Insider Trading Pre-911 Options de vente sur les entreprises Hurt by Attack Indique Foreknowledge Les transactions financières dans les jours précédant l'attaque suggèrent que certains individus ont utilisé la prescience de l'attaque pour récolter des profits énormes. 1 Les preuves de délit d'initié comprennent: Des hausses énormes dans les achats d'options de vente sur les actions des deux compagnies aériennes utilisées dans l'attaque - United Airlines et American Airlines Surges dans les achats d'options de vente sur les stocks de sociétés de réassurance devrait payer des milliards à couvrir Les pertes de l'attaque - Munich Re et le groupe AXA Surge dans les achats d'options de vente sur les stocks de sociétés de services financiers blessés par l'attaque - Merrill Lynch amp Co. et Morgan Stanley et Bank of America Une énorme augmentation des achats d'options d'achat de Stock d'un fabricant d'armes devrait gagner de l'attaque - Raytheon Surge énorme dans les achats de 5 ans des billets du Trésor américain Dans chaque cas, les achats anormaux se traduit en gros profits dès que le marché boursier a ouvert une semaine après l'attaque: Des options ont été utilisées sur les actions qui seraient touchées par l'attaque et des options d'achat ont été utilisées sur les actions qui en tireraient profit. Les options de vente et d'achat sont des contrats qui permettent à leurs porteurs de vendre et d'acheter des actifs, respectivement, à des prix déterminés à une certaine date. Les options de vente permettent à leurs détenteurs de profiter des baisses de valeur des actions, car elles permettent d'acheter des actions au prix du marché et de les vendre pour le prix d'option plus élevé. Le ratio du volume des contrats d'option de vente sur les contrats d'option d'achat s'appelle le ratio de putcall. Le rapport est généralement inférieur à un, avec une valeur d'environ 0,8 considérée comme normale. 2 American Airlines et United Airlines et plusieurs compagnies d'assurances et banques ont affiché d'énormes pertes de valeur lors de l'ouverture des marchés le 17 septembre. Les options de vente - instruments financiers permettant aux investisseurs de profiter de la baisse de valeur des actions - ont été achetées sur Les stocks de ces sociétés en grand volume dans la semaine précédant l'attaque. United Airlines et American Airlines Deux des sociétés les plus endommagées par l'attaque étaient American Airlines (AMR), l'opérateur du vol 11 et du vol 77. et United Airlines (UAL), l'opérateur du vol 175 et du vol 93. Selon CBS News . Dans la semaine précédant l'attaque, le ratio de putcall pour American Airlines était de quatre. 3 Le ratio de putcall pour United Airlines était 25 fois supérieur à la normale le 6 septembre. 4 Ce graphique montre un pic spectaculaire des achats avant-attaque d'options de vente sur les compagnies aériennes utilisées dans l'attaque. (Source: optionsclearing) Les hausses des options de vente ont eu lieu les jours qui ont été sans incident pour les compagnies aériennes et leurs cours boursiers. Les 6 et 7 septembre, quand il n'y avait pas d'actualité significative ou mouvement des cours de l'action impliquant United, l'échange de Chicago a traité 4 744 options de vente d'actions UAL, contre seulement 396 options d'achat - essentiellement des paris que le prix va augmenter. Le 10 septembre, une journée sans incident pour les Américains, le volume était de 748 appels et 4 516 puts, sur la base d'un chèque de l'option trading records. 5 Bloomberg News a rapporté que les options de vente sur les compagnies aériennes ont grimpé à la hausse phénoménale de 285 fois leur moyenne. Plus de trois jours avant que les terroristes aplanir le World Trade Center et endommagé le Pentagone, il y avait plus de 25 fois la moyenne quotidienne précédente trading dans une option de vente Morgan Stanley qui gagne de l'argent lorsque les actions tombent en dessous de 45. Trading AMR et UAL, Qui font de l'argent quand leurs stocks tombent en dessous de 30 chaque, a grimpé à autant que 285 fois la moyenne des échanges jusqu'à ce moment. 6 Lorsque le marché a rouvert après l'attaque, les actions d'United Airlines ont chuté de 42 pour cent de 30,82 à 17,50 par action, et les actions d'American Airlines ont chuté de 39 pour cent, de 29,70 à 18,00 par action. 7 Sociétés de réassurance Plusieurs sociétés de réassurance devraient subir d'énormes pertes de l'attaque: Munich Re d'Allemagne et Swiss Re de Suisse - les deux plus grands réassureurs mondiaux et le Groupe AXA de France. En septembre 2001, le San Francisco Chronicle estimait un passif de 1,5 milliard pour Munich Re et de 0,55 milliard pour le groupe AXA et de telegraph. co. uk estimait un passif de 1,2 milliard pour Munich Re et de 0,83 milliard pour Swiss Re. 8 9 La négociation des actions de Munich Re était presque le double de son niveau normal le 6 septembre et 7 et la négociation d'actions de Swiss Re était plus du double de son niveau normal le 7 septembre. 10 Sociétés de services financiers Merrill Lynch et Morgan Stanley Morgan Stanley Dean Witter amp Co. et Merrill Lynch amp Co. étaient tous deux basés dans le bas Manhattan au moment de l'attaque. Morgan Stanley occupait 22 étages de la tour nord et Merrill Lynch avait son siège près des tours jumelles. Morgan Stanley, qui a vu une moyenne de 27 options de vente sur ses actions achetées par jour avant le 6 septembre, a vu 2 157 options de vente achetées dans les trois jours de bourse avant l'attaque. Merrill Lynch, qui a vu une moyenne de 252 options de vente sur ses actions achetées par jour avant le 5 septembre, a vu 12.215 options de vente achetées dans les quatre jours de négociation avant l'attaque. Le stock de Morgan Stanley a chuté de 13 et le stock de Merrill Lynchs a chuté de 11,5 lorsque le marché a rouvert. 11 Bank of America a montré une augmentation de cinq fois dans le négoce d'options de vente le jeudi et le vendredi avant l'attaque. Une option de la Banque d'Amérique qui profiterait si les stocks des banques américaines n ° 3 tombait en dessous de 60 par action avait plus de 5 900 contrats négociés le jeudi et le vendredi avant les attentats du 11 septembre, soit près de cinq fois la moyenne précédente de négociation, selon Bloomberg Les données. Les parts des banques ont chuté de 11,5 pour cent à 51 dans la première semaine après la reprise des échanges le 17 sept. 12 Alors que la plupart des entreprises verraient leurs évaluations boursières diminuer dans le sillage de l'attaque, ceux dans l'entreprise de fournir aux militaires verraient des augmentations spectaculaires, Reflétant la nouvelle entreprise qu'ils étaient prêts à recevoir. Raytheon, fabricant de missiles Patriot et Tomahawk, a vu son stock s'élever immédiatement après l'attaque. Les achats d'options d'achat sur le stock de Raytheon ont été multipliés par six la veille de l'attaque. Une option de Raytheon qui gagne de l'argent si les actions sont plus de 25 chacun avait 232 contrats d'options négociés la veille des attaques, près de six fois le nombre total de transactions qui s'étaient produits avant ce jour. Un contrat représente des options sur 100 actions. Les actions de Raytheon ont grimpé de près de 37% à 34,04 au cours de la première semaine de transactions américaines après l'attaque. 13 Raytheon a été condamné à des amendes de millions de dollars gonflant les coûts d'équipement qu'il vend l'armée américaine. Raytheon a une filiale secrète, E-Systems, dont les clients ont inclus la CIA et NSA. 14 Billets du Trésor américain Les billets du Trésor américain à cinq ans ont été achetés à des volumes anormalement élevés avant l'attaque et leurs acheteurs ont été récompensés par une forte augmentation de leur valeur suite à l'attaque. Le Wall Street Journal a rapporté le 2 octobre que l'enquête en cours par la SEC sur les opérations boursières suspectes avait été rejoint par une sonde du service secret sur un volume exceptionnellement élevé d'achats de billets du Trésor américain à cinq ans avant les attaques. Les transactions sur les billets du Trésor comprenaient un seul commerce de 5 milliards de dollars. Comme l'explique le Journal: Les billets du Trésor à cinq ans sont parmi les meilleurs investissements en cas de crise mondiale, en particulier celle qui frappe les États-Unis. Les billets sont appréciés pour leur sécurité et leur soutien par le gouvernement américain, et habituellement rallye lorsque les investisseurs fuient les investissements plus risqués, tels que les stocks. La valeur de ces notes, a indiqué le Journal, a fortement augmenté depuis les événements du 11 septembre. 15 L'enquête des SEC Peu de temps après l'attaque, la SEC a distribué une liste de stocks aux sociétés de valeurs mobilières du monde entier pour obtenir des informations. 16 Un article largement diffusé déclare que les titres signalés par la SEC comprenaient ceux des sociétés suivantes: American Airlines, United Airlines, Continental Airlines, Northwest Airlines, Southwest Airlines, les compagnies aériennes US Airways, Martin, Boeing, Lockheed Martin Corp. Hercules Inc., Hercules Inc., Hercules Inc., Hercules Financial Services, Hercules Inc., L - 3 Communications Holdings, Inc. LTV Corporation, Marsh, McLennan Cos. Inc., MetLife, Progressive Corp., General Motors, Raytheon, WR Grace, Royal Caribbean Cruises, Lone Star Technologies, American Express, Citigroup Inc. , Lehman Brothers Holdings, Inc. Fiducie Reality Vornado, Morgan Stanley, Dean Witter ampli Co. XL Capital Ltd. et Bear Stearns. Un article du 19 octobre dans le San Francisco Chronicle a rapporté que la SEC, après une période de silence, avait entrepris l'action sans précédent de suppléant des centaines de fonctionnaires privés dans son enquête: Le système proposé, qui entrerait en vigueur immédiatement, délégua effectivement des centaines, Voire des milliers d'acteurs clés du secteur privé. . Dans une déclaration de deux pages adressée à toutes les entités liées aux valeurs mobilières à l'échelle nationale, la SEC a demandé aux entreprises de désigner des cadres supérieurs qui apprécient la nature délicate de l'affaire et qui peuvent se fier au pouvoir discrétionnaire des personnes qui relient les enquêteurs du gouvernement. 17 Michael Ruppert, un ancien officier du LAPD, explique les conséquences de cette action: Qu'arrive-t-il lorsque vous substituez quelqu'un à une enquête de sécurité nationale ou criminelle, c'est que vous le rendez illégal de divulguer publiquement ce qu'ils savent. Mouvement intelligent. En effet, ils deviennent des agents du gouvernement et sont contrôlés par les règlements gouvernementaux plutôt que par leur propre conscience. En fait, ils peuvent être jetés en prison sans audience si ils parlent publiquement. J'ai vu cette menace implicite à maintes reprises avec des enquêtes fédérales, des agents de renseignement et même des membres du Congrès des États-Unis qui sont étroitement liés par des serments de secret et des accords qu'ils ne sont même pas en mesure de révéler des activités criminelles au sein du gouvernement, incarcération. 18 Interprétation et réinterprétation des données Une analyse des rapports de presse sur le sujet des délits d'initiés apparents liés à l'attaque montre une tendance, les premiers rapports soulignant les anomalies et les rapports ultérieurs les excusant. Dans son livre Crossing the Rubicon, Michael C. Ruppert illustre ce point en extrayant d'abord un certain nombre de rapports publiés peu après l'attaque: Un saut dans UAL (United Airlines) a mis des options 90 fois (et non 90%) au-dessus de la normale entre le 6 septembre et le mois de septembre 10 et 285 fois plus haut que la moyenne le jeudi avant l'attaque. - CBS News, 26 septembre Un saut dans American Airlines a mis des options 60 fois (et non 60 pour cent) au-dessus de la normale la veille des attaques. - CBS News, 26 septembre Aucun rapport similaire n'est survenu sur aucune autre compagnie aérienne - Rapport d'activité de Bloomberg, l'Institut de lutte contre le terrorisme (TIC), Herzliyya, Israël citant des données du CBOE 3 Morgan Stanley a vu, entre le 7 septembre et le 10 septembre, Augmentation de 27 fois (et non de 27%) de l'achat d'options de vente sur ses actions. 