. [This represents 230,000 shares]. Those options are now selling at more than $12 each. There are still 2,313 so-called "put" options outstanding [valued at $2.77 million and representing 231,300 shares] according to the Options Clearinghouse Corp".
"The source familiar with the United trades identified Deutsche Bank Alex. Brown, the American investment banking arm of German giant Deutsche Bank, as the investment bank used to purchase at least some of these options" This was the operation managed by Krongard until as recently as 1998.
As reported in other news stories, Deutsche Bank was also the hub of insider trading activity connected to Munich Re. just before the attacks.
CIA, THE BANKS AND THE BROKERS.
Understanding the interrelationships between CIA and the banking and brokerage world is critical to grasping the already frightening implications of the above revelations. Let's look at the history of CIA, Wall Street and the big banks by looking at some of the key players in CIA's history.
Clark Clifford - The National Security Act of 1947 was written by Clark Clifford, a Democratic Party powerhouse, former Secretary of Defense, and one-time advisor to President Harry Truman. Na década de 1980, como presidente da First American Bancshares, Clifford foi fundamental para obter o banco corrupto da CIA BCCI uma licença para operar nas costas americanas. His profession: Wall Street lawyer and banker.
John Foster and Allen Dulles - These two brothers "designed" the CIA for Clifford. Both were active in intelligence operations during WW II. Allen Dulles was the U. S. Ambassador to Switzerland where he met frequently with Nazi leaders and looked after U. S. investments in Germany. John Foster went on to become Secretary of State under Dwight Eisenhower and Allen went on to serve as CIA Director under Eisenhower and was later fired by JFK. Their professions: partners in the most powerful - to this day - Wall Street law firm of Sullivan, Cromwell.
Bill Casey - Ronald Reagan's CIA Director and OSS veteran who served as chief wrangler during the Iran-Contra years was, under President Richard Nixon, Chairman of the Securities and Exchange Commission. Sua profissão: advogada e corretor de bolsa de Wall Street.
David Doherty - The current Vice President of the New York Stock Exchange for enforcement is the retired General Counsel of the Central Intelligence Agency.
George Herbert Walker Bush - President from 1989 to January 1993, also served as CIA Director for 13 months from 1976-7. He is now a paid consultant to the Carlyle Group, the 11th largest defense contractor in the nation, which also shares joint investments with the bin Laden family.
A. B. "Buzzy" Krongard - The current Executive Director of the Central Intelligence Agency is the former Chairman of the investment bank A. B. Brown and former Vice Chairman of Banker's Trust.
John Deutch - This retired CIA Director from the Clinton Administration currently sits on the board at Citigroup, the nation's second largest bank, which has been repeatedly and overtly involved in the documented laundering of drug money. This includes Citigroup's 2001 purchase of a Mexican bank known to launder drug money, Banamex.
Nora Slatkin - This retired CIA Executive Director also sits on Citibank's board.
Maurice "Hank" Greenburg - The CEO of AIG insurance, manager of the third largest capital investment pool in the world, was floated as a possible CIA Director in 1995. FTW exposed Greenberg's and AIG's long connection to CIA drug trafficking and covert operations in a two-part series that was interrupted just prior to the attacks of September 11. AIG's stock has bounced back remarkably well since the attacks. To read that story, please go to fromthewilderness/free/ciadrugs/part_2.html.
One wonders how much damning evidence is necessary to respond to what is now irrefutable proof that CIA knew about the attacks and did not stop them. Whatever our government is doing, whatever the CIA is doing, it is clearly NOT in the interests of the American people, especially those who died on September 11.

9/11 stock put options

Paul Zarembka is a Professor of Economics, and is the contributing editor to Elsevier's "Research in Political Economy" series, notable for Volume 23 - "THE HIDDEN HISTORY OF 9-11-2001", in which Zarembka examines evidence of insider trading in regard to AA and United airlines. This short piece examines the use of "put options" as a signifier of a speculated terrorist event, and offers some valuable context. - r.
I was just exposed to another article reporting "put option" data on specific stocks, the data being used to suggest that something major may be on the horizon. The particular focus in this instance was on the Sears Tower in Chicago, acquired in 2004 by Larry Silverstein.
I would like to call attention to difficulties with these data, without suggesting that it is impossible to be on target with a warning, only that it is very difficult.
A "put option" is a contract to be able to sell a stock at specific price in the future in anticipation that one could then buy the same stock for much less (or sell what you already own) and make some good money. The contract price is market determined. You can buy the put option from a "market maker". After owning the put option, you could also sell the option before it expires (unload your position); this is important to recognize, as we shall see.
Now for the difficulties in interpreting data:
1. Every transaction has a buyer and seller. The raw reported data will double the number of transactions, because each side is counted once. Some of the reported data after 9-11 did not correct for this fact, pulling in people like Michael Ruppert and Webster Tarpley, and the 911research. wtc7/index. html site.
2. The best semi-public data source is OptionMetrics, a service too expensive for non-wealthy individuals, but purchased by some universities, for example, to permit their faculty to undertake research. OptionMetrics divides its data by two, to correct for the problem mentioned above. Dentro.
any case, the data are delayed so this July's data may not be available until late August or September.
3. A person interested in a specific stock's put-option data could have access to data compiled daily, and even could do it themselves for free, given enough patience. For example, if one is interested in put-option data for Research in Motion, Ltd. (RIMM) -- the focus of the article I was reading, it being connected to Blackberry and in turn alleged to be useful for detonating bombs -- then go to finance. yahoo/q/op? s=RIMM&m=2007-09 for contracts which expire September 21, 2007. The stock itself closed on July 3 at $207.94, while the put option to sell at $190 went up from $5.40 the previous day to $6.50 (perhaps because the stock itself was down $6.32 from the prior day, reflecting anticipation of some trouble for the stock?).
If you were interested you could compile those numbers yourself, day after day.
4. In our specific example, transaction volume for July 3 for that $190 price expiring on September 21, 2007, was 253. But recall our comment: there may be persons who unloaded previously purchased put options within that datum. Probably, this is not a near majority, but we don't know from the publicly available data. In any case, the data are not 'clean' from an analytic point of view. Sometimes one can figure the difference out by looking at changes in the reported "open interest" (but that takes us too far afield for this comment).
5. When I read an article that put-option volume has gone up unusually for a specific stock, well, I almost never know the track record of the person so reporting. And the reports after 9-11 for American Airlines and United Airlines put options on the few days before 9-11 had errors (see P. Zarembka, "The Initiation of the 9-11 Operation, with Evidence of Insider Trading Beforehand", THE HIDDEN HISTORY OF 9-11-2001, Elsevier, 2006, pp. 67-69, including the footnotes for Table 4).
In sum, it is not easy to draw conclusions. If the person writing the article were closely following RIMM I suppose an alert is possible, even with the public information generated over days and weeks. But not knowing these authors and their track records, I would not be willing to speculate.
The article in question* seemed to expect reproduction of a prior historical event but this time for the Sears Tower. I'd say, 'careful' with drawing such a conclusion.
Professor of Economics, SUNY at Buffalo.
Editor, RESEARCH IN POLITICAL ECONOMY, Elsevier, Ltd.
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I find this post a little.
I find this post a little confusing, to be honest. Not sure exactly what is being said. I was under the impression that many intelligence agencies including the CIA monitor stock transactions in real time?
Why the hell did I vote for.
Why the hell did I vote for The Decider in 2000? I'm in therapy for that decision. Im glad I dont work in the Sears tower.
The call for caution in this and other such matters is well taken, but would it not be responsible to formally notify the authorities of these concerns and make sure the warning is properly recorded?
How then would you explain why the profits.
that were made from some of the 9/11 Put options not collected ?
I understand that there remains over $1 million dollars unclaimed.
Also confused.
I hope the author can explain a bit more.
I believe your point is that the put option activity on RIMM may say nothing much, that it is wild to connect it with the Sears Tower, and that any alarm about it is at best preliminary. I am OK with that message.
But, implied in your post is that the same goes for the unusual put option activity on the two airlines, and on other soon-to-be severely impacted companies, just prior to 9-11-01.
Why then did the 9/11 Commission flag it, and investigate it? Of course, their investigation of it was utterly obscure. It may well have been conducted in a willfully negligent manner, as most of what they did was. Even so, they would not have done anything about the put options if the activity did not look highly suspicious.
I gather that the CIA does keep a running analysis of put option activity, just for this sort of thing. Is that also what you understand?
