Optionshandel 911

Es gab sehr hohen Handel in Zinssatz optionsquot auf American Airline und United Airlines, unmittelbar vor 911. Diese waren effektiv Gambles, dass ihre Aktienkurse fallen würde, was natürlich ist, was passiert, sobald die Angriffe stattfanden. Dies zeigt, dass die Händler 911 Vorkenntnisse gehabt haben müssen. Dies ist eine komplexe Geschichte, aber die Ansprüche don8217t immer die Realität entsprechen. Obwohl an diesen Tagen hohe Volumina gehandelt wurden, waren sie zum Beispiel so außergewöhnlich hoch, wie einige Standorte behaupten. Hier eine Analyse. Es gab sehr gute Gründe, American Airlines-Aktien zu verkaufen, wie sie gerade eine Reihe von schlechten Nachrichten angekündigt. Lesen Sie hier mehr. United Airlines-Aktien wurden auch im Preis fallen. Wenn Anleger erwarteten, dass sie im Begriff waren, schlechte Ergebnisse zu veröffentlichen, wären ihre Put-Optionen auch den Kauf wert (auch wenn man bedenkt, dass die UAL die Volumina sowieso am höchsten waren). Hier sind unsere Gedanken. Manche zeigen auf Geschichten wie die 8220unionierten Millionen8221 von UAL, die eine düstere Erklärung haben, aber wir sind anderer Meinung. Hier, warum. Es gab viel von potenziellen Insidergeschäften in anderen Aktien zu sprechen. Wir haben sie in jeder Tiefe recherchiert, aber es lohnt sich, darauf hinzuweisen, daß manche Leute glauben, die Ansprüche seien übertrieben. Was ist mit den meisten Optionen, die durch eine CIA-verbundene Bank Wir weren8217t überzeugt. Der 911-Bericht der Kommission erwähnt diese Frage in den Anmerkungen zu Kapitel 5: "Ein einzelner institutioneller Anleger aus den USA, der keine denkbaren Beziehungen zu den al-Qaida gehabt hat, der 95 Prozent der UAL erworben hat, ist am 6. September im Rahmen einer Handelsstrategie, die auch den Kauf von 115.000 Aktien beinhaltet Der amerikanischen am 10. September. Ähnlich wurde ein Großteil der scheinbar verdächtigen Handel in den USA am 10. September auf eine spezielle US-basierte Optionen Trading-Newsletter, faxiert an seine Abonnenten am Sonntag, 9. September, die diese Tradesquot empfohlen verfolgt. Vielleicht ist die stärkste Herausforderung dieser Schlussfolgerung von Professor Allen M Poteshman von der University of Illinois in Urbana-Champaign. Er beschloss, dies weiter zu untersuchen und die Marktdaten statistisch zu analysieren, um die Trades8217- Professor Poteshman weist auf mehrere Gründe hin, um das Vorwissenargument in Frage zu stellen: Trotz der von den populären Medien, führenden Akademikern und Optionsmarktprofis geäußerten Ansichten gibt es Grund zu der Frage, inwieweit die Beweise, dass Terroristen im Optionmarkt vor dem September gehandelt wurden, 11 Angriffe. Ein Ereignis, das Zweifel an den Beweisen hat, ist der Absturz eines American Airlines-Flugzeugs in New York City am 12. November. Laut der OCC-Website, drei Handelstage vor dem 7. November das Put-Call-Verhältnis für Optionen auf AMR-Aktien Betrug 7,74. Auf der Grundlage der Aussagen, die über die Zusammenhänge zwischen Optionsmarktaktivitäten und Terrorismus kurz nach dem 11. September gemacht wurden, wäre es aus dieser Put-Call-Verhältnis herausgekommen, dass Terrorismus wahrscheinlich der Grund für den Zusammenbruch am 12. November war. In der Folgezeit war der Terrorismus jedoch ausgeschlossen. Während es möglicherweise der Fall war, dass ein ungewöhnlich großes AMR-Put-Call-Verhältnis am 7. November zufällig beobachtet wurde, wirft dieses Ereignis sicherlich die Frage auf, ob