4 Merrill-Lynch a vu un saut de plus de 12 fois le niveau normal des options de vente dans les quatre jours de trading avant les attaques. 5 Extraits NOTES 3. Mécanique de l'escroquerie possible d'intrusion d'initiés de Ben Laden, Institut international de politique de Herzlyya pour le contre-terrorisme (TIC), le 22 septembre 2001. Michael C. Ruppert, le cas pour l'administration de Bush Connaissance des attaques 9-11 Wilderness 22 avril 2002. Publié au Centre de recherche et de mondialisation ltglobalresearch. caarticlesRUP203A. htmlgt. 4. TIC, op. Cit, citant des données de la Chicago Board of Options Exchange (CBOE). . Terroristes formés à la CBPE. Chicago Sun-Times. Le 20 septembre 2001, ltsuntimesterrorstoriescst-nws-trade20.htmlgt. Sondage des options de lien commercial à des attaques confirmées,. Chicago Sun-Times. 21 septembre 2001, ltsuntimesterrorstoriescst-fin-trade21.htmlgt. Ruppert illustre alors une tentative apparente d'enterrer l'histoire en l'expliquant comme rien d'inhabituel. Un article du New York Times du 30 septembre affirme que des explications bénignes se profilent dans l'enquête des SEC. 20 L'article reproche à l'activité des options de vente, qu'elle ne quantifie pas, le pessimisme du marché, mais n'explique pas pourquoi le prix des actions des compagnies aériennes ne reflète pas le même pessimisme du marché. Le fait que 2,5 millions des options de vente reste non réclamé n'est pas expliqué du tout par le pessimisme du marché et est la preuve que les acheteurs d'options de vente faisaient partie d'un complot criminel. 21 1. Négociation d'initiés apparemment basée sur la connaissance préalable des attaques 911, Londres Times. 91801 mise en cache 2. Rapport PutCall, StreetAuthority, 3. Profitating From Disaster. CBSNews. 91901 mise en cache 4. Prix, probabilités et prédictions, ORMS Aujourd'hui, mis en cache 5. Exchange examine le saut impair, Associated Press. 91801 en cache 6. SEC demande à Goldman, Lehman pour les données, Bloomberg News. 92001 en cache 7. Mardi Noir: La plus grande escroquerie d'initiés du monde. Ict. org. il. Septembre 19, 2001 en cache 8. Les bénéfices suspects assis non collectés Les investisseurs aériens semblent être bas, San Francisco Chronicle. 92901 mis en cache 9. Profits de malheur, telegraph. co. uk. 92301 mise en cache 10. Profits of doom. 92301 11. Mardi noir. 91901 12. Bank of America parmi 38 actions dans la sonde d'attaque de SEC, Bloomberg News. 10301 mise en cache 13. Bank of America. 10301 14. Raytheon, corpwatch. org, 15. Points de commerce suspectes pour faire avancer la connaissance par les grands investisseurs des attentats du 11 septembre, wsws. org. 10501 mis en cache 16. Bank of America. 10301 17. SEC veut un système de partage de données Réseau de courtage aiderait à tracer les métiers par les terroristes, San Francisco Chronicle. 91901 mise en cache 18. Crossing the Rubicon ,. Page 243 19. Traversant le Rubicon ,. Page 238-239 634 20. La connaissance préalable des attaques américaines a-t-elle été utilisée à des fins lucratives, New York Times. 93001 mise en cache 21. Bénéfices suspects. 92901 Dernière modification: 2007-08-21Mrz 20e, 2012 Commentaires de la société fr Insider trading 911 8230 les faits mis à nu AN ASIA TIMES EN LIGNE EXCLUSIVE INVESTIGATION: Il ne peut pas être contesté que le commerce spéculatif dans les options de vente 8211 où un parti fait un pari que un stock Va chuter abruptement en valeur 8211 pointé dans les jours autour de Septembre 11, 8211, même si la US Securities and Exchange Commission et la Commission 911 ne le dira pas. Plus de quelques personnes ont dû être prévenues des attaques terroristes, et elles ont encaissé des millions de dollars. L'article suivant a été publié d'abord à Asia Times Online sous: Y a-t-il une vérité dans les allégations selon lesquelles les milieux informés ont réalisé des profits substantiels sur les marchés financiers en lien avec les attentats terroristes du 11 septembre 2001 aux États-Unis? À commencer par l'examen des options de vente, qui a eu lieu vers le mardi 11 septembre 2001, dans une mesure anormale, et au début par le biais d'un logiciel qui a joué un rôle clé: le système d'information de gestion Prosecutor8217, abréviation de PROMIS. I PROMIS est un logiciel qui semble être équipé de presque 8222magical8220 capacités. En outre, il fait l'objet d'un différend de plusieurs décennies entre son inventeur, Bill Hamilton, et diverses institutions de personnes associées à des agences de renseignement, des cabinets de conseil militaires et de sécurité. 1 Une des 8222magical8220 capacités de PROMIS, on doit supposer, est qu'il est équipé d'intelligence artificielle et était apparemment dès le départ capable de lire simultanément et d'intégrer n'importe quel nombre de différents programmes informatiques ou bases de données, quelle que soit la langue dans laquelle la Des programmes originaux avaient été rédigés ou les systèmes d'exploitation et les plates-formes sur lesquelles cette base de données était alors installée.8220 2 Et puis, cela devient vraiment intéressant: que feriez-vous si vous aviez un logiciel capable de penser, de comprendre toutes les grandes langues du monde, Fournissait des trous dans tous les ordinateurs de l'homme, qui pouvaient insérer des données dans des ordinateurs sans connaissances des gens, qui pouvaient remplir des blancs au-delà du raisonnement humain, et aussi prédire ce que les gens font avant que vous le fassiez. Certes, ces capacités semblent à peine crédibles. En fait, toute l'histoire de PROMIS, développée par Mike Ruppert au cours de son livre Crossing the Rubicon dans toutes ses facettes bizarres, semble avoir développé un roman dans le style de Philip K Dick et William Gibson. Toutefois, ce que Ruppert a recueilli sur PROMIS est basé sur des sources fiables ainsi que sur les résultats des enquêtes personnelles, qui attendent d'un jury pour faire un premier regard critique. Cela semble d'autant plus urgent que l'on ajoute aux capacités de PROMIS que les agences de renseignement utilisaient PROMIS à des fins très variées, y compris le suivi en temps réel des transactions sur les principaux marchés financiers mondiaux8220. 4 Nous traitons donc d'un logiciel qui a) infiltre les systèmes informatiques et de communication sans être remarqué. B) Peut manipuler des données. C) Est capable de suivre le commerce boursier mondial en temps réel. Le point c est pertinent pour tout ce qui s'est passé dans le cadre des transactions jamais complètement effacées qui ont eu lieu juste avant le 11 septembre et dont l'ancien président de la Deutsche Bundesbank Ernst Weltke a dit que 8222 n'aurait pas pu être planifié et réalisé sans une certaine connaissance8220 . 6 J'ai demandé spécifiquement au journaliste financier Max Keizer, qui pendant des années avait travaillé à Wall Street en tant que commerçant d'actions et d'options, au sujet des métiers d'options de vente. Keizer a souligné dans ce contexte qu'il avait parlé avec de nombreux courtiers dans les tours du World Trade Center à cette époque. J'ai entendu dire de première main que la compagnie aérienne échangeait des courtiers à Cantor Fitzgerald quelques jours avant. Il m'a ensuite parlé d'une question explosive, sur laquelle Ruppert a élaboré en détail dans Crossing the Rubicon. Max Keizer: Il existe de nombreux aspects concernant ces achats d'options qui n'ont pas encore été divulgués. J'ai aussi travaillé chez Alex Brown amp Sons (ABS). Deutsche Bank a acheté Alex Brown amp Sons en 1999. Lorsque les attaques ont eu lieu, ABS a été détenue par la Deutsche Bank. Buzzy Krongard était une personne importante à ABS. Je l'ai rencontré plusieurs fois dans les bureaux de Baltimore. Krongard avait été nommé directeur exécutif à la CIA. Les achats d'options, dans lesquels ABS a été impliqué, s'est produit dans les bureaux de l'ABS à Baltimore. Le bruit qui s'est produit entre Baltimore, New York et Langley était intéressant, comme vous pouvez l'imaginer, pour dire le moins. Le fait que Alex Brown, une filiale de la Deutsche Bank (où beaucoup de présumés 911 pirates de l'air ont traité leurs transactions bancaires 8211, par exemple Mohammed Atta) a négocié des achats massifs d'options de vente sur United Airlines Company UAL par l'intermédiaire du Chicago Board Option Exchange CBOE) 8211 8222 à l'embarras des enquêteurs8220, comme l'a rapporté le journal britannique The Independent. 7 Le 12 septembre, le président du conseil d'administration de la Deutsche Bank, Alex Brown, Mayo A Shattuck III, a soudainement et tranquillement renoncé à son poste, bien qu'il ait toujours un contrat de trois ans avec un salaire annuel de plusieurs millions de dollars américains. On pourrait le percevoir comme quelque chose d'étrange. Quelques semaines plus tard, le porte-parole de la presse de la CIA à cette époque, Tom Crispell, a refusé tous les commentaires, quand il a été contacté pour un rapport pour le site Web Rupperts From the Wilderness, et a été demandé si le Département du Trésor ou Le Bureau fédéral des enquêtes du FBI avait interrogé le directeur exécutif de l'ICA et l'ex-PDG de la Deutsche Bank-Alex Brown, AB 8218Buzzy8216 Krongard, au sujet de la surveillance de la CIA sur les marchés financiers en utilisant PROMIS et son ancien poste de surveillant des relations avec les clients privés8216. Il a été recruté personnellement par l'ancien chef de la CIA George Tenet pour la CIA, Krongard a supervisé principalement les opérations bancaires privées chez Alex Brown. 9 En tout état de cause, après 911 le premier jour de négociation, lorsque les marchés boursiers américains ont été de nouveau ouverts, le cours de l'action de l'UAL a diminué de 43. (Les quatre avions détournés le 11 septembre étaient American Airlines Flight 11, American Airlines Flight 77 et UAL vols 175 et 93.) Avec ses antécédents en tant qu'ancien négociant en options, Keiser m'a expliqué une question importante à cet égard. Max Keizer: Les options de vente sont, si elles sont employées dans un commerce spéculatif, essentiellement paris que les cours boursiers chuteront abruptement. L'acheteur, qui conclut un contrat spécifique avec un vendeur, n'a pas à posséder le stock au moment de l'achat du contrat. Les économistes suisses Remo Crameri, Marc Chesney et Loriano Mancini se sont également intéressés à la question du délit d'initié par le biais d'options (put or call), notamment qu'une opération d'option peut être identifiée comme informée 8220 8211 mais n'est pas encore (légalement ) Éprouvé 8211 8222 lorsqu'il se caractérise par un accroissement inhabituel important de l'intérêt et du volume ouverts, induit des gains importants et n'est pas couvert en bourse8220. 