The fact which you mention, that there is both a buyer and a seller of these options seems irrelevant. It is the total activity that was and still is in question.
I now see that Rep posted this, and not the author. Duh.
Presumably there won't be a way to send him this query? He does seem to taint the 9/11 put option evidence with these wilder speculations, via guilt-by-association. The two situations seem very different. Don't they?
Reply from Zarembka.
"While writing my present note, I had previously established my position.
that insider trading occurred on 9-11. Perhaps I wasn't sufficently clear.
in the note, but my research is in my chapter in THE HIDDEN HISTORY OF.
Some in the 9-11 truth movement have followed Michael Ruppert and his.
citation to Radlauer about insider trading before 9-11. Radlauer,
however, reported incorrect data as did some others, but there were again.
others who had the data correct. The record is given in my chapter.
If you wish to take anything from my note, it is simply not to rely on.
unverified reports about claims of unusual trading.
Verified reports are another matter, and the Poteshman article in the.
"Journal of Business", July 2006, comes to a strong conclusion concerning.
put-option trading on before 9-11, using a confidential data source.

911 stock put options

SOM DE SEGURANÇA SECRETA DE NEGOCIAÇÕES DE STOCK ANTES DE 11/09.
Between August 26 and September 11, 2001, a group of speculators, identified by the American Securities and Exchange Commission as Israeli citizens, sold "short" a list of 38 stocks that could reasonably be expected to fall in value as a result of the pending attacks. These speculators operated out of the Toronto, Canada and Frankfurt, Germany, stock exchanges and their profits were specifically stated to be "in the millions of dollars."
Short selling of stocks involves the opportunity to gain large profits by passing shares to a friendly third party, then buying them back when the price falls. Historically, if this precedes a traumatic event, it is an indication of foreknowledge. It is widely known that the CIA uses the Promis software to routinely monitor stock trades as a possible warning sign of a terrorist attack or suspicious economic behavior. A week after the Sept.11 attacks, the London Times reported that the CIA had asked regulators for the Financial Services Authority in London to investigate the suspicious sales of millions of shares of stock just prior to the terrorist acts. It was hoped the business paper trail might lead to the terrorists.
Investigators from numerous government agencies are part of a clandestine but official effort to resolve the market manipulations There has been a great deal of talk about insider trading of American stocks by certain Israeli groups both in Canada and Germany between August 26 and the Sept.11 attacks on the World Trade Center and the Pentagon.
Lynne Howard, a spokeswoman for the Chicago Board Options Exchange (CBOE), stated that information about who made the trades was available immediately. "We would have been aware of any unusual activity right away. It would have been triggered by any unusual volume. There is an automated system called 'blue sheeting,' or the CBOE Market Surveillance System, that everyone in the business knows about. It provides information on the trades - the name and even the Social Security number on an account - and these surveillance systems are set up specifically to look into insider trading. The system would look at the volume, and then a real person would take over and review it, going back in time and looking at other unusual activity."
Howard continued, "The system is so smart that even if there is a news event that triggers a market event it can go back in time, and even the parameters can be changed depending on what is being looked at. It's a very clever system and it is instantaneous. Even with the system, though, we have very experienced and savvy staff in our market-regulations area who are always looking for things that might be unusual. They're trained to put the pieces of the puzzle together. Even if it's offshore, it might take a little longer, but all offshore accounts have to go through U. S. member firms - members of the CBOE - and it is easily and quickly identifiable who made the trades. The member firm who made the trades has to have identifiable information about the client under the 'Know Your Customer' regulations (and we share all information with the Securities and Exchange Commission.)"
Given all of this, at a minimum the CBOE and government regulators who are conducting the secret investigations have known for some time who made the options puts on a total of 38 stocks that might reasonably be anticipated to have a sharp drop in value because of an attack similar to the 9/11 episode. The silence from the investigating camps could mean several things: Either terrorists are responsible for the puts on the listed stocks or others besides terrorists had foreknowledge of the attack and used this knowledge to reap a nice financial harvest from the tragedy.
Adam Hamilton of Zeal LLC, a North Dakota based private consulting company that publishes research on markets worldwide, stated that "I heard that $22 million in profits was made on these put options. "
Federal investigators are continuing to be so closed mouthed about these stock trades, and it is clear that a much wider net has been cast, apparently looking for bigger international fish involved in dubious financial activity relating to the 9/11 attacks on the world stock markets.
Just a month after the attacks the SEC sent out a list of stocks to various securities firms around the world looking for information. The list includes stocks of American, United, Continental, Northwest, Southwest and US Airways airlines, as well as Martin, Boeing, Lockheed Martin Corp., AIG, American Express Corp, American International Group, AMR Corporation, Axa SA, Bank of America Corp, Bank of New York Corp, Bank One Corp, Cigna Group, CNA Financial, Carnival Corp, Chubb Group, John Hancock Financial Services, Hercules Inc, L-3 Communications Holdings, Inc., LTV Corporation, Marsh & McLennan Cos. Inc., MetLife, Progressive Corp., General Motors, Raytheon, W. R. Grace, Royal Caribbean Cruises, Ltd., Lone Star Technologies, American Express, the Citigroup Inc.,Royal & Sun Alliance, Lehman Brothers Holdings, Inc., Vornado Reality Trust, Morgan Stanley, Dean Witter & Co., XL Capital Ltd., and Bear Stearns.
The Times said market regulators in Germany, Japan and the US all had received information concerning the short selling of insurance, airlines and arms companies stock, all of which fell sharply in the wake of the attacks.
City of London broker and analyst Richard Crossley noted that someone sold shares in unusually large quantities beginning three weeks before the assault on the WTC and Pentagon.
He said he took this as evidence that someone had insider foreknowledge of the attacks.
"What is more awful than he should aim a stiletto blow at the heart of Western financial markets?" ele adicionou. "But to profit from it? Words fail me."
The US Government also admitted it was investigating short selling, which evinced a compellingly strong foreknowledge of the coming Arab attack.
There was unusually heavy trading in airline and insurance stocks several days before Sept.11, which essentially bet on a drop in the worth of the stocks.
It was reported by the Interdisciplinary Center, a counter-terrorism think tank involving former Israeli intelligence officers, that insiders made nearly $16 million profit by short selling shares in American and United Airlines, the two airlines that suffered hijacking, and the investment firm of Morgan Stanley , which occupied 22 floors of the WTC.
Apparently none of the suspicious transactions could be traced to bin Laden because this news item quietly dropped from sight, leaving many people wondering if it tracked back to American firms or intelligence agencies.
Most of these transactions were handled primarily by Deutsche Bank-A. B.Brown , a firm which until 1998 was chaired by A. B."Buzzy" Krongard, who later became executive director of the CIA.
More serious was an article in the Sept. 28, 2001 edition of the Washington Post stating that officials with the instant messaging firm of Odigo in New York confirmed that two employees in Israel received text messages warning of an attack on the WTC two hours before the planes crashed into the buildings!
The firm's vice president of sales and marketing, Alex Diamandis said it was possible that the warning was sent to other Odigo members, but they had not received any reports of such.
No dia seguinte, o Jerusalem Post afirmou que dois israelenses morreram nos aviões seqüestrados e que 4.000 estavam desaparecidos no WTC.
A week later, a Beirut television station reported that 4,000 Israeli employees of the WTC were absent the day of the attack.
This information spread across the Internet but was quickly branded a hoax.
On Sept. 19, the Washington Post reported about 113 Israelis were missing at the WTC and the next day, President Bush noted more than 130 Israelis were victims.
Finally, on Sept. 22, the New York Times stated "There were, in fact, only three Israelis who had been confirmed as dead: two on the planes and another who had been visiting the towers on business and who was identified and buried."
Investigators from numerous government agencies are part of a clandestine but official effort to resolve the market manipulations There has been a great deal of talk about the insider trading of American stocks by certain Israeli groups both in Canada and Germany between August 26 and the Sept.11 attacks on the World Trade Center and the Pentagon.
Government investigators have maintained a diplomatic silence about a Department of Justice (DOJ) probe of possible profiteering by interested parties with advance knowledge of the attack.
On Sept. 6, 2001, the Thursday before the tragedy, 2,075 put options were made on United Airlines and on Sept. 10, the day before the attacks, 2,282 put options were recorded for American Airlines. Given the prices at the time, this could have yielded speculators between $2 million and $4 million in profit.