Put-Call-Verhältnisse, die so groß wie 7,74 sind, tatsächlich ungewöhnlich sind. Jenseits des Flugzeugabsturzes vom 12. November bietet ein Artikel, der in Barron8217 am 8. Oktober veröffentlicht wurde, mehrere zusätzliche Gründe, um skeptisch gegenüber den Behauptungen zu sein, dass es wahrscheinlich ist, dass Terroristen oder deren Verbündete AMR - und UAL-Optionen vor den Anschlägen vom 11. September gehandelt haben. Für den Anfang, der Artikel stellt fest, dass der schwerste Handel in den AMR-Optionen nicht in den billigsten, kürzesten-Puts, die die größten Gewinne für jemanden, der von den kommenden Angriffe wären bereitgestellt hätte. Darüber hinaus hatte ein Analytiker eine 8220sell8221 Empfehlung auf AMR während der vorherigen Woche herausgegeben, die Investoren zum Kauf AMR puts geführt haben könnte. Ebenso hatte der Aktienkurs der UAL vor kurzem genug abgelehnt, um technische Händler zu bedenken, die ihren Put-Kauf erhöht haben könnten, und UAL-Optionen werden stark von Institutionen gehandelt, die ihre Aktienpositionen absichern. Schließlich haben Händler, die Märkte in den Optionen machten, nicht den Kaufpreis zum Zeitpunkt der Aufträge erhoben, wie sie hätten, wenn sie glaubten, dass die Aufträge auf nachteiligen nichtöffentlichen Informationen beruhten: die Market Maker schienen das Trading nicht zu finden Des gewöhnlichen zum Zeitpunkt des Auftretens. Business. uiuc. edupoteshmaresearchpoteshman2006.pdf Er entwickelt dann ein statistisches Modell, das er vorschlägt, ist im Einklang mit dem Vorwissen, nachdem alle: VI. Fazit Options-Trader, Unternehmensmanager, Wertpapieranalysten, Börsenbeamte, Regulierungsbehörden, Staatsanwälte, Entscheidungsträger und die Öffentlichkeit haben ein Interesse daran, zu wissen, ob ungewöhnliche Optionsgeschäfte bei bestimmten Ereignissen stattgefunden haben. Ein Paradebeispiel für ein solches Ereignis sind die Terroranschläge vom 11. September, und es gab tatsächlich eine Menge Spekulationen darüber, ob die Option Marktaktivität darauf hindeutete, dass die Terroristen oder ihre Verbrecher in den Tagen vor dem 11. September gehandelt hatten Bevorstehende Angriffe. Diese Spekulation erfolgte jedoch, weil kein Verständnis für die relevanten Merkmale des Optionshandels bestand. Diese Arbeit beginnt mit der Entwicklung systematischer Informationen über die Verteilung der Optionsmarktaktivitäten. Sie konstruiert Benchmark-Ausschüttungen für Optionsmarktvolumenstatistiken, die in unterschiedlicher Weise messen, inwieweit das non8211market maker-Volumen Optionsmarktpositionen einführt, die rentabel sind, wenn der zugrunde liegende Aktienkurs steigt oder sinkt. Die Ausschüttungen dieser Statistiken werden sowohl bedingungslos als auch bei der Konditionierung auf dem Gesamtniveau der Optionsaktivitäten auf dem Basiswert, dem Rendite - und Handelsvolumen auf dem Basiswert sowie der Rendite am Gesamtmarkt berechnet. Diese Ausschüttungen werden dann verwendet, um zu beurteilen, ob der Optionsmarkthandel in AMR, UAL, dem Standard - und Poor8217s-Airline-Index und dem SampP 500-Marktindex in den Tagen vor dem 11. September in der Tat ungewöhnlich war. Die ermittelten Optionsmarktvolumenverhältnisse liefern in den Tagen bis zum 11. September keinen ungewöhnlichen Optionsmarkthandel. Die Volumenverhältnisse sind jedoch aus langen und kurzen Postenvolumen und einem langen und kurzen Callvolumen aufgebaut, die nur Putensätze haben würden War der einfachste Weg für jemanden, der in der Option Markt auf Vorwissen der Angriffe