10 L'intérêt ouvert désigne les contrats qui n'ont pas été réglés (exercés) à la clôture de la séance, mais qui sont toujours ouverts. Non couvert en bourse signifie que l'acheteur d'une option (put ou call) ne détient aucune action de l'actif sous-jacent, ce qui lui permettrait d'atténuer ou de compenser des pertes si son métier ne fonctionne pas, ou formulé différemment: Pas de couverture, car il est inutile, puisque l'on sait que le pari est un, le pardon, la chose sûre.8220 (À cet égard, il n'est donc pas vraiment un pari, parce que le résultat n'est pas incertain, mais une conclusion décalée. Dans ce cas, le véhicule du calcul a été 8222 des options de vente peu coûteuses qui donnent au détenteur le droit8216 pour une période de temps de vendre certaines actions à un prix qui est bien en dessous du prix du marché actuel 8211 qui est un pari très risqué, parce que vous perdez Argent si à l'échéance le prix du marché est encore plus élevé que le prix convenu dans l'option. Cependant, lorsque ces actions ont chuté beaucoup plus profondément après les attaques terroristes, ces options ont multiplié leur valeur plusieurs centaines de fois, car à l'heure actuelle le prix de vente spécifié dans l'option était beaucoup plus élevé que le prix du marché. Ces jeux risqués avec de courtes options sont une indication sûre pour les investisseurs qui savaient que dans quelques jours quelque chose se produirait qui réduiraient considérablement le prix de marché de ces actions.8220 11 Logiciels tels que PROMIS à son tour est utilisé avec l'intention précise de surveiller le Les marchés boursiers en temps réel pour suivre les mouvements de prix qui semblent suspects. Par conséquent, les services de renseignement américains doivent avoir reçu des avertissements clairs des transactions singulières, jamais avant vue avant 911. De cette importance, en ce qui concerne la piste, qui devrait conduire aux auteurs si vous envisagez sérieusement d'aller après eux, est-ce : Max Keizer: La Société de compensation d'options a le devoir de gérer les transactions et le fait plutôt de façon anonyme 8211 alors que la banque qui exécute la transaction en tant que courtier peut déterminer l'identité des deux parties. Mais cela n'a peut-être jamais été l'intention des autorités de régulation lorsque la piste a conduit, entre autres, à Alvin Bernard 8222Buzzy8220 Krongard, à Alex Brown amp Sons et à la CIA. Ruppert, cependant, décrit ce cas dans Crossing the Rubicon en pleine longueur autant que possible. 12 En outre, il existe également des moyens pour que les initiés voilent leurs traces. Pour être moins évident, les initiés pouvaient négocier un petit nombre de contrats. Ceux-ci pourraient être échangés sous plusieurs comptes pour éviter d'attirer l'attention sur les volumes commerciaux importants passant par un seul grand compte. Ils pourraient également négocier de petits volumes dans chaque contrat, mais le commerce plus de contrats pour éviter d'attirer l'attention. Au fur et à mesure que l'intérêt est ouvert, les non-initiés peuvent détecter un signal perçu et augmenter leurs activités de négociation. Les initiés peuvent alors revenir pour conclure plus de transactions basées sur un signal commercial apparemment significatif du marché. À cet égard, il serait difficile pour le CBOE de découvrir les initiés des non-initiés, parce que les deux commerces sont lourds.8220 13 La question qui doit être clarifiée ici est généralement jugée par Keizer comme suit: Max Keizer: Ma pensée est Que beaucoup (pas tous) de ceux qui sont morts sur 911 étaient des mercenaires financiers 8211 et nous devrions sentir le même à leur sujet que ce que nous ressentons au sujet de tous les mercenaires qui se font tuer. La tragédie est que ces compagnies ont mélangé des civils avec des mercenaires, et qu'ils ont également été tués. Selon un rapport de Bloomberg publié au début d'octobre 2001, la Securities and Exchange Commission (SEC) des États-Unis a commencé une enquête sur certaines transactions boursières autour de 911 qui comprenait 38 sociétés, parmi eux : American Airlines, AXA SA, Bank of America Corp., Bear Stearns, Citigroup, Lehman Brothers Holdings Inc. Morgan Stanley, General Motors et Raytheon. 14 Jusqu'à présent, si bon. Le même mois, cependant, le journal de San Francisco Chronicle a rapporté que la SEC a pris l'étape sans précédent pour suppléer des centaines, voire des milliers d'intervenants clés dans le secteur privé pour leur enquête. Dans un communiqué envoyé à la quasi-totalité des sociétés cotées aux États-Unis, la SEC a demandé aux sociétés adressées d'affecter des cadres supérieurs à l'enquête, qui seraient conscients de la nature délicate de l'affaire et pourraient se fonder sur une discrétion appropriée8220. 15 Essentiellement, il s'agissait de contrôler l'information, non pas sur la fourniture et la divulgation des faits. Une telle démarche implique des conséquences compromettantes. Ruppert: Que se passe-t-il lorsque vous remplacez quelqu'un dans une enquête de sécurité nationale ou criminelle, c'est que vous le rendez illégal de divulguer publiquement ce qu'ils savent. Mouvement intelligent. En effet, ils deviennent des agents du gouvernement et sont contrôlés par les règlements gouvernementaux plutôt que par leur propre conscience. En fait, ils peuvent être jetés en prison sans audience si ils parlent publiquement. J'ai vu cette menace implicite avec des enquêteurs fédéraux, des agents de renseignement et même des membres du Congrès des États-Unis qui sont étroitement liés par des serments de secret et des accords qu'ils ne sont même pas en mesure de révéler des activités criminelles au sein du gouvernement de peur d'être incarcérés . 16 Parmi les rapports concernant des délits d'initiés soupçonnés qui sont mentionnés dans Crossing the Rubicon From the Wilderness est une liste qui a été publiée sous le titre 8222Black Tuesday: The World8217s plus grand scandale Insider Trading220 par l'Institut israélien de politique internationale Herzliyya pour la lutte contre le terrorisme le 21 Septembre 2001 : Entre le 6 et le 7 septembre, le CBOE a enregistré des achats de 4 744 options de vente sur United Airlines, mais seulement 396 options d'achat. En supposant que 4 000 des options ont été achetées par des personnes ayant une connaissance préalable des attaques imminentes, ces 8222 insiders8220 auraient profité de près de 5 millions. Le 10 septembre, 4 516 options de vente d'American Airlines ont été achetées à l'échange de Chicago, comparativement à seulement 748 appels. Encore une fois, il n'y avait pas de nouvelles à ce moment-là pour justifier ce déséquilibre à nouveau, en supposant que 4000 de ces opérations options représentent 8222insiders8220, ils représenteraient un gain d'environ 4 millions. Les niveaux des options de vente achetées ci-dessus étaient plus de six fois plus élevés que la normale. Aucun commerce similaire dans d'autres compagnies aériennes ne s'est produit à l'échange de Chicago dans les jours précédant immédiatement mardi noir. Morgan Stanley Dean Witter amp Co, qui a occupé 22 étages du World Trade Center, a vu 2.157 de ses options de vente Octobre 45 acheté dans les trois jours de bourse avant Black Tuesday, ce qui se compare à une moyenne de 27 contrats par jour avant Septembre 6. Morgan Stanley8217s Le prix des actions est tombé de 48,90 à 42,50 au lendemain des attentats. En supposant que 2 000 de ces contrats d'options ont été achetés en fonction de la connaissance des attaques qui approchent, leurs acheteurs auraient pu profiter d'au moins 1,2 million. Merrill Lynch amp Co, avec siège près des Twin Towers, a vu 12.215 Octobre 45 options de vente acheté dans les quatre jours de bourse avant les attaques le volume moyen précédent dans ces actions avait été de 252 contrats par jour (une augmentation de 1200). Lorsque la négociation a repris, les actions de Merrill8217s sont tombées de 46.88 à 41.50 supposant que 11.000 contrats d'option ont été achetés par 8222insiders8220, leur bénéfice aurait été environ 5.5 millions. Les régulateurs européens examinent les métiers en Allemagne 8217s Munich Re, Suisse 8217s Swiss Re, et AXA de France, tous les principaux réassureurs avec l'exposition à la catastrophe du mardi noir. (Note: AXA détient également plus de 25 actions d'American Airlines, ce qui en fait les attaques pour elles.) 17 En ce qui concerne les déclarations de l'ancien président de la Deutsche Bundesbank Ernst Welteke, leur teneur dans différents rapports de presse réunis est la suivante : Le président de la banque centrale allemande, Ernst Welteke, rapporte par la suite qu'une étude de sa banque indique 8222. Il y a toujours des signes plus clairs qu'il y a eu des activités sur les marchés financiers internationaux qui doivent avoir été effectuées avec les connaissances spécialisées nécessaires non seulement sur les actions fortement touchées Industries comme les compagnies aériennes et les compagnies d'assurance, mais aussi dans l'or et le pétrole. Daily Telegraph, 9232001 Ses chercheurs ont trouvé une preuve presque irréfutable de l'utilisation d'initiés8220. Miami Herald, 9242001 8222If vous regardez les mouvements sur les marchés avant et après l'attaque, il rend votre sourcil frontière. Mais il est extrêmement difficile de vraiment le vérifier.8220 Néanmoins, il croit que, dans l'un ou l'autre cas, il sera possible de repérer la source8220. Fox News, 9222001 Welteke rapports 8222a augmentation fondamentalement inexplicable8220 dans les prix du pétrole avant les attaques Miami Herald, 9242001, puis une nouvelle hausse de 13 pour cent le lendemain des attaques. L'or monte sans arrêt pendant des jours après les attaques. Daily Telegraph, 9232001 18 En ce qui concerne ces observations, j'ai envoyé une demande par courrier électronique au bureau de presse de la Deutsche Bundesbank le 1er août 2011, dont j'espérais apprendre: Comment la Bundesbank a-t-elle traité ces informations? Les organismes fédéraux demandent à voir l'étude. Avec qui la Bundesbank a-t-elle partagé ces informations Et, en outre: 1. Pouvez-vous confirmer qu'il ya une étude de la Bundesbank concernant le 911, Est le titre 3. Si oui: qui ont été les auteurs 4. Si oui: l'étude a-t-elle déjà été mise à la disposition du public? Le 2 août, j'ai été informé: 8222 Votre courrier a été reçu par nous et est traité sous le numéro 2011 011551.8220 En fin de compte, cependant, le bureau de presse de la Deutsche Bundesbank n'était disponible que pour une explication orale au téléphone. Avec cette explication, je me suis ensuite adressé au bureau de presse de l'autorité fédérale de réglementation en Allemagne, la Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, avec le courrier électronique suivant 8211 et cela pour des raisons évidentes: Hier, j'ai envoyé une demande (voir fin de Cet e-mail) au bureau de presse de la Deutsche Bundesbank concernant les délits d'initiés liés aux attentats terroristes du 11 septembre 2001 et portant respectivement sur une prétendue étude effectuée par la Deutsche Bundesbank. La demande porte le numéro de référence 2011 011551. Le bureau de presse ou, respectivement, M. Peter Trautmann n'était disponible que pour une explication orale. Je le répète maintenant, parce qu'il est lié à votre entité. Je vous poserai ensuite d'autres questions. Selon une explication orale du bureau de presse de la Deutsche Bundesbank, il n'y a jamais eu d'étude détaillée et officielle sur les délits d'initiés de la Bundesbank. Il y a eu probablement une analyse ad hoc avec des graphiques correspondants des mouvements de prix comme des briefings pour le conseil de la Bundesbank. En outre, il aurait été du devoir du Bundesfinanzaufsicht d'enquêter sur cette question. The press office of the Bundesbank was also not willing to give out any written information, not even after my hint that this alleged study by the Bundesbank has been floating around the Internet for years without any contradiction. That was the oral information from the Bundesbank press office, or respectively from Mr Peter Trautmann. Now my questions for you: 1. Has the BaFin ever investigated the 911 insider trading 2. With what result Have the results been made public 3. Have there not been any grounds for suspicion that would have justified an investigation, for example as damaged enterprise: Munich Re, and as buyers of put options of UAL8217s United Airlines Company: Deutsche BankAlex Brown 4. Has the Deutsche Bundesbank ever enquired with BaFin what information they have regarding the 911 insider trading 8211 for example for the creation of ad-hoc analysis for the Bundesbank 5. Have the US federal agencies ever inquired if the BaFin could cooperate with them in an investigation Could you reply to me in writing, unlike the Deutsche Bundesbank, please I would be very grateful for that The next day I did indeed receive an e-mail concerning this topic from Anja Engelland, the press officer of the BaFin in which she answered my questions as follows: 1. Yes, the former Bundesaufsichtsamt fur Wertpapierhandel, BAWe (federal supervisory for securities trading), has carried out a comprehensive analysis of the operations. 