911 stock put options

There was very high trading in "put options" na American Airline e na United Airlines, imediatamente antes do 11 de setembro. Estes foram efetivamente jogos que os preços de suas ações caíram, o que, claro, é o que aconteceu uma vez que os ataques ocorreram. Isso mostra que os comerciantes devem ter tido conhecimento prévio do 11 de setembro.
Esta é uma história complexa, mas as reivindicações nem sempre combinam a realidade.
"Um investidor institucional único com base nos EUA sem vínculos concebíveis com a Al Qaeda comprou 95 por cento da UAL coloca em 6 de setembro como parte de uma estratégia de negociação que também incluiu comprar 115 mil ações da americana em 10 de setembro.
Talvez o desafio mais forte para esta conclusão venha do Professor Allen M Poteshman da Universidade de Illinois em Urbana-Champaign. He decided to investigate this further, analysing market data statistically to try and assess the trades’ significado. Professor Poteshman points out several reasons to question the foreknowledge argument:
Apesar das opiniões expressadas pelos meios de comunicação populares, profissionais acadêmicos e profissionais do mercado de opções, há razões para questionar a determinação da evidência que os terroristas negociaram no mercado de opções antes dos ataques de 11 de setembro. Um evento que causa dúvidas sobre a evidência é o acidente de um avião da American Airlines em Nova York em 12 de novembro. De acordo com o site da OCC, três dias de negociação antes, em 7 de novembro, o índice de colocação de opções sobre ações AMR era 7.74. Com base nas declarações feitas sobre os vínculos entre a atividade de mercado de opção e o terrorismo pouco depois de 11 de setembro, teria sido tentador inferir a partir deste índice de colocação que o terrorismo provavelmente foi a causa do acidente de 12 de novembro. Posteriormente, no entanto, o terrorismo foi excluído. While it might be the case that an abnormally large AMR put-call ratio was observed by chance on November 7, this event certainly raises the question of whether put-call ratios as large as 7.74 are, in fact, unusual. Além do acidente de avião do 12 de novembro, um artigo publicado no Barron & # 8217; s em 8 de outubro (Arvedlund 2001) oferece várias razões adicionais para ser cético sobre as afirmações de que é provável que terroristas ou seus associados troquem as opções AMR e UAL antes do Ataques de 11 de setembro. For starters, the article notes that the heaviest trading in the AMR options did not occur in the cheapest, shortest-dated puts, which would have provided the largest profits to someone who knew of the coming attacks. Furthermore, an analyst had issued a “sell” recomendação sobre a AMR durante a semana anterior, o que pode ter levado os investidores a comprar AMR. Da mesma forma, o preço das ações da UAL recentemente declinou o suficiente para se referir a comerciantes técnicos que podem ter aumentado suas compras em compra, e as opções UAL são fortemente negociadas por instituições que cobrem suas posições de ações. Finalmente, os comerciantes que fazem mercados nas opções não aumentaram o preço de venda no momento em que as ordens chegaram, como se houvesse se acreditassem que as ordens eram baseadas em informações adversas não públicas: os fabricantes de mercado não pareciam achar que a negociação estava fora do ordinário no momento em que ocorreu.
No entanto, ele desenvolve um modelo estatístico, o que ele sugere é consistente com a presciência depois de tudo:
Os comerciantes de opções, os gerentes corporativos, os analistas de segurança, os funcionários do intercâmbio, os reguladores, os promotores, os formuladores de políticas e os usuários do público em geral têm interesse em saber se a negociação de opções incomuns ocorreu em torno de determinados eventos. A prime example of such an event is the September 11 terrorist attacks, and there was indeed a great deal of speculation about whether option market activity indicated that the terrorists or their associates had traded in the days leading up to September 11 on advance knowledge of the impending attacks. Esta especulação, no entanto, ocorreu na ausência de uma compreensão das características relevantes da negociação do mercado de opções.
Uma questão que nos preocupa sobre isso é a falta de análise da série de más notícias entregues pela American Airlines no dia 7 de setembro, o dia de negociação antes do dia 10 de setembro, quando a negociação mais significativa ocorreu. Professor Poteshman nos disse por e-mail:
Meu estudo inclui regressões quantile que respondem pelas condições do mercado em ações específicas. Portanto, há pelo menos uma correção de primeira ordem para a notícia negativa que estava sendo lançada em 7 de setembro na AMR.
But can you really treat the news so simply? O professor Paul Zarembka apoia as afirmações, dizendo:
Poteshman encontra. essas compras [de opções no estoque da companhia aérea americana]. tinha apenas 1% de probabilidade de ocorrer de forma aleatória.
Mas nós não estamos dizendo que eram aleatórios, e sim que eles podem ter sido uma resposta racional a más notícias significativas entregues no dia anterior. Poteshman está dizendo essencialmente (no que diz respeito à AMR) que as pessoas compraram demais para que isso seja explicado pelas notícias 9/7, portanto, é necessária outra explicação, mas como você pode dizer isso sem analisar a própria notícia? Afinal, se essa notícia estivesse faltando provavelmente em seis meses e # 8201; então, os índices de colocação provavelmente teriam sido ainda mais significativos, e o modelo de Poteshman apresentou ainda mais confirmação da "atividade de mercado da opção inusitada # # 8221", mas isso teria tornado a idéia da presciência mais provável? Nós não pensamos assim. Obviamente, as notícias da AMR eram menos significativas, mas ainda dizemos que você não pode julgar com precisão o significado desses negócios até que você tome em consideração.
A single U. S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10. Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U. S.-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades.
The September 6th UAL puts would automatically appear significant, then, even though only one investor was reportedly behind them. Mas isso realmente significa que você pode indicar matematicamente que o investidor tinha conhecimento prévio do 11 de setembro, sem considerar as outras condições do mercado e as informações disponíveis no momento?

Opções de colocação.
betting against United and American Airlines before 9/11.
Um dos escândalos do 11 de setembro é a opção "put" & quot; placed on United and American airlines stock values the week before 9/11 by someone trying to make a buck on the tragedy.
This was BIG NEWS in the world financial press in the weeks after the attacks, with numerous articles in mainstream media speculating that Osama had just made the sickest stock trade in history. However, most of the articles didn't mention that the Stock Markets are monitored in real time (among other reasons, it could provide intelligence about these types of threats). It is unlikely that someone perpetrating a major crime such as 9/11 would provide evidence of their planning such as the stock trades on United and American airlines, since it would draw serious scrutiny and probably disrupt plans for the atrocity (assuming the atrocity wasn't tacitly given the green light in order to provide the pretext for the Homeland Security police state and the seizure of the Middle East oil fields).
A few weeks later, From the Wilderness, published by Michael Ruppert, linked the put options on the affected airlines (and a few other companies, located in the towers) to A. B. Brown, a firm formerly headed by the Executive Director of the CIA (the number three position).
The stories about the put options suddenly disappeared from the media, and now only the underground press, largely on the web, talks about them. To date, there has not been any public investigation by the government of who placed the stock trades (A B Brown was merely one of the firms used, the identities of the traders is not publicly known).
When the 9/11 Commission report was released in 2004, it was available as a PDF download. The first thing I searched for was mention of the pre-9/11 stock trades on United and American airlines. The Commission report explained it was not significant, since the traders did not have connections to al-Qaeda. The report did not discuss if the traders had connections to the CIA.
Lars Schall.
independent German journalist tracking the details of 9/11 insider trading.
AN ASIA TIMES ONLINE EXCLUSIVE INVESTIGATION.
Insider trading 9/11 . the facts laid bare.
There can be no dispute that speculative trade in put options - where a party bets that a stock will drop abruptly in value - spiked in the days around September 11, 2001 - even if the US Securities and Exchange Commission and the 9/11 Commission will not say so. More than a few people must have had advance warning of the terror attacks, and they cashed in to the tune of millions of dollars.
Understanding Special Operations.
Understanding The Secret Team.
an interview with Fletcher Prouty.
A stock broker called me from Washington a few days before the Bay of Pigs was planned to take place and said, "Colonel Prouty -- he just happened to know me, he didn't know my job, but he said -- Colonel, can you give me any explanation why, all of a sudden, people from the Pentagon are calling me buying sugar stock?" Sugar stock had dropped to pennies, because Castro had boycotted American sugar down there and the companies had lost a lot of money. But, all of a sudden, people who knew about the prospect of the invasion were buying sugar stock $10,000, $20,000 at a time, and sugar stock demand was going up well before the Bay of Pigs landing. They were running it as a commercial venture.