gehandelt haben. Ein Maß für anomales Langvolumen wurde auch in den Tagen vor den Angriffen auf ungewöhnlich hohe Werte untersucht. Folglich kommt das Papier zu dem Schluss, dass es Hinweise auf eine ungewöhnliche Option Marktaktivität in den Tagen vor dem 11. September, die im Einklang mit den Anlegern Handel im Voraus Kenntnis der Angriffe ist. Business. uiuc. edupoteshmaresearchpoteshman2006.pdf Ein Problem, das uns darüber beunruhigt, ist der Mangel an Analyse der Reihe der schlechten Nachrichten, die von American Airlines am 7. September, dem Handelstag vor dem 10. September, geliefert wurden, als der bedeutendste Handel stattfand. Professor Poteshman erzählte uns per E-Mail: Meine Studie enthält quantile Regressionen, die für die Marktbedingungen auf bestimmte Bestände. Daher gibt es mindestens eine Korrektur erster Ordnung für die negative Nachricht, die am 7. September auf AMR kam. Aber können Sie wirklich behandeln die Nachrichten so einfach Professor Paul Zarembka unterstützt die Ansprüche, sagen: Poteshman findet. Diese Käufe von Optionen auf American Airline-Aktien. Hatte nur 1 Prozent Wahrscheinlichkeit, einfach zufällig auftreten. Deutsch: bio-pro. de/de/region/freiburg/magaz...1/index. html. Englisch: bio-pro. de/en/region/freiburg/magaz...1/index. html Aber wir haben nicht gesagt, dass sie zufällig waren, sondern dass sie eine rationale Antwort auf signifikante schlechte Nachrichten waren, die am Tag zuvor geliefert wurden. Poteshman ist im Wesentlichen sagen (im Hinblick auf die AMR) ist, dass die Menschen gekauft zu viele Putze für die von den 97 Nachrichten erklärt werden, daher eine andere Erklärung erforderlich ist, aber wie können Sie sagen, dass ohne Analyse der Nachrichten selbst Immer wenn diese Nachricht War 8220we8217ll wahrscheinlich in sechs Monaten bankrott8221 dann die Put-Ratios wäre wahrscheinlich sogar noch signifikanter gewesen, und Poteshman8217s Modell gab noch mehr Bestätigung der 8220unusual Option Marktaktivität8221, aber würde das die Idee des Vorwissens eher gemacht haben Wir don8217t so denken. Offensichtlich waren die AMR Nachrichten weniger wichtig, aber wir würden immer noch sagen, dass man nicht genau beurteilen, die Bedeutung dieser Trades, bis Sie es in Betracht ziehen. Eine weitere Komplikation liegt in der Tatsache, dass Put-Volumes in diesen Aktien waren in der Regel niedrig, von dem, was wir gelesen haben, und dies offensichtlich macht es einfacher für Spikes erscheinen. Die 911-Kommission sagte: Ein einzelner institutioneller Investor in den USA, der keine denkbaren Beziehungen zu al-Qaida gehabt hätte, kaufte 95 Prozent der UAL-Aktien am 6. September als Teil einer Handelsstrategie, die auch den Kauf von 115.000 Aktien der Amerikaner am 10. September beinhaltete Der scheinbar verdächtigen Handel in den USA am 10. September wurde auf eine spezifische US-basierte Optionen Trading-Newsletter, faxiert an seine Abonnenten am Sonntag, 9. September, die diese Berufe empfohlen verfolgt. Der 6. September UAL-Sets würde automatisch erscheinen dann signifikant, obwohl nur ein Investor war angeblich dahinter. Aber bedeutet das wirklich, dass Sie mathematisch darauf hinweisen können, dass der Anleger vorausschauend auf 911 achten musste, ohne die anderen Marktbedingungen und verfügbaren Informationen zu berücksichtigen, und es eine ähnliche Geschichte mit den AMR-Trades gab. Newsletters und Aktien-Tipper liefern Spikes im Handel jeden Tag, zumindest hier in Großbritannien. Es gab schlechte Nachrichten