2. As a result, no evidence of insider trading has been found. Their approach and results have been published by the BAWe or BaFin in the annual reports for the years 2001 (cf S 2627) and 2002 (cf p 156 above first paragraph). Here are the links. See here and here . 3. See annual reports 2001 and 2002. Put options on United Airlines were not traded on German stock exchanges (the first EUREX options on US equities were introduced only after the attacks on 9112001) there were warrants on UAL and other US stocks, but those traded only in low volumes. 4. I personally do not know about such a request. Furthermore, the Bundesbank itself would have to comment on this. 5. BaFin is fundamentally entitled to the exchange of information with foreign supervisory authorities, like SEC, on the basis of written agreements, so-called memoranda of understanding (MoU). Regarding potential inquiries from foreign supervisory authorities, the BaFin can unfortunately not comment, this would be a matter of respective authority. For this I ask for understanding. Then I wrote another brief note to BaFin, 8222in order to prevent any misunderstanding: your answers refers, as far as I understand, solely to the financial markets in Germany and Frankfurt, or not8220 The reply from BaFin: The answers refer to the German financial market as a whole and not only on the Frankfurt Stock Exchange. In terms of the assessment of foreign financial markets, the relevant authorities are the competent points of contact. In my inquiries, I mentioned, among other things, a scientific study by US economist Allen M Poteshman from the University of Illinois at Urbana-Champaign, which had been carried out in 2006 regarding the put option trading around 911 related to the two airlines involved, United Airlines and American Airlines. Poteshman came to this conclusion: 8222Examination of the option trading leading up to September 11 reveals that there was an unusually high level of put buying. This finding is consistent with informed investors having traded options in advance of the attacks.8220 19 Another scientific study was conducted by the economists Wong Wing-Keung (Hong Kong Baptist University, HKBU), Howard E Thompson (University of Wisconsin) and Kweehong Teh (National University of Singapore, NUS), whose findings were published in April 2010 under the title 8222Was there Abnormal Trading in the SampP 500 Index Options Prior to the September 11 Attacks8220 Motivated by the fact that there had been many media reports about possible insider trading prior to 911 in the option markets, the authors looked in this study at the Standard amp Poor8217s 500 Index (SPX Index Options), in particular with a focus on strategies emanating from a bear market, namely those under the labels 8222Put Purchase,8220 8222Put Bear Spread8220 and 8222Naked ITM Call Write8220, as each of these are in accordance with the assumption that one would be betting on a general bear market if one wanted to profit in anticipation of the 911 event. 20 Along these lines, the authors refer to an article which Erin E Arvedlund published on October 8, 2001, in Barron8217s, the heading of which suggested precisely that thesis: 8222Follow the money: Terror plotters could have benefited more from the fall of the entire market than from individual stocks.8220 21 Basically, Wong, Thompson and Teh came to the conclusion 8222that our findings show that there was a significant abnormal increase in the trading volume in the option market just before the 9-11 attacks in contrast with the absence of abnormal trading volume far before the attacks8220. More specifically, they stated, 8222Our findings from the out-of-the-money (OTM), at-the-money (ATM) and in-the-money (ITM) SPX index put options and ITM SPX index call options lead us to reject the null hypotheses that there was no abnormal trading in these contracts before September 11th.8220 Instead, they found evidence for 8222abnormal trading volume in OTM, ATM and ITM SPX index put options8220 for September 2001, and also in 8222ITM-SPX index call options8220 for the same month. 8222In addition, we find that there was evidence of abnormal trading in the September 2001 OTM, ATM and ITM SPX index put options immediately after the 9-11 attacks and before the expiration date. This suggests that owning a put was a valuable investment and those who owned them could sell them for a considerable profit before the expiration date.8220 From all of this, they took the position that whilst they couldn8217t definitively prove that insiders were active in the market, 8222our results provide credible circumstantial evidence to support the insider trading claim8220. 22 Disambiguation: 8222in the money8220 means that the circumstances arise on which the owner of a put option is betting 8211 the market price of the underlying asset, for example a stock (or in this case an index of shares), is lower at that moment compared to the price at the time when the transaction took place. 8222At the money8220 means that the price of the underlying asset has remained equal or nearly equal. And 8222out-of-the-money8220 means that the price of the underlying asset has gone up, so the opposite of what the owner of the put option was betting on took place. 8222In the money8220: win. 8222Out of the money8220: loss. There are also ITM, ATM and OTM options both for trading strategies with put and call options, depending on which kind of risk one would like to take. For example, according to Wong, Thomson and Teh, the 8222Put-Purchase Strategy8220 in the case of a downward movement of the underlying asset 8222is a cheaper alternative to short-selling of the underlying asset and it is the simplest way to profit when the price of the underlying asset is expected to decline8220. The use of the OTM put option compared to the ITM put option, however, offers 8222both higher reward and higher risk potentials (8230) if the underlying asset falls substantially in price. However, should the underlying asset decline only moderately in price, the ITM put often proves to be the better choice (8230) because of the relative price differential.8220 That is why speculators would fare best, if they bought ITM put options, 8222unless the speculators would expect a very substantial decline in the price of the underlying asset.8220 23 After they calculated such strategies in the light of the available trading data in the CBOE relating to 911, the three economists ultimately do not accept a possible counter-argument that their results could be attributed to the fact that the stock markets were generally falling and that there had already been a negative market outlook. Finally they pointed out: 8222More conclusive evidence is needed to prove definitively that insiders were indeed active in the market. Although we have discredited the possibility of abnormal volume due to the declining market, such investigative work would still be a very involved exercise in view of the multitude of other confounding factors,8220 such as confusing trading strategies, 8222intentionally employed by the insiders8220 in order to attract less attention. 24 That would be 8211 and if only to invalidate these scientific results once and for all 8211 primarily a task for the SEC, the FBI and other governmental authorities of the United States. However, we will have to wait for this in vain. I think that not less worthy of a mention is an article that the French financial magazine Les Echos published in September 2007 about a study conducted by two independent economics professors from the University of Zurich, Marc Chesney and Loriano Mancini. Journalist Marina Alcaraz summarized the content of the findings in Les Echos with these words and with these explanations by Professor Chesney, which I for the first time translated into German (and do now translate from French into English): 8222The atypical volumes, which are very rare for specific stocks lead to the suspicion of insider trading.8220 Six years after the attacks on the World Trade Center this is the disturbing results of a recent study by Marc Chesney and Loriano Mancini, professors at the University of Zurich. The authors, one of them a specialist in derivative products, the other a specialist in econometrics, worked on the sales options that were used to speculate on the decline in the prices of 20 large American companies, particularly in the aerospace and financial sector. Their analysis refers to the execution of transactions between the 6th and 10th of September 2001 compared to the average volumes, which were collected over a long period (10 years for most of the companies). In addition, the two specialists calculated the probability that different options within the same sector in significant volumes would be traded within a few days. 8222We have tried to see if the movements of specific stocks shortly before the attacks were normal.8220 We show that the movements for certain companies such as American Airlines, United Airlines, Merrill Lynch, Bank of America, Citigroup, Marsh amp McLehnan are rare from a statistical point of view, especially when compared to the quantities that have been observed for other assets like Coca-Cola or HP,8220 explains Marc Chesney, a former Professor at the HEC and co-author of Blanchiment et financement du terrorisme ( Money laundering and financing of terrorism ), published by Editions Ellipses. 8222For example 1,535 put option contracts on American Airlines with a strike of 30 and expiry in October 2001 were traded on September 10th, in contrast to a daily average of around 24 contracts over the previous three weeks. The fact that the market was currently in a bear market is not sufficient to explain these surprising volumes.8220 The authors also examined the profitability of the put options and trades for an investor who acquired such a product between the 6th and 10th September. 8222For specific titles, the profits were enormous.8220 8222For example, the investors who acquired put options on Citigroup with an expiry in October 2001 could have made more than 15 million profit,8220 he said. On the basis of the connection of data between volumes and profitability, the two authors conclude that 8222the probability that crimes by Insiders (Insider trading) occurred. is very strong in the cases of American Airlines, United Airlines, Merrill Lynch, Bank of America, Citigroup and JP Morgan. 