Follow the Money? God forbid.
Why was the cashing out of billions of dollars just before the 9/11 attacks never investigated?
They Made a Killing.
Did people who knew about secret, CIA-led coups use that information to game the stock market?
Posted Tuesday, Oct. 28, 2008.
Mystery of terror `insider dealers'
by Chris Blackhurst, The Independent, 14 October 2001.
Share speculators have failed to collect $2.5m (£1.7m) in profits made from the fall in the share price of United Airlines after the 11 September World Trade Centre attacks.
The fact that the money is unclaimed more than a month later has re-awakened investigators' interest in a story dismissed as coincidence.
It may be that investors who were able to predict the share price crash so skilfully are reluctant to be seen profiting from tragedy. But investigators now wonder whether there is a more sinister explanation.
The authorities are examining the possibility that if they knew what was coming, traders were intent on taking their profits immediately, before regulators had woken up to any possible scam. But investors failed to foresee that the first response of the US stock markets to the disaster was to suspend all trading for four days, thereby denying them the chance of cashing in their profits.
Further details of the futures trades that netted such huge gains in the wake of the hijackings have been disclosed. To the embarrassment of investigators, it has also emerged that the firm used to buy many of the "put" options -- where a trader, in effect, bets on a share price fall -- on United Airlines stock was headed until 1998 by "Buzzy" Krongard, now executive director of the CIA.
Until 1997, Mr Krongard was chairman of Alex Brown Inc, America's oldest investment banking firm. Alex Brown was acquired by Bankers Trust, which in turn was bought by Deutsche Bank. His last post before resigning to take his senior role in the CIA was to head Bankers Trust -- Alex Brown's private client business, dealing with the accounts and investments of wealthy customers around the world.
There is no suggestion that Mr Krongard had advance knowledge of the attacks.
Between 6 and 7 September, the Chicago Board Options Exchange saw purchases of 4,744 "put" option contracts in UAL versus 396 call options -- where a speculator bets on a price rising. Holders of the put options would have netted a profit of $5m (3.3m) once the carrier's share price dived after 11 September. On 10 September, more trading in Chicago saw the purchase of 4,516 put options in American Airlines, the other airline involved in the hijackings. This compares with a mere 748 call options in American purchased that day. Investigators cannot help but notice that no other airlines saw such trading in their put options.
It was not just airlines that were targeted by remarkably canny investors. One of the biggest occupants of the World Trade Centre was Morgan Stanley, the investment bank. In the first week of September, an average of 27 put option contracts was bought each day in its shares. The total for the three days before the attacks was 2,157. Merrill Lynch, anotherWTC tenant, saw 12,215 put options bought in the four days before the attacks, when the previous days had seen averages of 252 contracts a day.
Direitos autorais e cópia; 2001 Independent Digital (UK) Ltd.
Reprinted for Fair Use Only.
the 9/11 Commission's explanation.
from Nic in New York:
On the insider trading, the alibi:
A single U. S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10.
Ah. "No conceivable ties to al-Qaeda" equated with "no advance knowledge."
The assumption is that foreknowledge could come only through an al-Qaeda connection.
No mention of stories from London, Frankfurt, Tokyo et al. or of trades in anything other than UAL and AAR put options (WTC tenants, reinvestors).
What about the uncollected $2.5 million? Who was the "small airline" responsible for the puts purchased in London?
Al Qaeda has been alleged to have used a variety of illegitimate means, particularly drug trafficking and conflict diamonds, to finance itself. While the drug trade was a source of income for the Taliban, it did not serve the same purpose for al Qaeda, and there is no reliable evidence that Bin Ladin was involved in or made his money through drug trafficking.128 Similarly, we have seen no persuasive evidence that al Qaeda funded itself by trading in African conflict diamonds.129 There also have been claims that al Qaeda financed itself through manipulation of the stock market based on its advance knowledge of the 9/11 attacks. Exhaustive investigations by the Securities and Exchange Commission, FBI, and other agencies have uncovered no evidence that anyone with advance knowledge of the attacks profited through securities transactions.130. Highly publicized allegations of insider trading in advance of 9/11 generally rest on reports of unusual pre-9/11 trading activity in companies whose stock plummeted after the attacks. Some unusual trading did in fact occur, but each such trade proved to have an innocuous explanation. For example, the volume of put options - investments that pay off only when a stock drops in price-surged in the parent companies of United Airlines on September 6 and American Airlines on September 10-highly suspicious trading on its face. Yet, further investigation has revealed that the trading had no connection with 9/11. A single U. S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10. Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U. S.-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades. These examples typify the evidence examined by the investigation. The SEC and the FBI, aided by other agencies and the securities industry, devoted enormous resources to investigating this issue, including securing the cooperation of many foreign governments. These investigators have found that the apparently suspicious consistently proved innocuous. Joseph Cella interview (Sept. 16,2003; May 7,2004; May 10-11,2004); FBI briefing (Aug.15,2003); SEC memo, Division of Enforcement to SEC Chair and Commissioners,"Pre-September 11,2001 Trading Review," May 15,2002; Ken Breen interview (Apr.23,2004); Ed G. interview (Feb.3,2004).
Mike Ruppert describes 9/11 insider trading.
several articles on the insider trading scandals.
SUPPRESSED DETAILS OF CRIMINAL INSIDER TRADING LEAD DIRECTLY INTO THE CIA's HIGHEST RANKS.
CIA EXECUTIVE DIRECTOR "BUZZY" KRONGARD MANAGED FIRM THAT HANDLED "PUT" OPTIONS ON UAL.
Michael C. Ruppert.
FTW, October 9, 2001 - Although uniformly ignored by the mainstream U. S. media, there is abundant and clear evidence that a number of transactions in financial markets indicated specific (criminal) foreknowledge of the September 11 attacks on the World Trade Center and the Pentagon. In the case of at least one of these trades -- which has left a $2.5 million prize unclaimed -- the firm used to place the "put options" on United Airlines stock was, until 1998, managed by the man who is now in the number three Executive Director position at the Central Intelligence Agency. Until 1997 A. B. "Buzzy" Krongard had been Chairman of the investment bank A. B. Castanho. A. B. Brown was acquired by Banker's Trust in 1997. Krongard then became, as part of the merger, Vice Chairman of Banker's Trust-AB Brown, one of 20 major U. S. banks named by Senator Carl Levin this year as being connected to money laundering. Krongard's last position at Banker's Trust (BT) was to oversee "private client relations." In this capacity he had direct hands-on relations with some of the wealthiest people in the world in a kind of specialized banking operation that has been identified by the U. S. Senate and other investigators as being closely connected to the laundering of drug money.
Krongard (re?) joined the CIA in 1998 as counsel to CIA Director George Tenet. He was promoted to CIA Executive Director by President Bush in March of this year. BT was acquired by Deutsche Bank in 1999. The combined firm is the single largest bank in Europe. And, as we shall see, Deutsche Bank played several key roles in events connected to the September 11 attacks. .
(note: most publications refuse to touch this material, one need not defend Larry Flynt's other publications to understand the importance of this interview - no nudity on that page, it is "G" rated)
Krongard and Blackwater.
This story was on the New York Times website on Saturday, November 17, 2007:
State IG's Brother Quits Blackwater.
By THE ASSOCIATED PRESS.
Published: November 17, 2007.
Filed at 5:34 a. m. ET.
WASHINGTON (AP)-- The brother of embattled State Department Inspector General Howard Krongard quit as an adviser to Blackwater Worldwide on Friday, two days after the relationship with the security contractor was sharply criticized by a congressional oversight committee.
Erik Prince, Blackwater's top executive, said the conflict-of-interest questions raised by the connection prompted Alvin ''Buzzy'' Krongard to submit his resignation.
''I have reluctantly accepted it,'' Prince said in a statement.
Não está claro se o movimento salvará a credibilidade e a carreira de Howard Krongard, no entanto. The House Oversight and Government Reform Committee plans to meet in December to determine if Howard Krongard testified truthfully about his brother.
Alvin Krongard never received any payment for his work on Blackwater's advisory board, which only met once, Prince said.
Prince said there are no allegations of impropriety against Alvin Krongard for his membership on Blackwater's board, a group recently created to help the North Carolina-based security company plan future business activities.
Blackwater is a major State Department contractor and the subject of ongoing federal investigations. One of those is examining whether Blackwater guards violated use-of-force rules during a Sept. 16 shooting in Baghdad that left 17 Iraqis dead.