am Freitag, die möglicherweise den Rundbrief, der darauf hindeutet, dass Puts gekauft wurden, gerechtfertigt haben (und wenn diese Nachricht vor der Veröffentlichung durchgesickert oder vermutet wurde, dann könnten Sie auch eine Erklärung für frühere Einkäufe haben). Professor Poteshman scheint zu sagen, dass die Händler pessimistischer waren über die Zukunft der AMR als sie hätten sein sollen, dass sie überreagiert auf die Nachrichten und kaufte mehr Putze als erwartet er, aber dann vielleicht seine Statistiken waren in erster Linie auf den Handel basiert Individuelle Entscheidungen (eine Institution oder Privatperson beschließt, einige Puts zu kaufen). Newsletter aren8217t immer so. Viele werden von Leuten gekauft, die wenig Forschung selbst tun und einfach den Empfehlungen folgen. Wenn also der Verfasser des Rundschreibens 8220buy puts8221 sagt, dann wird das, was viele von ihnen tun werden, und je höher die Zirkulation des Newsletters ist, desto größer wird die resultierende Spitze von 8220abnormalen Trades8221 sein. Wie auch immer, Screw Loose Change ein ähnliches Problem oder zwei, die Sie vielleicht prüfen möchten. Und bitte don8217t Ende dieses hier: gehen Sie lesen Poteshman8217s Papier. Nur um dies für sich selbst zu beurteilen. Wenn you8217re nicht groß in der Statistik dann einige von ihnen wird Ihre Augen glasieren, garantiert, aber es gibt auch interessante Kommentare, die für jedermann zugänglich sind, so dass insgesamt it8217s lohnt sich ein read. Mrz 20th, 2012 Kommentare deaktiviert fr Insiderhandel 911 8230 Die Tatsachen gelegt bloß ANSA ZEITEN ONLINE EXKLUSIVE UNTERSUCHUNG: Es kann kein Streit, dass spekulativen Handel mit Put-Optionen 8211, wo eine Partei wetten, dass eine Aktie fallen abrupt im Wert 8211 spiked in den Tagen rund um 11. September 2001 8211 auch wenn die USA Securities and Exchange Commission und die 911-Kommission nicht sagen. Mehr als einige Leute mußten Vorwarnung der Terrorangriffe gehabt haben, und sie lauerten in der Melodie von Millionen Dollar ein. Der folgende Artikel wurde zuerst bei Asia Times Online veröffentlicht unter: Gibt es irgendeine Wahrheit in den Vorwürfen, dass die informierten Kreise erhebliche Gewinne an den Finanzmärkten im Zusammenhang mit den Terroranschlägen vom 11. September 2001 auf die Vereinigten Staaten machten Argumentiert, der beste Platz Um zu beginnen ist durch die Prüfung Put-Optionen, die um Dienstag, 11. September 2001, in einem anormalen Umfang aufgetreten, und am Anfang über Software, die eine Schlüsselrolle gespielt: die Prosecutor8217s Management Information System, abgekürzt als PROMIS. I PROMIS ist ein Softwareprogramm, das mit fast 8222magical8220 Fähigkeiten ausgestattet zu sein scheint. Darüber hinaus ist es das Thema eines jahrzehntelangen Streits zwischen seinem Erfinder, Bill Hamilton, und verschiedene Menscheninstitutionen mit Intelligenz-Agenturen, Militär-und Sicherheitsberatung verbundenen Unternehmen. 1 Eines der 8222magical8220 Fähigkeiten von PROMIS, muss man davon ausgehen, dass es mit künstlicher Intelligenz ausgestattet ist und offensichtlich von Anfang an in der Lage war, gleichzeitig beliebig viele verschiedene Computerprogramme oder Datenbanken zu lesen und zu integrieren, unabhängig von der Sprache, in der die Ursprüngliche Programme geschrieben wurden oder die Betriebssysteme und Plattformen, auf denen diese Datenbank damals installiert wurde.8220 2 Und dann wird es wirklich interessant: Was würdest du tun, wenn du eine Software hast, die