8222There is no legal evidence, but these are the results of statistical methods, confirming the signs of irregularities.8220 25 As Alcaraz continued to state for Les Echos, the study by ChesneyMancini about possible insider trading related to the 911 attacks was not the first of its kind but it was in sharp contrast to the findings of the US Securities and Exchange Commission SEC and the 911 Commission, since they classified the insider trading as negligible 8211 the trades in question had no connection to 911 and had 8222consistently proved innocuous8220. Different in the assessment is also the scientific work that Chesney and Mancini had published together with Remo Crameri in April 2010 at the University of Zurich, 8222Detecting Informed Trading Activities in the option markets.8220 In the segment that is dedicated to the terror attacks of 911, the three authors come to the conclusion, that there had been notable insider trading shortly before the terrorist attacks on September 11 that was based on prior knowledge. Without elaborating on the detailed explanation of the mathematical and statistical method, which the scientific trio applied during the examination of the put option transactions on the CBOE for the period between 1996 and 2006, I summarize some of their significant conclusions. 8222Companies like American Airlines, United Airlines, Boeing8220 8211 the latter company is a contractor of the two airlines as aircraft manufacturer 8211 8222and to a lesser extent, Delta Air Lines and KLM seem to have been targets for informed trading activities in the period leading up to the attacks. The number of new put options issued during that period is statistically high and the total gains realized by exercising these options amount to more than 16 million. These findings support the results by Poteshman (2006) who also reports unusual activities in the option market before the terrorist attacks.8220 26 In the banking sector, Chesney, Crameri and Mancini found five informed trading activities in connection to 911. 8222For example the number of new put options with underlying stock in Bank of America, Citigroup, JP Morgan and Merrill Lynch issued in the days before the terrorist attacks was at an unusually high level. The realized gains from such trading strategies are around 11 million.8220 27 For both areas, the aviation and the banking sector, the authors state that 8222in nearly all cases the hypothesis8220, that the put options were not hedged, 8222cannot be rejected8220. 28 Regarding the options traded on EUREX, one of the world8217s largest trading places for derivatives, which in 1998 resulted from the merger between the German and Swiss futures exchanges DTB and SOFFEX, Chesney, Mancini and Crameri focused on two reinsurance companies, which incurred costs in terms of billions of dollars in connection with the World Trade Center catastrophe: Munich Re and Swiss Re. On the basis of EUREX trading data provided by Deutsche Bank, the three scientists detected one informed option trade related to Munich Re, which occurred on August 30, 2001. The authors write: 8222The detected put option with underlying Munich Re matured at the end of September 2001 and had a strike of 320 (the underlying asset was traded at 300, 86 on August 30th). That option shows a large increment in open interest of 996 contracts (at 92.2 quintile of its two-year empirical distribution) on August 30th. Its price on that day was 10, 22. 8230 On the day of the terrorist attacks, the underlying stock lost more than 15 (the closing price on September 10th was 261, 88 and on September 11th 220, 53) and the option price jumped to 89, 56, corresponding to a return of 776 in eight trading days. 8230 The gains 8230 related to the exercise of the 996 new put options issued on August 30th correspond to more than 3.4 million.8220 Similar is true, according to the authors, for one informed option trade on Swiss Re on August 20, 2001 with 8222a return of 4,050 in three trading weeks8220, or 8222more than 8 million.8220 29 In a new version of their study that was published on September 7, 2011, the authors stuck to their findings from April 2010. They added the emphasis that in no way the profits gained with the put options to which they point could have been achieved due to sheer fortunate coincidence, but that in fact they were based on prior knowledge which had been exploited. 30 With those results in terms of what went on at the EUREX according to Chesney, Crameri and Mancini, I again addressed the BaFin, which had written to me that for the financial centers in Germany insider trading around 911 could be excluded, and asked: How does this go with your information that the federal supervisory for securities trading (BAWe) could in its comprehensive analysis not find evidence for insider trading Do the authors, so to speak, see ghosts with no good reason In addition, I stated: If it is true what Chesney, Crameri and Mancini write, or if you at the BaFin cannot (ad hoc) refute it, would this then cause the BaFin to thoroughly investigate the matter again If the findings of Chesney, Crameri, and Mancini were true, this would constitute illegal transactions relating to a capital crime, which has no status of limitations, or not In case that a need for clarification had arisen at the BaFin, I added Professor Chesney to my e-mail-inquiry in the 8222carbon copy8220 8211 address field, as because these were the results of his scientific work. The response that I received from BaFin employee Dominika Kula was as follows: As I already told you in my e-mail, the former federal supervisory for securities trading (BAWe) carried out a comprehensive analysis of the operations in 2001. As a result, no evidence of insider trading has been found. For clarification purposes, I wish to point out that violations of statutory provisions of securities or criminal law can never be excluded with absolute certainty. In order to pursue and prosecute such matters concrete evidence of an unlawful act is required 8230 Such evidence does not exist here. With regard to the sources you mentioned, I ask for understanding that I can neither comment on scientific analyses, nor on reviews by third parties. Regarding the statutes of limitations for offences relating to the violation insider trading regulations trading I can give you the following information: A violation of the law to prohibit insider trading is punishable with imprisonment up to 5 years or with fines. The statutes of limitations applied for crimes carrying this kind of penalty (section 78 paragraph 3 No. 4 Penal Code) are five years. These limitations are described in the statutes of limitations ( 78 et seq.) (Criminal Code). In addition, I turned to the EUREX with three questions: 1. How do you as EUREX comment on the findings of Messrs Chesney, Mancini and Crameri 2. Did you at EUREX perceive the particular trading in Munich Re and Swiss Re it in any way as strange 3. Have domestic (eg BAWe and BaFin) or foreign (such as the U. S. Securities and Exchange Commission) authorities ever inquired if there may have been evidence of insider trading via the EUREX in connection with the 911 attacks I subsequently received the following response from Heiner Seidel, the deputy head of the press office of the Deutsche Borse in Frankfurt. We do not give you a public written response on behalf of the Deutsche Brse or Eurex regarding the topics of your inquiry. This is for the following reason: the trade monitoring agency (HSt) is part of the Exchange, but it is independent and autonomous. Their investigations are confidential and are carried out in close coordination with the BaFin. They are never public, a request which HSt is therefore not meaningful. I leave it to the reader to draw hisher conclusions from these two replies from the press offices of BaFin and Deutsche Borse. Regarding the topic of option trades related to 911, I once more talked with Swiss historian Dr Daniele Ganser (8222Operation Gladio8220), by asking him this time about the importance of those put options, which were traded shortly before the attacks of September 11, 2001. Daniele Ganser: This is an important point. This is about demonstrating that there was insider trading on the international stock exchanges before 11 September. Specifically put options, ie speculation on falling stock prices were traded. Among the affected stocks were United Airlines and American Airlines, the two airlines involved in the attacks. A colleague of mine, Marc Chesney, professor at the Institute of banking at the University of Zurich, has examined these put options. You first of all have to check if there may have been international speculation that the aviation industry would be experiencing a weak period and whether accordingly also put options on Singapore Airlines, Lufthansa and Swiss were bought. This was not the case. Very significant put option trades were only transacted for these two airlines involved in the attacks. Secondly, you must examine the ratio of put options to call options and look if they had also been purchased to a similarly significant extent that would constitute speculations on rising stock prices. And that is also not the case. There were only significant put options and only significant transactions for United Airlines and American Airlines. Now you need to look further in order to see who actually bought the put options, because that would be the insider who made millions on September 11. Most people are unaware that money was also earned with the attacks on September 11. The Security and Exchange Commission, SEC, the Securities and Exchange Commission of the United States, however, does not publish the information on who bought the put options, because you can do this anonymously. It is disturbing that this data is not made public. What you have is the 911 Commission report, and here it is pointed out. that there has been insider trading, but that this insider trading cannot be traced to al-Qaeda leader Osama bin Laden, which means that it is highly unlikely that it had been Bin Laden. Question: If this is not pursued any further, what does it mean Daniele Ganser: This means that the investigation of the terrorist attacks was incomplete, and always at the point where there are contradictions to the SURPRISE story, no further investigations are made. It looks very much as if one wants to examine only one story, the investigation is therefore one-sided. But this does not only apply to the put options. 31 Interestingly enough, when Dr Ganser points out in his reply that this important data is not published, it is actually only half of the truth. Why The answer is very simple and odd at the same time: David Callahan, the editor of the US magazine SmartCEO, filed a request to the SEC about the put options which occurred prior to September 11 within the framework of the Freedom of Information Act (FOIA). The SEC informed Callahan in its reply of December 23, 2009 under the number 822209 07659-FOIA8220 as follows: This letter is in response to your request seeking access to and copies of the documentary evidence referred to in footnote 130 of Chapter 5 of the September 11 (911) Commission Report8230 We have been advised that the potentially responsive records have been destroyed. 32 Therefore, we will unfortunately never know exactly how the SEC and the 911 Commission came to their conclusions regarding the 911 put options trading for their final report, because relevant documents were not only held back, but also destroyed 8211 and that in spite of an agreement between the SEC and the National Archive of the United States, in which the SEC has agreed to keep all records for at least 25 years. 