Prince said there is no evidence that Howard Krongard's ability to perform his oversight duties was compromised by Alvin Krongard's relationship with Blackwater.
''The publicized allegation of an 'apparent conflict of interest' against his brother Howard, with whom Buzzy has not been close for years, is just that, an allegation,'' Prince's statement said.
Alvin Krongard's departure from Blackwater's board comes two days after the connection was made public during a hearing by the House Oversight and Government Reform Committee. In sworn testimony Wednesday, Howard Krongard was asked by Democratic members of the committee about his brother's ties to Blackwater, and he angrily said there weren't any.
But when confronted by committee members with evidence Alvin Krongard had joined the board, Howard Krongard called his brother during a hearing break and was told he attended a Blackwater advisory board meeting in Williamsburg, Va., on Monday and Tuesday. Before that conversation, Howard Krongard said he was not aware of the link.
Howard Krongard then told the committee he was recusing himself from any inquires related to Blackwater.
On Thursday, however, Alvin Krongard challenged Howard Krongard's version of events. According to the oversight committee's chairman, Rep. Henry Waxman, D-Calif., Alvin Krongard called the committee and said he had told his brother well before Wednesday's hearing about his decision to become a strategic adviser to Blackwater.
In a move that further escalated the differences, Howard Krongard's attorney on Friday sent Waxman a copy of notes she said Howard Krongard took during an Oct. 31 conversation with his brother. The call was initiated by Howard Krongard and lasted 10 minutes, said attorney Barbara Van Gelder.
''No financial interest whatsoever,'' the notes read, referring to Alvin Krongard's explanation of his status with Blackwater. ''Was on short list for advisory board but not taking it.''
In a side note to himself on the same page, Howard Krongard wrote, ''Why would anybody go on the board now?''
Asked to reconcile the conflicting versions, Van Gelder called the situation ''he said, he said.''
''These discrepancies between the testimony of Howard Krongard and the information from Buzzy Krongard raise questions about the truthfulness of Howard Krongard's testimony,'' Waxman said in a memo delivered Friday to committee members.
The union that represents U. S. diplomats on Friday repeated its call for Krongard to step down.
''We still believe he should step aside temporarily until this issue has been fully resolved by the appropriate bodies,'' said John Naland, president of the American Foreign Service Association.
Waxman said he plans to invite the Krongard brothers to testify at the December hearing.
If both appear, it's likely to be a chilly reunion. They speak rarely.
Alvin Krongard contacted the committee after receiving a letter from Waxman seeking information about his connections to Blackwater and any communication he may have had with Howard Krongard about the company.
Alvin Krongard said he was watching his brother testify on television and heard him say there was no Blackwater connection.
''You could have blown me over,'' Alvin Krongard told the committee, according to Waxman's memo.
Alvin Krongard recounted for the committee the conversation he had with his brother prior to the hearing.
'''He asked me whether I had any financial interest or any ties to Blackwater, and so I told him 'I'm going on their board,''' Alvin Krongard told the committee, according to Waxman's memo. ''He responded by saying, 'Why would you do that?' and 'Are you sure that's a good idea?'''
It was his decision to make, Alvin Krongard told his brother, and ''we just differed on that,'' according to Waxman's memo.
Van Gelder, Howard Krongard's attorney, asked Waxman not to hold the December hearing.
''There is no legitimate legislative purpose to be gained by publicly pitting two brothers against each other,'' she said in a letter to Waxman.
The role of the advisory board is to offer ''leadership advice'' on the paths Blackwater should take to expand its business, according to the company. Prince invited Alvin Krongard to join the board in July.
Expenses for attending board meetings would be covered and board members would receive a $3,500 honorarium for each meeting attended. The money could be paid to them or to a charity of their choice.
In addition to recusing himself from matters related to Blackwater, Howard Krongard also said he is no longer involved in corruption investigations related to the flawed construction of the U. S. Embassy in Baghdad, a $600 million project that is beset by logistical delays and security concerns.
Associated Press writer Matthew Lee contributed to this report.
U. S. Suggests, Without Proof, Stock Adviser Knew of 9/11.
By ALEX BERENSON.
Published: May 25, 2002.
A San Diego stock adviser who is accused of bribing an F. B.I. agent to give him confidential government information may have had prior knowledge of the Sept. 11 attacks, a federal prosecutor said yesterday. But a judge disregarded that contention and the adviser's lawyer called the allegation ludicrous.
In a court hearing in San Diego, Kenneth Breen, an assistant United States attorney, said the adviser, Amr Ibrahim Elgindy, tried to sell $300,000 in stock on the afternoon of Sept. 10 and told his broker that the stock market would soon plunge. ''Perhaps Mr. Elgindy had preknowledge of Sept. 11, and rather than report it he attempted to profit from it,'' Mr. Breen said.
Mr. Breen, coordinator of the stock market unit of a government task force set up to investigate financing for terrorist groups, offered no other evidence that Mr. Elgindy had prior knowledge of the attacks.
A lawyer for Mr. Elgindy said the allegation appeared to be motivated by the fact that Mr. Elgindy is Muslim and was born in Egypt. Senior F. B.I. officials also said they had no evidence that Mr. Elgindy had prior knowledge of the attacks.
In the hearing yesterday, Mr. Breen asked Judge John A. Houston of Federal District Court in San Diego to hold Mr. Elgindy without bond. Mr. Elgindy, also known as Tony Elgindy and Anthony Pacific, recently moved $700,000 to Lebanon and is a serious flight risk, Mr. Breen said.
Judge Houston disregarded Mr. Breen's claims about Mr. Elgindy and Sept. 11. But the judge said there was enough other evidence that Mr. Elgindy might flee to justify detaining him at least until a June 6 hearing to determine whether he should be moved to New York for a trial.
Jeanne Geren Knight, a lawyer for Mr. Elgindy, said after the hearing that Mr. Breen's allegations were ludicrous and untrue. ''The government, for lack of factual evidence, has decided to smear my client with terrorist innuendoes,'' Ms. Knight said. ''This is smacking of racial profiling.''
Mr. Elgindy and four other people, including one current and one former F. B.I. agent, were charged Wednesday with using confidential government information to manipulate stock prices and extort money from companies. Jeffrey A. Royer, who was an F. B.I. agent before joining Mr. Elgindy's stock advisory firm in December, accepted $30,000 from a partner of Mr. Elgindy's in exchange for providing Mr. Elgindy with information about current criminal investigations of companies, prosecutors allege.
Mr. Elgindy and his partner, Derrick W. Cleveland, sold short the shares of companies that they learned were under investigation, according to the indictment. (Short sellers borrow shares and sell them, hoping to buy them back later at a lower price and pocket the difference.) Then Mr. Elgindy publicized the negative information on two Web sites he ran, hoping that the companies' stocks would fall, prosecutors say.
At the hearing yesterday, Mr. Breen said that on the afternoon of Sept. 10, Mr. Elgindy contacted his broker at Salomon Smith Barney and asked him to sell $300,000 in stock in his children's trust funds. During the Sept. 10 conversation, Mr. Elgindy predicted that the Dow Jones industrial average, which at the time stood at about 9,600, would soon crash to below 3,000, Mr. Breen said. Mr. Elgindy was unable to sell the stock before markets closed Sept. 10, and it was instead sold Sept. 18, the first day that markets reopened for trading after the attacks, Mr. Breen said.
The Salomon Smith Barney broker contacted the F. B.I. after the attacks to report the conversation, Mr. Breen said. He did not identify the broker. A spokesman for Salomon Smith Barney confirmed that Mr. Elgindy was a client but said that Salomon did not comment on matters relating to its clients.
Mr. Elgindy also transferred more than $700,000 to Lebanon in the months after the attacks, Mr. Breen said. When F. B.I. agents raided Mr. Elgindy's home outside San Diego on Wednesday, Mr. Breen said, they found $43,000 in cash, as well as a loose diamond and faxes indicating that Mr. Elgindy had been tipped about the raid and had given his wife a power of attorney to liquidate his assets.
Ms. Knight, Mr. Elgindy's lawyer, denied that Mr. Elgindy had any prior knowledge of the attacks.
Mr. Elgindy's wife is from Louisiana, Ms. Knight said, adding that his mother was a pediatrician and his father a professor. ''Tony isn't political at all,'' she said. ''He's a capitalist. He's not going to move to a third world country.''