denken könnte, alle großen Sprachen der Welt zu verstehen Stellte Pavillons in alle elses Computer 8222dressing rooms8220, die Daten in Computern ohne Völker Wissen einfügen könnte, die in Leerzeichen jenseits menschlichen Denkens füllen könnte, und auch vorherzusagen, was die Leute tun 8211, bevor sie es Sie wahrscheinlich verwenden würde, wouldn8217t Sie 3 Zugegeben, diese Fähigkeiten klingen kaum glaubwürdig. Tatsächlich scheint die ganze Geschichte von PROMIS, die Mike Ruppert im Laufe seines Buches Crossing the Rubicon in all seinen bizarren Facetten und Wendungen entwickelt, als hätte jemand einen Roman im Stil von Philip K Dick und William Gibson entwickelt. Doch was Ruppert über PROMIS gesammelt hat, beruht auf seriösen Quellen sowie auf Ergebnissen persönlicher Ermittlungen, die eine Jury kritisch beurteilen. Dies erscheint umso dringlicher, wenn Sie den PROMIS-Fähigkeiten hinzufügen, dass PROMIS für die unterschiedlichsten Zwecke von Intelligence-Agenturen verwendet wurde, einschließlich der Echtzeit-Überwachung von Börsengeschäften auf allen wichtigen Finanzmärkten8220. 4 Wir haben es also mit einer Software zu tun, die: a) Computer und Kommunikationssysteme infiltriert, ohne bemerkt zu werden. B) Kann Daten manipulieren. C) Ist in der Lage, den globalen Börsenhandel in Echtzeit verfolgen. Punkt c ist relevant für alles, was im Zusammenhang mit den bis dahin niemals vollständig aufgeklärten Transaktionen geschehen ist, die kurz vor dem 11. September stattgefunden haben und von denen der ehemalige Vorsitzende der Deutschen Bundesbank Ernst Weltke gesagt hat, 8222 könne nicht ohne ein bestimmtes Wissen geplant und durchgeführt worden sein . 6 Ich habe den Finanzjournalisten Max Keiser gefragt, der seit Jahren an der Wall Street als Aktien - und Optionshändler über die Put-Option-Trades gearbeitet hat. Keiser wies in diesem Zusammenhang darauf hin, dass er mit vielen Brokern in den Türmen des World Trade Centers um diese Zeit gesprochen hatte. Ich habe aus erster Hand erfahren, dass die Fluggesellschaft den Handel von Maklern an Cantor Fitzgerald Tagen vorher gezwungen hatte.8220 Er sprach dann mit mir über eine explosive Frage, auf der Ruppert ausführlich in Crossing the Rubicon erarbeitete. Max Keizer: Es gibt viele Aspekte bezüglich dieser Optionskäufe, die noch nicht bekannt gegeben wurden. Ich arbeitete auch bei Alex Brown amp Sons (ABS). Die Deutsche Bank kaufte Alex Brown amp Sons im Jahr 1999. Als die Angriffe auftraten, war ABS im Besitz der Deutschen Bank. Eine wichtige Person bei ABS war Buzzy Krongard. Ich traf ihn mehrmals in den Büros in Baltimore. Krongard war Direktor der CIA. Die Optionskäufe, an denen ABS beteiligt war, traten in den Büros von ABS in Baltimore auf. Der Lärm, der zwischen Baltimore, New York City und Langley aufgetreten war, war interessant, wie man sich vorstellen kann, um es gelinde auszudrücken. Unter Berücksichtigung der Tatsache, dass Alex Brown, eine Tochtergesellschaft der Deutschen Bank (wo viele der behaupteten 911 Hijacker ihre Bankgeschäfte abwickeln, 8211 zum Beispiel Mohammed Atta), massive Put-Optionskäufe auf der United Airlines Company UAL durch die Chicago Board Option Exchange CBOE) 8211 8222 zur Verlegenheit der Forscher8220, wie britische Zeitung das Unabhängige berichtete. 