33 The 911 Commission report wrote this in footnote 130 of Chapter 5, which briefly focuses on the alleged insider trading: Highly publicized allegations of insider trading in advance of 9 11 generally rest on reports of unusual pre-911 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 8211 investments that pay off only when a stock drops in price 8211 surged in the parent companies of United Airlines on September 6 and American Airlines on September 10 8211 highly suspicious trading on its face. Yet, further investigation has revealed that the trading had no connection with 911. A single US-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 US-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, 8222Pre-September 11, 2001 Trading Review,8220 May 15, 2002 Ken Breen interview (Apr. 23, 2004) Ed G. interview (Feb. 3, 2004). The author Mark H Gaffney commented on this finding of 8222innocuousness8220: Notice 8230 the commission makes no mention in its footnote of the 36 other companies identified by the SEC in its insider trading probe. What about the pre-911 surge in call options for Raytheon, for instance, or the spike in put options for the behemoth Morgan Stanley, which had offices in WTC 2 The 911 Commission Report offers not one word of explanation about any of this. The truth, we must conclude, is to be found between the lines in the report8217s conspicuous avoidance of the lion8217s share of the insider trading issue. Indeed, if the trading was truly 8222innocuous8220, as the report states, then why did the SEC muzzle potential whistleblowers by deputizing everyone involved with its investigation The likely answer is that so many players on Wall Street were involved that the SEC could not risk an open process, for fear of exposing the unthinkable. This would explain why the SEC limited the flow of information to those with a 8222need to know8220, which, of course, means that very few participants in the SEC investigation had the full picture. It would also explain why the SEC ultimately named no names. All of which hints at the true and frightening extent of criminal activity on Wall Street in the days and hours before 911. The SEC was like a surgeon who opens a patient on the operating room table to remove a tumor, only to sew him back up again after finding that the cancer has metastasized through the system. At an early stage of its investigation, perhaps before SEC officials were fully aware of the implications, the SEC did recommend that the FBI investigate two suspicious transactions. We know about this thanks to a 911 Commission memorandum declassified in May 2009 which summarizes an August 2003 meeting at which FBI agents briefed the commission on the insider trading issue. The document indicates that the SEC passed the information about the suspicious trading to the FBI on September 21, 2001, just ten days after the 911 attacks. Although the names in both cases are censored from the declassified document, thanks to some nice detective work by Kevin Ryan we know whom (in one case) the SEC was referring to. The identity of the suspicious trader is a stunner that should have become prime-time news on every network, world-wide. Kevin Ryan was able to fill in the blanks because, fortunately, the censor left enough details in the document to identify the suspicious party who, as it turns out, was none other than Wirt Walker III, a distant cousin to then-president G W Bush. Several days before 911, Walker and his wife Sally purchased 56,000 shares of stock in Stratesec, one of the companies that provided security at the World Trade Center up until the day of the attacks. Notably, Stratesec also provided security at Dulles International Airport, where AA 77 took off on 911, and also security for United Airlines, which owned two of the other three allegedly hijacked aircraft. At the time, Walker was a director of Stratesec. Amazingly, Bush8217s brother Marvin was also on the board. Walker8217s investment paid off handsomely, gaining 50,000 in value in a matter of a few days. Given the links to the World Trade Center and the Bush family, the SEC lead should have sparked an intensive FBI investigation. Yet, incredibly, in a mind-boggling example of criminal malfeasance, the FBI concluded that because Walker and his wife had 8222no ties to terrorism 8230 there was no reason to pursue the investigation.8220 The FBI did not conduct a single interview. 34 For this translation, I asked Kevin Ryan via e-mail if he could send me a link for his 8222nice detective work8220. Ryan, who8217s in my humble opinion one of roughly 10 people around the world who have to be taken seriously regarding 911, replied: You are referring to my paper 8222Evidence for Informed Trading on the Attacks of September 11.8220 See here . The following two references from the paper are relevant to what you are describing. 2 911 Commission memorandum entitled 8222FBI Briefing on Trading8220. prepared by Doug Greenburg, 18 August 2003, 22. The 911 Commission memorandum that summarized the FBI investigations refers to the traders involved in the Stratesec purchase. From the references in the document, we can make out that the two people had the same last name and were related. This fits the description of Wirt and Sally Walker, who were known to be stock holders in Stratesec. Additionally, one (Wirt) was a director at the company, a director at a publicly traded company in Oklahoma (Aviation General), and chairman of an investment firm in Washington, DC (Kuwam Corp). Here are two other recent articles on Stratesec and its operators. See here and here . The stock of Stratesec, I should add by myself, increased in value from 0.75 per share on September 11 to 1.49 per share when the market re-opened on September 17. As a firm that provides technology-based security for large commercial and government facilities, Stratesec benefited from the soaring demand of security companies right after 911. It is also remarkable what Ryan wrote to me regarding a company on which he did some research, too: Viisage Corp, another high-tech security firm. Kevin Ryan: In late 2005, George Tenet became a director for Viisage, which had been flagged by the SEC for 911 trading but never investigated. Viisage was led by Roger LaPenta, formerly of Lockheed. Seven months later, in 2006, FBI director Louis Freeh also joined the Viisage board. One might think that when both the CIA director (on 911) and the FBI director (from 1993 to June 2001) joined a company suspected of 911 insider trading, we might want to go back and actually investigate the SEC8217s flagging of that company. But, of course, that was not the case. In 2009, 8222Bandar Bush8220 hired Freeh as his personal attorney. Freeh is nowadays the bankruptcy trustee of the alleged market manipulator MF Global. And about his client, the former Saudi ambassador Prince Bandar, I should add that we know for sure that he bankrolled indirectly via his wife two of the alleged would-be 911 hijackers, Khalid Al-Mihdhar and Nawaf Al-Hazmi. 35 But let8217s get back to the subject of destruction. On September 11, not only human life, aircraft and buildings were destroyed in New York City, but also data on computers and in archives. For example, several federal agencies occupied space in Building 7 of the World Trade Center, including the Securities and Exchange Commission on floors 11 to 13. Those and other data could have given information about the alleged 911 insider trading (though it seems to be very unlikely that no backup existed elsewhere independent of the local computer systems). In fact, some technology companies were commissioned to recover damaged hard disks, which had been recovered from the debris and dust of Ground Zero. One of these companies was the English company group Convar, more precisely: their data rescue center in the German city Pirmasens. Erik Kirschbaum from the news agency Reuters reported in December 2001 that Convar had at that time successfully restored information from 32 computers, supporting 8222suspicions that some of the 911 transactions were illegal8220. 8218The suspicion is that inside information about the attack was used to send financial transaction commands and authorizations in the belief that amid all the chaos the criminals would have, at the very least, a good head start,8216 says Convar director Peter Henschel.8220 36 Convar received the costly orders 8211 according to Kirschbaums report the companies had to pay between 20,000 and 30,000 per rescued computer 8211 in particular from credit card companies, because: 8222There was a sharp rise in credit card transactions moving through some computer systems at the WTC shortly before the planes hit the twin towers. This could be a criminal enterprise 8211 in which case, did they get advance warning Or was it only a coincidence that more than 100 million was rushed through the computers as the disaster unfolded8220 37 The companies for which Convar was active cooperated with the FBI. If the data were reconstructed they should have been passed on to the FBI, and the FBI, according to its statutory mandate, should have initiated further investigation based on the data to find out who carried out these transactions. Henschel was optimistic at the time that the sources for the transactions would come to light. Richard Wagner, a Convar employee, told Kirschbaum that 8222illegal transfers of more than 100 million might have been made immediately before and during the disaster. 8218There is a suspicion that some people had advance knowledge of the approximate time of the plane crashes in order to move out amounts exceeding 100 million,8216 he says. 8218They thought that the records of their transactions could not be traced after the main frames were destroyed8216.8220 38 Wagner8217s observation that there had been 8222illegal financial transactions shortly before and during the WTC disaster8220 matches an observation which Ruppert describes in Crossing the Rubicon . Ruppert was contacted by an employee of Deutsche Bank, who survived the WTC disaster by leaving the scene when the second aircraft had hit its target. According to the employee, about five minutes before the attack the entire Deutsche Bank computer system had been taken over by something external that no one in the office recognized and every file was downloaded at lightning speed to an unknown location. The employee, afraid for his life, lost many of his friends on September 11, and he was well aware of the role which the Deutsche Bank subsidiary Alex Brown had played in insider trading. 