Senior law enforcement officials said yesterday that investigators had no hard evidence that Mr. Elgindy had advance information about the Sept. 11 attacks. So far, they have not found anyone who had prior knowledge of the attacks, they said. But they said the investigation into why Mr. Elgindy tried to sell the shares in his children's trust accounts before Sept. 11 had raised questions that had not been fully answered.
Mr. Elgindy has been an active supporter of Muslim causes. In 1999, he arranged to bring 30 Muslim refugees from Kosovo to the United States, according to The Daily Herald of Chicago.
Mr. Elgindy said the violence in Kosovo, Serbia's southern province, appalled him, comparing it to the shootings at Columbine High School in Colorado. ''Take Columbine, have it occur five times a day for a year, and that's Kosovo,'' Mr. Elgindy told The Daily Herald.
Mr. Elgindy's father and brother are also active in Arab and Muslim causes. His father, Ibrahim Elgindy, founded an umbrella group of Muslim organizations in Chicago and led a 1998 protest on behalf of Muhammad A. Salah, whose assets were seized that year after the United States government linked Mr. Salah to Hamas, the radical Palestinian group. Mr. Elgindy's brother, Khaled, has worked for several Arab political groups.
Neither Ibrahim Elgindy nor Khaled Elgindy has ever been linked to terrorism. Khaled Elgindy did not return calls yesterday. Ibrahim Elgindy could not be reached for comment.
Mr. Elgindy himself publicly criticized the Sept. 11 attacks. In a press release that day, his company, Pacific Equity Investigations, said, ''We must seek, find, apprehend and destroy those who are responsible for this terrorist attack.''
Two days later, Mr. Elgindy put out another press release, saying that he had forwarded to the F. B.I. and the Securities and Exchange Commission ''many Internet posts and messages that may have relevance on this tragedy and the capture of the responsible parties behind it.'' He also asked that investors refrain from selling short the stocks of any United States companies or the United States dollar.
Mr. Elgindy sold the shares in his children's trusts five days later.

SUPPRESSED DETAILS OF CRIMINAL INSIDER TRADING.
LEAD DIRECTLY INTO THE CIA'S HIGHEST RANKS.
CIA EXECUTIVE DIRECTOR "BUZZY" KRONGARD.
MANAGED FIRM THAT HANDLED "PUT" OPTIONS ON UAL.
by Michael C. Ruppert.
FTW, October 9, 2001 - Although uniformly ignored by the mainstream U. S. media, there is abundant and clear evidence that a number of transactions in financial markets indicated specific (criminal) foreknowledge of the September 11 attacks on the World Trade Center and the Pentagon. In the case of at least one of these trades -- which has left a $2.5 million prize unclaimed -- the firm used to place the "put options" on United Airlines stock was, until 1998, managed by the man who is now in the number three Executive Director position at the Central Intelligence Agency. Until 1997 A. B. "Buzzy" Krongard had been Chairman of the investment bank A. B. Castanho. A. B. Brown was acquired by Banker's Trust in 1997. Krongard then became, as part of the merger, Vice Chairman of Banker's Trust-AB Brown, one of 20 major U. S. banks named by Senator Carl Levin this year as being connected to money laundering. Krongard's last position at Banker's Trust (BT) was to oversee "private client relations". In this capacity he had direct hands-on relations with some of the wealthiest people in the world in a kind of specialized banking operation that has been identified by the U. S. Senate and other investigators as being closely connected to the laundering of drug money.
Krongard (re?) joined the CIA in 1998 as counsel to CIA Director George Tenet. He was promoted to CIA Executive Director by President Bush in March of this year. BT was acquired by Deutsche Bank in 1999. The combined firm is the single largest bank in Europe. And, as we shall see, Deutsche Bank played several key roles in events connected to the September 11 attacks.
THE SCOPE OF KNOWN INSIDER TRADING.
Before looking further into these relationships it is necessary to look at the insider trading information that is being ignored by Reuters, The New York Times and other mass media. It is well documented that the CIA has long monitored such trades - in real time - as potential warnings of terrorist attacks and other economic moves contrary to U. S. interests. Previous stories in FTW have specifically highlighted the use of Promis software to monitor such trades.
It is necessary to understand only two key financial terms to understand the significance of these trades, "selling short" and "put options".
"Selling Short" is the borrowing of stock, selling it at current market prices, but not being required to actually produce the stock for some time. If the stock falls precipitously after the short contract is entered, the seller can then fulfill the contract by buying the stock after the price has fallen and complete the contract at the pre-crash price. These contracts often have a window of as long as four months.
"Put Options" are contracts giving the buyer the option to sell stocks at a later date. Purchased at nominal prices of, for example, $1.00 per share, they are sold in blocks of 100 shares. If exercised, they give the holder the option of selling selected stocks at a future date at a price set when the contract is issued. Thus, for an investment of $10,000 it might be possible to tie up 10,000 shares of United or American Airlines at $100 per share, and the seller of the option is then obligated to buy them if the option is executed. If the stock has fallen to $50 when the contract matures, the holder of the option can purchase the shares for $50 and immediately sell them for $100 - regardless of where the market then stands. A call option is the reverse of a put option, which is, in effect, a derivatives bet that the stock price will go up.
A September 21 story by the Israeli Herzliyya International Policy Institute for Counter terrorism, entitled "Black Tuesday: The World's Largest Insider Trading Scam?" documented the following trades connected to the September 11 attacks:
- Between September 6 and 7, the Chicago Board Options Exchange saw purchases of 4,744 put options on United Airlines, but only 396 call options. Assuming that 4,000 of the options were bought by people with advance knowledge of the imminent attacks, these "insiders" would have profited by almost $5 million .
- On September 10, 4,516 put options on American Airlines were bought on the Chicago exchange, compared to only 748 calls. Again, there was no news at that point to justify this imbalance; Again, assuming that 4,000 of these options trades represent "insiders", they would represent a gain of about $4 million .
- [The levels of put options purchased above were more than six times higher than normal.]
- No similar trading in other airlines occurred on the Chicago exchange in the days immediately preceding Black Tuesday.
- Morgan Stanley Dean Witter & Co., which occupied 22 floors of the World Trade Center, saw 2,157 of its October $45 put options bought in the three trading days before Black Tuesday; this compares to an average of 27 contracts per day before September 6 . Morgan Stanley's share price fell from $48.90 to $42.50 in the aftermath of the attacks. Assuming that 2,000 of these options contracts were bought based upon knowledge of the approaching attacks, their purchasers could have profited by at least $1.2 million .
- Merrill Lynch & Co., which occupied 22 floors of the World Trade Center, saw 12,215 October $45 put options bought in the four trading days before the attacks; the previous average volume in those shares had been 252 contracts per day [a 1200% increase!] . When trading resumed, Merrill's shares fell from $46.88 to $41.50; assuming that 11,000 option contracts were bought by "insiders", their profit would have been about $5.5 million .
- European regulators are examining trades in Germany's Munich Re, Switzerland's Swiss Re, and AXA of France, all major reinsurers with exposure to the Black Tuesday disaster. [FTW Note: AXA also owns more than 25% of American Airlines stock making the attacks a "double whammy" for them.]
On September 29, 2001 - in a vital story that has gone unnoticed by the major media - the San Francisco Chronicle reported, " Investors have yet to collect more than $2.5 million in profits they made trading options in the stock of United Airlines before the Sept. 11, terrorist attacks, according to a source familiar with the trades and market data ".
& quot; The uncollected money raises suspicions that the investors - whose identities and nationalities have not been made public - had advance knowledge of the strikes ". They don't dare show up now. A suspensão da negociação durante quatro dias após os ataques impossibilitou a retirada rápida e reivindicou o prêmio antes que os pesquisadores começassem a procurar.
"October series options for UAL Corp. were purchased in highly unusual volumes three trading days before the terrorist attacks for a total outlay of $2,070; investors bought the option contracts, each representing 100 shares, for 90 cents each. [This represents 230,000 shares]. Those options are now selling at more than $12 each. There are still 2,313 so-called "put" options outstanding [valued at $2.77 million and representing 231,300 shares] according to the Options Clearinghouse Corp".
"The source familiar with the United trades identified Deutsche Bank Alex. Brown, the American investment banking arm of German giant Deutsche Bank, as the investment bank used to purchase at least some of these options" This was the operation managed by Krongard until as recently as 1998.
As reported in other news stories, Deutsche Bank was also the hub of insider trading activity connected to Munich Re. just before the attacks.