7 Am 12. September verzichtete der Vorstandsvorsitzende der Deutschen Bank Alex Brown, Mayo A Shattuck III, plötzlich und leise auf seinen Posten, obwohl er noch einen Dreijahresvertrag mit einem Jahresgehalt von mehreren Millionen US-Dollar hatte. Man könnte das als irgendwie seltsam wahrnehmen. Ein paar Wochen später lehnte der Pressesprecher der Central Intelligence Agency (CIA) zu dieser Zeit, Tom Crispell, alle Kommentare ab, als er für einen Bericht für die Rupperts - Website von der Wildnis kontaktiert wurde und 8222 gebeten wurde, ob das Finanzministerium oder FBI Federal Bureau of Investigation befragte CIA-Geschäftsführer und ehemalige Deutsche Bank-Alex Brown CEO Vorstandsvorsitzender, AB 8218Buzzy8216 Krongard, über CIA Überwachung der Finanzmärkte mit PROMIS und seine frühere Position als Aufseher von Brown8217s 8218private client8216 relations.8220 8 Davor Wurde er persönlich vom ehemaligen CIA-Chef George Tenet für die CIA eingestellt, Krongard überwacht hauptsächlich Privatkundenbanken bei Alex Brown. In jedem Fall nach 911 am ersten Handelstag, als die US-Aktienmärkte wieder geöffnet waren, ging der Aktienkurs der UAL um 43 zurück. (Die vier Flugzeuge, die am 11. September entführt wurden, waren American Airlines Flug 11, American Airlines Flug 77 und UAL-Flüge 175 und 93.) Mit seinem Hintergrund als ehemaliger Optionstrader erklärte Keizer in dieser Hinsicht ein wichtiges Thema. Max Keizer: Put-Optionen sind, wenn sie in einem spekulativen Handel eingesetzt werden, im Grunde Wetten, dass die Aktienkurse fallen abrupt. Der Käufer, der einen zeitspezifischen Vertrag mit einem Verkäufer eingeht, hat zum Zeitpunkt des Vertragsabschlusses nicht das Eigentum. Im Zusammenhang mit der Frage des Insiderhandels über (Put oder Call) Optionen gibt es auch eine bemerkenswerte Definition der Schweizer Wirtschaftswissenschaftler Remo Crameri, Marc Chesney und Loriano Mancini, insbesondere, dass ein Optionshandel 8222 als informiert bezeichnet werden kann8220 8211, aber noch nicht (rechtlich ) Bewiesen 8211 8222wenn sie durch eine ungewöhnliche große Zunahme im offenen Interesse und Volumen gekennzeichnet ist, induziert große Gewinne und ist nicht abgesichert an der Börse8220. 10 Die offene Verzinsung bezeichnet Verträge, die bis zum Ende der Handelssitzung noch nicht ausgeglichen (ausgeübt) sind, aber noch offen sind. Nicht abgesichert an der Börse bedeutet, dass der Käufer einer (Put - oder Call-) Option keine Anteile an dem zugrundeliegenden Vermögenswert hält, wodurch er in der Lage sein könnte, Verluste zu mildern oder zu kompensieren, wenn sein Trade nicht funktioniert oder anders formuliert ist: Nicht hedge, weil es nicht nötig ist, da man weiß, daß die Wette eins ist, um Verzeihung zu bitten8220 (In dieser Hinsicht ist es also nicht wirklich eine Wette, denn das Ergebnis ist nicht ungewiß, sondern eine ausgemachte Sache In diesem Fall war das Fahrzeug der Berechnung 8222wirklich billig Put-Optionen, die dem Inhaber das Recht8216 für einen bestimmten Zeitraum zu verkaufen, um bestimmte Aktien zu einem Preis, der weit unter dem aktuellen Marktpreis 8211 ist eine sehr riskante Wette, weil Sie verlieren Wenn der Marktpreis bei Fälligkeit noch höher ist als der in der Option vereinbarte Preis. Als diese Aktien jedoch nach den Terroranschlägen viel tiefer fielen, vervielfachten diese Optionen ihren Wert um das Hundertfache, weil der in der Option angegebene Verkaufspreis weit höher war als der Marktpreis. Diese riskanten Spiele mit kurzen Optionen sind ein sicheres Indiz für Investoren, die wussten, dass in wenigen Tagen etwas passieren würde, das den Marktpreis dieser Aktien drastisch senken würde.8220 11 Software wie PROMIS wiederum wird