39 I was curious and wanted more information from Convar regarding their work on the WTC-computer hard drives, but also about the statements made by Peter Henschel and Richard Wagner. Thus, I contacted the agency which represents Convar for press matters, with a written request. But their agency 8222ars publicandi8220 informed me swiftly: Due to time constraints, we can currently offer you neither information nor anyone on the part of our client to talk to regarding this requested topic. I also approached KrollOntrack, a very interesting competitor of Convar in writing. Ontrack Data Recovery, which also has subsidiaries in Germany, was purchased in 2002 by Kroll Inc 8211 8222one of the nation8217s most powerful private investigative and security firms, which has long-standing involvement with executive protection US government officials including the president. This would require close liaison with the Secret Service.8220 40 At the time of the 911 attacks, a certain Jerome Hauer was one of the managing directors at Kroll Inc. He had previously established the crisis center for the mayor of New York City as director of the Office of Emergency Management (OEM), which occupied office space on the 23rd floor of the WTC Building 7. Hauer helped former FBI agent John O8217Neill to get the post of the head of Security Affairs at the WTC, and spent the night of September 11 with O8217Neill in New York before the latter lost his life on September 11 in the WTC. Hauer was most likely involved in the planning of 8222Tripod II8220, the war game exercise at the port of New York City. 41 Therefore, I found it appealing to uncover some more details of this aspect, or, more accurately to find out if Ontrack or KrollOntrack had received an order in 2001 or after to rescue computer hard drives from the WTC. The answer I received from KrollOntrack said: Kroll Ontrack was not at the site of the data recovery 8211 the devices at the Twin Towers have been completely destroyed or vaporized. The firm Kroll was, however, at that time active in the field of computer-forensic investigations, securing devices in the surrounding buildings. In essence, these two inquiries did not help me at all. If anything, a further question arose: why did KrollOntrack send me a response, where it was really obvious that the content did not match the facts After all, I had written in my inquiry that Convar had received orders to restore damaged computer hard drives from the World Trade Center. I sent a new inquiry, attaching a link for Erik Kirschbaum8217s Reuters article and additional cinematic reports on Convar8217s which showed that some of the WTC disks had not been 8222completely destroyed or vaporized8220. I stated to KrollOntrack: 8222Your answer does not seem to match the facts, when it comes to 8218completely destroyed or vaporized8216. Will you still stick to your answer8220 KrollOntrack then replied that their previously given assessment constituted 8222not a statement, but an opinion8220. I do not find this assessment worthless, because it is in line with the knowledge of the general public and can easily be refuted in argumentum in contrario by Convars activities. One film report to which I referred to in my second inquiry to KrollOntrack originated from the German television journal Heute-Journal broadcast on March 11, 2002, on ZDF, and the other from the Dutch TV documentary Zembla, broadcast on September 10, 2006. The ZDF report showed that Convar received the WTC disks from the US Department of Defense and that Convar had managed until March 2002 to recover more than 400 hard drives. It also reported that the private companies that employed Convar had paid between 25,000 and 50,000 per hard drive. In the TV documentary Zembla, Convar essentially maintained its position as it had been reported by Erik Kirschbaum in 2001. Obviously, in connection with 911 there has not only been insider trading via put options, but there is additional evidence that there have been illegal financial transactions via credit cards through which more than 100 million US dollars were removed from the WTC computer systems. Those occurred shortly before and during the WTC disaster. It remains unclear what the FBI did later on with the data recovered by Convar. On the other hand, it may have been not very much, as can be seen from a memorandum from the 911 Commission, which was released in May 2009. The 911 Commission asked the FBI about the use of credit cards for insider dealing. On the basis of the information provided by the FBI, the commission came to the conclusion that no such activity occurred because 8222the assembled agents expressed no knowledge of the reported hard-drive recovery effort or the alleged scheme8220 8211 but above all 8222everything at the WTC was pulverized to near powder, making it extremely unlikely that any hard-drives survived8220. 42 The activities of Convar, however, prove the exact opposite. But it gets even better. According to Zembla, the FBI was directly involved with the data rescue efforts of Convar. And on top of it, the broadcast of Heute-Journal reported that Convar worked in that 8222highly sensitive8220 matter with several federal agencies of the United States government. So there have been ample indications for insider trading based on foreknowledge of the attacks, but there are very few hard facts as Catherine Austin Fitts, a former managing director and member of the board of the Wall Street investment bank Dillon, Read amp Co, Inc (now part of UBS), pointed out when I talked with her about this topic. Ms Fitts, what are your general thoughts related to the alleged 911-insider trading Catherine Austin Fitts: Well, I8217ve never been able to see concrete evidence that the insider trading has been proved. There8217s a lot of anecdotal information from investment bankers and people in the investment community that indicate that there was significant insider trading, particularly in the currency and bond markets, but again it hasn8217t been documented. I think around situations like 911 we8217ve seen things that can only be explained as insider trading. Therefore, it wouldn8217t surprise me if it turns out the allegations are true, because my suspicion is that 911 was an extremely profitable covert operation and a lot of the profits came from the trading. It wouldn8217t even surprise me if it turns out that the Exchange Stabilization Fund traded it and that some of the funding for the compensation fund for the victims came from the ESF. Insider trading happens around these kinds of events, but if you really want to produce evidence of insider trading, you need the subpoena powers of the SEC, and of course we know that they haven8217t exercised them. If anything, right after 911, the government settled a significant amount of cases I presume because a lot of the documents were destroyed by the destruction of WTC building number 7, where the SEC offices and other governmental investigation offices were. 43 Fitts, who had written a longer essay in 2004 related to this, replied to my question about who had benefited from 911: Catherine Austin Fitts: 911 was extraordinarily profitable for Wall Street, they of course got a kind of 8222Get Out of Jail Free card8220 as I8217ve just described. In addition, the largest broker of government bonds, Cantor Fitzgerald, was destroyed, and there was a great deal of money missing from the federal government in the prior four or five years. If you look at the amount of funds involved, it is hard to come to a conclusion other than massive securities fraud was involved, so I find it very interesting that this happened. 44 A short explanation: Cantor Fitzgerald8217s headquarters were located in the North Tower of the WTC (floors 101-105). On 911, the company lost nearly two-thirds of its entire workforce, more than any other tenant in the WTC. (Also two other government bonds brokers, Garbon Inter Capital and Eurobrokers, occupied office space in the WTC towers that were destroyed.) Back to Fitts and the question: 8222Cui bono 9118220 Catherine Austin Fitts: In addition, the federal government took the position that they couldn8217t produce audited financial statements after 911, because they said the office at the Pentagon that produced financial statements was destroyed. Now given what I know of the federal set up of financial statements, I am skeptical of that statement. But needless to say, if you take the government on its word, you had another 8222Get Out of Jail Free card8220 for four trillion dollars and more missing from the federal government. So if you8217re just looking at the financial fraud angle, there were a lot of parties that benefited from 911. But then of course what 911 did, it staged the passage of the Patriot Act and a whole series of laws and regulations that I collectively refer to as 8222The Control on Concentration of Cash Flow Act.8220 It gave incredible powers to centralize. In addition, if you look at monetary policies right after 911 8211 I remember I was over in the City of London driving around with a money manager and his phone rang and he answered it on his speaker phone. It was somebody on Wall Street who he hadn8217t talked to since before 911, and he said to him: 8222Oh Harry, I am so sorry about what has happened, it must have been very traumatic.8220 And the guy said: 8222Don8217t be ridiculous We were able to borrow cheap short and invest long, we8217re running a huge arbitrage, we8217re making a fortune, this is the most profitable thing that ever happened to us8220 8211 So you could tell the monetary policies and sort of insider games were just pumping profits into the bank at that time, so that was very profitable. But of course the big money was used for a significant movement of the military abroad and into Afghanistan and then into Iraq 8230 You could see that the country was being prepared to go to war. And sure enough, 911 was used as a justification to go to war in Afghanistan, to go to war in Iraq, and commit a huge number of actions, and now much of the challenges about the budget are the result of extraordinary expenditures on war including in Afghanistan and Iraq and the costs of moving the army abroad and engaging in this kind of empire building with ground military force. So I think if you ask Cui Bono on 911, one of the big categories was all the people who made money on engineering the popular fear they needed to engineer these wars. I believe whether it was financial fraud, engineering new laws or engineering wars, it was a fantastically profitable covert operation. 45 In that category of people who benefit from 911 are also the arms manufacturer Raytheon, whose share price gained directly from the 911 attacks. Trading of the shares of Raytheon, the producer of Tomahawk and Patriot missiles (and parent company of E-systems, whose clients include the National Security Agency and CIA), experienced an abrupt six-time increase of call option purchases on the day immediately before September 11. 46 The outright purchase of call options implies the expectation that a stock price will rise. In the first week after 911, when the New York Stock Exchange opened again, the value of Raytheon actually shot up considerably. Looking at the development of the stock price, the impression is a very weak performance before the attacks 8211 and then, after resumption of trade, a 8222gap8220 (at substantial volume) upwards. In other words: just under 25 on September 10, the low in the period between August 20 to September 28, at 31, 50 on September 17 and up to 34,80 on September 27, 2001. With regards to government bonds, buyers of US Treasury securities with a maturity of five years were also winners. These securities were traded in an unusually large volume shortly before the attacks. The Wall Street Journal reported at least in early October 2001 that the Secret Service had started an investigation into a suspiciously high volume of US government bond purchases before the attacks. The Wall Street Journal explained: Five-year Treasury bills are the best investments in the event of a global crisis, in particular one like this which has hit the United States. The papers are treasured because of their safety, and because they are covered by the US government, and usually their prices rise if investors shun riskier investments, such as shares. 47 Adding to this phenomenon, the government issues these bonds that serve as a basis of money creation for funding a war such as the immediately declared 8222war on terror8220, engaging the Tomahawks from Raytheon. And here it may again be useful to have a quick look at the 8222cui bono8220 relationship: The US Federal Reserve creates money to fund the war and lends it to the American government. The American government in turn must pay interest on the money they borrow from the Central Bank to fund the war. The greater the war appropriations, the greater the profits are for bankers. 