CIA, THE BANKS AND THE BROKERS.
Understanding the interrelationships between CIA and the banking and brokerage world is critical to grasping the already frightening implications of the above revelations. Let's look at the history of CIA, Wall Street and the big banks by looking at some of the key players in CIA's history.
Clark Clifford - The National Security Act of 1947 was written by Clark Clifford, a Democratic Party powerhouse, former Secretary of Defense, and one-time advisor to President Harry Truman. Na década de 1980, como presidente da First American Bancshares, Clifford foi fundamental para obter o banco corrupto da CIA BCCI uma licença para operar nas costas americanas. His profession: Wall Street lawyer and banker.
John Foster and Allen Dulles - These two brothers "designed" the CIA for Clifford. Both were active in intelligence operations during WW II. Allen Dulles was the U. S. Ambassador to Switzerland where he met frequently with Nazi leaders and looked after U. S. investments in Germany. John Foster went on to become Secretary of State under Dwight Eisenhower and Allen went on to serve as CIA Director under Eisenhower and was later fired by JFK. Their professions: partners in the most powerful - to this day - Wall Street law firm of Sullivan, Cromwell.
Bill Casey - Ronald Reagan's CIA Director and OSS veteran who served as chief wrangler during the Iran-Contra years was, under President Richard Nixon, Chairman of the Securities and Exchange Commission. Sua profissão: advogada e corretor de bolsa de Wall Street.
David Doherty - The current Vice President of the New York Stock Exchange for enforcement is the retired General Counsel of the Central Intelligence Agency.
George Herbert Walker Bush - President from 1989 to January 1993, also served as CIA Director for 13 months from 1976-7. He is now a paid consultant to the Carlyle Group, the 11th largest defense contractor in the nation, which also shares joint investments with the bin Laden family.
A. B. "Buzzy" Krongard - The current Executive Director of the Central Intelligence Agency is the former Chairman of the investment bank A. B. Brown and former Vice Chairman of Banker's Trust.
John Deutch - This retired CIA Director from the Clinton Administration currently sits on the board at Citigroup, the nation's second largest bank, which has been repeatedly and overtly involved in the documented laundering of drug money. This includes Citigroup's 2001 purchase of a Mexican bank known to launder drug money, Banamex.
Nora Slatkin - This retired CIA Executive Director also sits on Citibank's board.
Maurice "Hank" Greenburg - The CEO of AIG insurance, manager of the third largest capital investment pool in the world, was floated as a possible CIA Director in 1995. FTW exposed Greenberg's and AIG's long connection to CIA drug trafficking and covert operations in a two-part series that was interrupted just prior to the attacks of September 11. AIG's stock has bounced back remarkably well since the attacks. To read that story, please go to fromthewilderness/free/ciadrugs/part_2.html.
One wonders how much damning evidence is necessary to respond to what is now irrefutable proof that CIA knew about the attacks and did not stop them. Whatever our government is doing, whatever the CIA is doing, it is clearly NOT in the interests of the American people, especially those who died on September 11.

Insider Trading.
Pré-9/11 Opções de colocação em empresas prejudicadas por ataque Indica o conhecimento prévio.
As transações financeiras nos dias anteriores ao ataque sugerem que certos indivíduos usaram conhecimento prévio do ataque para obter lucros enormes. 1 A evidência de insider trading inclui:
Grandes surtos nas compras de opções de venda de ações das duas companhias aéreas usadas no ataque - United Airlines e American Airlines Surges em compras de opções de venda de ações de empresas de resseguro que esperam pagar bilhões para cobrir perdas com o ataque - Munich Re e o Grupo AXA Surge nas compras de opções de venda de ações de empresas de serviços financeiros prejudicadas pelo ataque - Merrill Lynch & amp; Co., e Morgan Stanley e Bank of America Grande aumento nas compras de opções de compra de estoque de um fabricante de armas que se espera ganhar com o ataque - Raytheon Aumenta as crescentes compras de notas do Tesouro dos EUA a 5 anos.
In each case, the anomalous purchases translated into large profits as soon as the stock market opened a week after the attack: put options were used on stocks that would be hurt by the attack, and call options were used on stocks that would benefit.
As opções de colocação e compra são contratos que permitem aos seus titulares vender e comprar activos, respectivamente, a preços especificados até uma determinada data. As opções de compra permitem que seus detentores se beneficiem de declínios nos valores de ações porque permitem que ações sejam compradas a preço de mercado e vendidas pelo preço de opção mais alto. A proporção do volume de contratos de opção de venda para contratos de opção de compra é denominada taxa de colocação / chamada. A proporção é geralmente inferior a um, com um valor de cerca de 0,8 considerado normal. 2.
American Airlines e United Airlines, e várias companhias de seguros e bancos registraram grandes perdas em valores de ações quando os mercados se abriram em 17 de setembro. As opções de compra - instrumentos financeiros que permitem que os investidores lucrem com o declínio no valor das ações - foram compradas na estoques dessas empresas em grande volume na semana anterior ao ataque.
United Airlines and American Airlines.
Two of the corporations most damaged by the attack were American Airlines (AMR), the operator of Flight 11 and Flight 77, and United Airlines (UAL), the operator of Flight 175 and Flight 93. According to CBS News , in the week before the attack, the put/call ratio for American Airlines was four. 3 O índice de colocação / chamada para United Airlines foi 25 vezes superior ao normal em 6 de setembro. 4.
As picos nas opções de venda ocorreram em dias que não eram pacíficos para as companhias aéreas e seus preços das ações.
O Bloomberg News informou que as opções de opções nas companhias aéreas aumentaram para o máximo fenomenal de 285 vezes a média.
Quando o mercado reabriu após o ataque, as ações da United Airlines caíram 42% de US $ 30,82 para US $ 17,50 por ação, e as ações da American Airlines caíram 39%, de US $ 29,70 para US $ 18,00 por ação. 7.
Empresas de resseguro.
Várias empresas do setor de resseguro deveriam sofrer grandes perdas do ataque: Munich Re da Alemanha e Swiss Re da Suíça - as duas maiores resseguradoras do mundo e o Grupo AXA da França. Em setembro de 2001, o San Francisco Chronicle estimou o passivo de US $ 1,5 bilhão para a Munique Re e US $ 0,55 bilhão para o Grupo AXA e a Telegraph. co. uk estimou os passivos de Ј1,2 bilhões para a Munique Re e Ј0,83 bilhões para a Swiss Re. 8 9.
A negociação de ações da Munich Re foi quase o dobro do seu nível normal em 6 de setembro e 7, e a negociação de ações da Swiss Re foi mais que o dobro do seu nível normal em 7 de setembro. 10.
Financial Services Companies.
Merrill Lynch e Morgan Stanley Morgan Stanley Dean Witter & amp; Co. e Merrill Lynch & amp; Co. foram ambos sediados no Lower Manhattan no momento do ataque. Morgan Stanley occupied 22 floors of the North Tower and Merrill Lynch had headquarters near the Twin Towers. Morgan Stanley, which saw an average of 27 put options on its stock bought per day before September 6, saw 2,157 put options bought in the three trading days before the attack. Merrill Lynch, which saw an average of 252 put options on its stock bought per day before September 5, saw 12,215 put options bought in the four trading days before the attack. Morgan Stanley's stock dropped 13% and Merrill Lynch's stock dropped 11.5% when the market reopened. 11.
O Bank of America mostrou um aumento de cinco vezes na negociação de opções de venda na quinta e sexta-feira antes do ataque.
Enquanto a maioria das empresas veria suas avaliações de ações diminuir na sequência do ataque, aqueles no negócio de fornecer os militares veriam aumentos dramáticos, refletindo os novos negócios que estavam preparados para receber.
Raytheon, maker of Patriot and Tomahawk missiles, saw its stock soar immediately after the attack. As compras de opções de compra em estoque Raytheon aumentaram seis vezes no dia anterior ao ataque.
Raytheon foi multado com milhões de dólares inflacionando os custos do equipamento que vende os militares dos EUA. Raytheon tem uma subsidiária secreta, E-Systems, cujos clientes incluíram a CIA e a NSA. 14.
Notas do Tesouro dos EUA.
Five-year US Treasury notes were purchased in abnormally high volumes before the attack, and their buyers were rewarded with sharp increases in their value following the attack.
The SEC's Investigation.