mit der genauen Absicht zur Überwachung genutzt Börsen in Echtzeit, um Preisbewegungen zu verfolgen, die verdächtig erscheinen. Daher müssen die US-Geheimdienste klare Warnungen von den singulären, nie zuvor gesichteten Transaktionen vor 911 erhalten haben. Von großer Bedeutung im Hinblick auf die Strecke, die zu den Tätern führen sollte, wenn Sie ernsthaft darüber nachdenken wollten, ist das : Max Keizer: Die Options Clearing Corporation hat die Pflicht, die Geschäfte zu behandeln, und zwar anonym 8211, während die Bank, die die Transaktion als Broker ausführt, die Identität beider Parteien bestimmen kann. Aber das war wohl kaum die Absicht der Regulierungsbehörden, als die Strecke unter anderem Alvin Bernard 8222Buzzy8220 Krongard, Alex Brown Amp Sons und die CIA führte. Ruppert jedoch beschreibt diesen Fall bei der Überwindung des Rubicon in voller Länge so weit wie möglich. 12 Darüber hinaus gibt es auch Möglichkeiten und Möglichkeiten für Insider, ihre Spuren zu verhüllen. Um weniger offensichtlich zu sein, könnten die Insider kleine Mengen von Verträgen handeln. Diese konnten unter mehreren Konten gehandelt werden, um die Aufmerksamkeit auf große Handelsvolumina zu vermeiden, die durch ein einziges großes Konto gehen. Sie könnten auch kleine Mengen in jedem Vertrag, aber Handel mehr Verträge zu vermeiden Aufmerksamkeit. Wenn offenes Interesse zunimmt, können Nicht-Insider ein wahrgenommenes Signal erkennen und ihre Handelsaktivität erhöhen. Insider können dann zurückkommen, um in mehr Transaktionen auf der Grundlage einer scheinbar signifikante Handels-Signal aus dem Markt. In dieser Hinsicht wäre es für die CBOE schwierig, die Insider von den Nicht-Insidern freizulegen, da beide stark handeln.8220 13 Die hier zu klärende Angelegenheit wird in der Regel von Keizer wie folgt beurteilt: Max Keizer: Mein Gedanke ist Dass viele (nicht alle) von denen, die auf 911 starben, finanzielle Söldner waren, und wir sollten das gleiche über sie empfinden, wie wir über alle Söldner denken, die getötet werden. Die Tragödie ist, dass diese Unternehmen Zivilisten mit Söldnern vermischten und dass sie auch getötet wurden. So haben Unternehmen auf Wall Street Zivilisten als menschliche Schilde vielleicht verwendet Laut einem Bericht von Bloomberg, der Anfang Oktober 2001 veröffentlicht wurde, begann die US Securities and Exchange Commission (SEC) eine Sonde in bestimmte Börsengeschäfte um 911, darunter 38 Unternehmen, darunter : American Airlines, United Airlines, Continental Airlines, Northwest Airlines, Southwest Airlines, Boeing, Lockheed Ansprechpartner: Martin Corp. Brothers Holdings Inc. Morgan Stanley, General Motors und Raytheon. 14 So weit, so gut. Im selben Monat jedoch berichtete die Zeitung von San Francisco Chronicle, dass die SEC den beispiellosen Schritt unternahm, Hunderte, wenn nicht sogar Tausende von wichtigen Stakeholdern im privaten Sektor für ihre Untersuchung zu deputieren. In einer Erklärung, die fast allen börsennotierten Gesellschaften in den USA zugesandt wurde, forderte die SEC die angesprochenen Unternehmen auf, die leitenden Angestellten für die Ermittlungen zu entsenden, die sich der sensiblen Lage des Falles bewusst waren und auf die 8222 eine angemessene Diskretion ausübten.8220. 