48 A multi-layered combination, one could say. I also talked about the topic of 911 insider trading with one of the world8217s leading practitioners at the interface between the international capital markets, the national security policy of the US as well as geopolitics, James G Rickards. He gave me some answers in a personal discussion, which I am allowed to repeat here with his expressed approval. Question: Did suspicious trading activities of uncovered put options on futures markets occur shortly before 911 James G Rickards: Well, the trading documents certainly look suspicious. It is simply a fact that an unusually high volume of purchases of put-options for the two airlines occurred over the three trading days before the attacks. This is a mere fact, no speculation, no guessing around. This is clearly obvious from the documents of the trading sessions on the derivatives exchanges. Question: Do you think that the intelligence agencies could have got a warning signal based on this information James G Rickards: Theoretically that is possible, if are you are looking and watching out for this. But there was far more significant information, which was ignored. Question: Do you also think that some people with foreknowledge operated speculatively in the option markets James G Rickards: Based on the documentation of the trading session it seems that this has been the case, yes. Let8217s sum up a bit at the end. We have, among other things: The 8222nice detective work8220 by Kevin Ryan related to StratesecWirt Walker III. Some highly inconsistent information vis-a-vis Convarillegal credit card transactions. Scientific papers supporting the allegations that there were indeed unusual trading activities in the option market before the terrorist attacks of 911, although the 911 Commission (based on the investigation of the SEC and the FBI) ruled that possibility out. As it became clear that I would publish this article here at Asia Times Online, I contacted the US Federal Bureau of Investigation via its press spokesman Paul Bresson in order 8222to give the FBI the opportunity to give a public statement with regards to three specific issues8220. Those three specific issues were the ones I have just highlighted. Related to each of them I8217ve asked Mr Bressonthe FBI: 8222Could you comment on this for the public, please8220 Up to this moment, Mr Bressonthe FBI did not respond to my inquiry in any way whatsoever. Does this come as a surprise I8217ve also got back in touch with 8222ars publicandi8220, the firm that does public relations for Convar in Germany. The response said: 8222Unfortunately I have to inform you that the status has not changed, and that Convar considers the issue of 911 as dead in general.8220 As you have read, the status in August of last year was slightly different. At the end of this article, I should perhaps mention that this research ultimately led to negative consequences for me. After I contacted the FBI, I was informed by the publisher of a German financial website, for which I conducted interviews for a professional fee (and had already prepared more work), that no further cooperation was possible. Now that I will come in one way or another into the focus of the FBI, any association with me would be undesirable. Well, you know the rules. As far as the abnormal option trades around 911 are concerned, I want to give Max Keiser the last word in order to point out the significance of the story. Max Keiser: Regardless of who did it, we can know that more than a few had advance warning 8211 the trading in the option market makes that clear. 1 Compare Michael C. Ruppert: Crossing the Rubicon: The Decline of the American Empire at the End of the Age Of Oil, New Society Publishers, Gabriola Island, 2004, page 152. 2 Ibid. page 153. 3 Ibid. page 154 155. 4 Ibid. page 170. 5 Ibid. page 238 253: 911 Insider Trading, or You Didnt Really See That, Even Though We Saw It. 6 Ibid. page 239. 7 Compare Chris Blackhurst: Mystery of terror insider dealers, published at The Independent on October 4, 2001 under: 8 Compare Profits of Death, published at From the Wilderness on December 6, 2001 under: 9 For the fact, that it was George Tenet who recruited Krongard, compare George Tenet: At the Center of the Storm, Harper Collins, New York, 2007, page 19. 10 Compare Marc Chesney, Remo Crameri and Loriano Mancini: Detecting Informed Trading Activities in the Option Markets, University of Zurich, April 2010, online at: 11 Nafeez M. Ahmed: Geheimsache 0911. Hintergrnde ber den 11. September und die Logik amerikanischer Machtpolitik, Goldmann Verlag, Munich, 2004, page 182. (Translated back into English from German.) 12 Compare Michael C. Ruppert: Crossing the Rubicon, page 244 247. 13 Wing-Keung Wong, Howard E. Thompson und Kweehong Teh: Was there Abnormal Trading in the SampP 500 Index Options Prior to the September 11 Attacks, published at Social Sciences Research Network, April 2010, under: 14 Compare Bank of America among 38 stocks in SECs attack probe, published at Bloomberg News on October 3, 2001, archived under: 15 Michael C. Ruppert: Crossing the Rubicon, page 243. 17 Suppressed Details of Criminal Insider Trading Lead Directly into the CIA8217s Highest Ranks, published at From the Wilderness on October 9, 2001 under: 18 Compare Early September 2001: Almost Irrefutable Proof of Insider Trading in Germany, published at History Commons under: 19 Allen M. Poteshman: Unusual Option Market Activity and the Terrorist Attacks of September 11, 2001, published in The Journal of Business, University of Chicago Press, 2006, Vol. 79, Edition 4, page 1703-1726. 20 Wing-Keung Wong, Howard E. Thompson und Kweehong Teh: Was there Abnormal Trading in the SampP 500 Index Options Prior to the September 11 Attacks, see endnote 13. 21 Ibid. The authors refer to Erin E. Arvedlund: Follow the money: terrorist conspirators could have profited more from fall of entire market than single stocks, published in Barrons on October 8, 2001. 22 Wong, Thompson, Teh: Was there Abnormal Trading in the SampP 500 Index Options Prior to the September 11 Attacks 25 Marina Alcaraz: 11 septembre 2001: des volumes inhabituels sur les options peu avant lattentat, published in Les Echos, page 34, September 10, 2001, online at: 26 Marc Chesney, Remo Crameri and Loriano Mancini: Detecting Informed Trading Activities in the Option Markets, see endnote 10. 30 Compare Marc Chesney, Remo Crameri and Loriano Mancini: Detecting Informed Trading Activities in the Option Markets, published at the University of Zurich on September 7, 2011 under: bf. uzh. chpublikationenpdf2098.pdf 31 Vgl. Lars Schall: Sapere Aude, German Interview with Dr. Daniele Ganser, published at LarsSchall on August 18, 2011 under: 32 Compare a copy of the letter by the SEC on MaxKeiser under: 33 Compare related to this agreement Matt Taibbi: Is the SEC Covering Up Wall Street Crimes, published at Rolling Stone on August 17, 2011 under: 34 Mark H. Gaffney: Black 911: A Walk on the Dark Side, published at Foreign Policy Journal on March 2, 2011 under: 35 Compare Peter Dale Scott: Launching the U. S. Terror War: the CIA, 911, Afghanistan, and Central Asia, The Asia-Pacific Journal, Vol 10, Issue 12, No 3, March 19, 2012, online at: japanfocus. org-PeterDale-Scott3723 35 Erik Kirschbaum: German Firm Probes Last-Minute World Trade Center Transactions, published at Reuters on December 19, 2001, online at: 38 Michael C. Ruppert: Crossing the Rubicon, page 244. 39 Ibid. page 423. 40 Ibid. page 423 426. 41 Commission Memorandum: FBI Briefing on Trading, dated August 18, 2003, page 12, online at: media. nara. gov9-11MFRt-0148-911MFR-00269.pdf 42 Lars Schall: 911 Was A Fantastically Profitable Covert Operation, Interview with Catherine Austin Fitts, published at LarsSchall on September 3, 2011 under: 43 Ibid. Compare further related to the cui bono topic Catherine Austin Fitts: 9-11 Profiteering: A Framework for Building the Cui Bono, published at GlobalResearch on March 22, 2004 under: globalresearch. caarticlesFIT403A. html 44 Lars Schall: 911 Was A Fantastically Profitable Covert Operation, see endnote 42. 45 Compare Bank of America among 38 stocks in SECs attack probe, see endnote 14. A Raytheon option that makes money if shares are more than 25 each had 232 options contracts traded on the day before the attacks, almost six times the total number of trades that had occurred before that day. A contract represents options on 100 shares. Raytheon shares soared almost 37 percent to 34.04 during the first week of post-attack U. S. trading. 46 Compare Barry Grey: Suspicious trading points to advance knowledge by big investors of September 11 attacks, published at World Socialist Web Site on October 5, 2001 under: 47 J. S. Kim: Inside the Illusory Empire of the Banking Commodity Con Game, published at The Underground Investor on October 19, 2010 under: Related posts: Re: Deutsche Bank Alex Brown and 911 Insider Trading I had the feeling that there was one final thing left for me to do regarding my research of informed trading activities. 9-11 Insider Trading and Germany8217s Elusive Gold Reserves Keiser Report: Selective Amnesia for Brokers amp Murderers. In the second half of the show Max talks to independent journalist, Lars Schall. Terror Trading 911 8222Terror Trading 911 by Lars Schall and Michael Leitner is a video dedicated to the topic of the alleged informed trading activities. Posted in Allgemein Claim: In the days just prior to the 11 September 2001, large quantities of stock in United and American Airlines were traded by persons with foreknowledge of the upcoming 911 attacks. 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 mdash 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 mdash 25 to 100 times normal mdash were reportedly observed in stock options of the two airlines. In one case, Bloombergs 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 mdash 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 entitys 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 only United and American were shorted in this fashion. 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 911 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 911 attacks: Highly publicized allegations of insider trading in advance of 911 generally rest on reports of unusual pre-911 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 mdash instruments that pay off only when a stock drops in price mdash surged in the parent companies of United Airlines on September 6 and American Airlines on September 10 mdash highly suspicious trading on its face. Yet, further investigation has revealed that the trading had no connection with 911. 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 Sources: 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). Send us your feedback Thank you for writing to us Although we receive hundreds of e-mails every day, we really and truly read them all, and your comments, suggestions, and questions are most welcome. Unfortunately, we can manage to answer only a small fraction of our incoming mail. Our site covers many of the items currently being plopped into inboxes everywhere, so if you were writing to ask us about something you just received, our search engine can probably help you find the very article you want. Choose a few key words from the item youre looking for and click here to go to the search engine. (Searching on whole phrases will often fail to produce matches because the text of many items is quite variable, so picking out one or two key words is the best strategy.) 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