Pouco depois do ataque, a SEC distribuiu uma lista de ações para empresas de valores mobiliários em todo o mundo buscando informações. 16 Um artigo amplamente divulgado afirma que os estoques marcados pela SEC incluíam as das seguintes corporações: American Airlines, United Airlines, Continental Airlines, Northwest Airlines, Southwest Airlines, US Airways airlines, Martin, Boeing, Lockheed Martin Corp., AIG, American Express Corp, American International Group, AMR Corporation, AXA SA, Bank of America Corp, Bank of New York Corp, Bank One Corp, Cigna Group, CNA Financial, Carnival Corp, Chubb Group, John Hancock Financial Services, Hercules Inc., L-3 Communications Holdings, Inc., LTV Corporation, Marsh & amp; McLennan Cos. Inc., MetLife, Progressive Corp., General Motors, Raytheon, W. R. Grace, Royal Caribbean Cruises, Ltd., Lone Star Technologies, American Express, Citigroup Inc., Royal & amp; Sun Alliance, Lehman Brothers Holdings, Inc., Vornado Reality Trust, Morgan Stanley, Dean Witter & Co., XL Capital Ltd., and Bear Stearns.
An October 19 article in the San Francisco Chronicle reported that the SEC, after a period of silence, had undertaken the unprecedented action of deputizing hundreds of private officials in its investigation:
Em um comunicado de duas páginas emitido para "todas as entidades relacionadas com títulos" em todo o país, a SEC solicitou às empresas que designassem pessoal sênior que aprecie "a natureza sensível" do caso e possa ser confiado para "exercer uma discrição adequada" como "ponto" pessoas que ligam os investigadores do governo e a indústria. 17.
Michael Ruppert, ex-oficial da LAPD, explica as consequências desta ação:
Interpretação e Reinterpretação de Dados.
Uma análise dos relatórios de imprensa sobre o assunto de insider trading aparente relacionado ao ataque mostra uma tendência, com relatórios iniciais destacando as anomalias e relatórios posteriores desculpando-os. Em seu livro Crossing the Rubicon, Michael C. Ruppert ilustra este ponto, primeiro extraindo uma série de relatórios publicados logo após o ataque:
A jump in UAL (United Airlines) put options 90 times (not 90 percent) above normal between September 6 and September 10, and 285 times higher than average on the Thursday before the attack.
- CBS News, 26 de setembro Um salto na American Airlines coloca opções 60 vezes (não 60%) acima do normal no dia anterior aos ataques.
-- CBS News, September 26 No similar trading occurred on any other airlines.
-- Bloomberg Business Report, the Institute for Counterterrorism (ICT), Herzliyya, Israel [citing data from the CBOE] 3 Morgan Stanley saw, between September 7 and September 10, an increase of 27 times (not 27 percent) in the purchase of put options on its shares. 4.
3. "Mechanics of Possible Bin Laden Insider Trading Scam," Herzlyya International Policy Institute for Counter Terrorism (ICT), September 22, 2001. Michael C. Ruppert, "The Case for Bush Administration Advance Knowledge of 9-11 Attacks," From the Wilderness April 22, 2002. Posted at Centre for Research and Globalization <globalresearch. ca/articles/RUP203A. html>.
4. TIC, op. cit, citing data from the Chicago Board of Options Exchange (CBOE). [. ] "Terroristas treinados no CBPE". Chicago Sun-Times , September 20, 2001, <suntimes/terror/stories/cst-nws-trade20.html>. "Probe of options trading link to attacks confirmed," [. ] Chicago Sun-Times, 21 de setembro de 2001, & lt; suntimes / terror / stories / cst-fin-trade21.html & gt ;.
Ruppert então ilustra uma aparente tentativa de enterrar a história, explicando isso como nada incomum. Um artigo de 30 de setembro do New York Times alega que "explicações benignas estão aparecendo" na investigação da SEC. 20 O artigo culpa a atividade em opções de venda, que não quantifica, em "pessimismo de mercado", mas não explica por que o preço das ações nas companhias aéreas não reflete o mesmo pessimismo do mercado.
O facto de US $ 2,5 milhões das opções de venda permanecerem não reclamadas não é explicado pelo pessimismo do mercado e é prova de que os compradores da opção de venda eram parte de uma conspiração criminosa. 21.

September 11 Put Call.
os estoques de várias companhias aéreas estavam em curto-circuito antes do 11 de setembro?
Reclamação: nos dias imediatamente anteriores a 11 de setembro de 2001, grandes quantidades de ações na United e American Airlines foram negociadas por pessoas com antecedência dos próximos ataques do 11 de setembro.
Origins: On 11 September 2001, four planes were hijacked and used in the Attack on America: American Airlines Flight 11 leaving Boston bound for Los Angeles, American Airlines Flight 77 leaving Washington bound for Los Angeles, United Airlines Flight 175 leaving Boston bound for Los Angeles, and United Airlines Flight 93 leaving Newark bound for San Francisco. Each of these planes was deliberately crashed, killing all on board — two into the World Trade Center towers, one into the Pentagon, and one into a field in Pennsylvania. (Only the delay in takeoff of UA Flight 93 and the actions of the alerted passengers on board prevented it from becoming yet another instrument of destruction resulting in an even greater loss of life.)
The operation had taken years to plan, and the perpetrators knew well in advance which airlines would be affected.
In the month prior to the 11 September 2001 attacks on the World Trade Center and the Pentagon, unusual trading activity involving American and United Airlines stock was noted by market analysts who at the time had no idea what to make of it. Wildly unusual discrepancies in the put and call ratio — 25 to 100 times normal — were reportedly observed in stock options of the two airlines. In one case, Bloomberg’s Trade Book electronic trading system identified option volume in UAL (parent of United Airlines) on 16 August 2001 that was 36 times higher than usual.
(Options are wagers that the price of a 100-share block of a particular stock will rise or fall by a certain date. “Puts” are “shorts” — bets the stock price will fall. “Calls” are bets the price will rise. Thus, one who has reason to believe a particular company is about to suffer a terrible reversal of fortune would purchase “puts” against that entity’s stock.)
But it was during the final few trading days (the market closes on weekends) that the most unusual variances in activity occurred. Bloomberg data showed that on 6 September 2001, the Thursday before that black Tuesday, put-option volume in UAL stock was nearly 100 times higher than normal: 2,000 options versus 27 on the previous.
On 6 and 7 September 2001, the Chicago Board Options Exchange handled 4,744 put options for United Airlines’ stock, translating into 474,000 shares, compared with just 396 call options, or 39,600 shares. On a day that the put-to-call ratio would normally have been expected to be roughly 1:1 (no negative news stories about United had broken), it was instead 12:1.
On 10 September 2001, another uneventful news day, American Airlines’ option volume was 4,516 puts and 748 calls, a ratio of 6:1 on yet another day when by rights these options should have been trading even. No other airline stocks were affected; Apenas Unidos e americanos estavam em curto-circuito desta forma.
Accelerated investments speculating a downturn in the value of Morgan Stanley and Merrill Lynch (two New York investment firms severely damaged by the World Trade Center attack) were also observed.
The National Commission on Terrorist Attacks Upon the United States (also known as the “9/11 Commission”) investigated these rumors and found that although some unusual (and initially seemingly suspicious) trading activity did occur in the days prior to September 11, it was all coincidentally innocuous and not the result of insider trading by parties with foreknowledge of the 9/11 attacks:
Highly publicized allegations of insider trading in advance of 9/11 generally rest on reports of unusual pre-9/11 trading activity in companies whose stock plummeted after the attacks. Some unusual trading did in fact occur, but each such trade proved to have an innocuous explanation. For example, the volume of put options — instruments that pay off only when a stock drops in price — surged in the parent companies of United Airlines on September 6 and American Airlines on September 10 — highly suspicious trading on its face. Yet, further investigation has revealed that the trading had no connection with 9/11. A single U. S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10. Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U. S.-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades. The SEC and FBI, aided by other agencies and the securities industry, devoted enormous resources to investigating this issue, including securing the cooperation of many foreign governments. These investigators have found that the apparently suspicious consistently proved innocuous.
Last updated : 11 December 2005.
Carpenter, Dave. “Option Exchange Probing Reports of Unusual Trading Before Attacks.”
The Associated Press. 18 September 2001.
Schoolman, Judith. “Probe of Wild Market Swings in Terror-Tied Stocks.”
[New York] Daily News. 20 September 2001 (p. 6).
Toedtman, James and Charles Zehren. “Profiting from Terror?”
Newsday. 19 September 2001 (p. W39).
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