15 Im Wesentlichen ging es um die Kontrolle von Informationen, nicht um die Bereitstellung und Offenlegung von Tatsachen. Ein solches Vorgehen schließt Konsequenzen ein. Ruppert: Was passiert, wenn Sie jemanden in einer nationalen Sicherheit oder strafrechtliche Ermittlungen deputieren ist, dass Sie es illegal für sie, öffentlich zu machen, was sie wissen zu machen. Kluger Zug. In Wirklichkeit werden sie Regierungsvertreter und werden durch staatliche Regulierungen und nicht durch ihr eigenes Gewissen kontrolliert. Tatsächlich können sie ohne Anhörung ins Gefängnis geworfen werden, wenn sie öffentlich sprechen. Ich habe diese implizierte Drohung immer wieder mit föderalen Ermittlern, Geheimdiensten und sogar Mitgliedern des Kongresses der Vereinigten Staaten gesehen, die so eng durch Geheimverträge und Vereinbarungen verbunden sind, dass sie nicht einmal in der Lage sind, kriminelle Aktivitäten innerhalb der Regierung aus Angst vor der Inhaftierung zu offenbaren . 16 Unter den Berichten über vermutete Insiderhandel, die in Crossing the Rubicon von der Wildnis erwähnt werden, ist eine Liste, die unter der Überschrift 8222Black Tuesday veröffentlicht wurde: Der World8217s größter Insiderhandel Scam8220 durch das israelische Herzliyya International Policy Institute for Counterterrorism am 21. September 2001 : Vom 6. bis 7. September kaufte die CBOE 4.744 Put-Optionen auf United Airlines, aber nur 396 Call-Optionen. Unter der Annahme, dass 4.000 der Optionen von Leuten gekauft wurden, die über die bevorstehenden Angriffe im Voraus Kenntnis hatten, hätten diese 8222Inhaber8220 fast 5 Millionen profitiert. Am 10. September wurden 4.516 Put-Optionen auf American Airlines an der Börse in Chicago gekauft, im Vergleich zu nur 748 Anrufe. Auch hier gab es keine Neuigkeiten, um dieses Ungleichgewicht wieder zu rechtfertigen, wenn man davon ausgeht, dass 4000 dieser Optionsgeschäfte 8222 Insider8220 repräsentieren, würden sie einen Gewinn von etwa 4 Millionen darstellen. Die oben gekauften Put-Optionen waren mehr als sechsmal höher als normal. Kein ähnlicher Handel in anderen Fluggesellschaften trat auf der Chicago-Börse in den Tagen unmittelbar vor Black Tuesday. Morgan Stanley Dean Witter amp Co, die 22 Stockwerke des World Trade Center besetzt, sah 2.115 von seiner Oktober 45 Put-Optionen in den drei Handelstagen vor schwarzer Dienstag gekauft, im Vergleich zu einem Durchschnitt von 27 Verträgen pro Tag vor dem 6. September. Morgan Stanley8217s Aktienkurs fiel von 48,90 auf 42,50 in der Folge der Angriffe. Unter der Annahme, dass 2.000 dieser Optionskontrakte auf der Grundlage der Kenntnis der anstehenden Angriffe gekauft wurden, hätten ihre Käufer mindestens 1,2 Millionen davon profitieren können. Merrill Lynch amp Co, mit Hauptsitz in der Nähe der Twin Towers, sah 12.215 Oktober 45 Put-Optionen in den vier Handelstagen vor den Anschlägen gekauft haben die bisherigen durchschnittlichen Volumen in diesen Aktien hatte 252 Verträge pro Tag (ein Anstieg von 1200). Als der Handel wieder aufgenommen wurde, fielen die Aktien von Merrill8217s von 46,88 auf 41,50 unter der Annahme, dass 11 000 Optionskontrakte von 8222 Insidern gekauft wurden8220, ihr Gewinn hätte ca. 5,5 Millionen betragen. Die europäischen Regulierungsbehörden untersuchen Berufe in Deutschland8217s Münchener Rück, Schweiz8217s Swiss Re und AXA in Frankreich, alle wichtigen Rückversicherer mit Engagement in der Black Tuesday Katastrophe. (Anmerkung: AXA besitzt auch mehr als 25 von American Airlines-Aktien, so dass die Angriffe ein 8222double whammy8220 für sie.) 17 In Bezug auf die Aussagen des ehemaligen Vorsitzenden der Deutschen Bundesbank Ernst Welteke, deren Tenor in verschiedenen Presseberichten zusammengestellt wird, ist wie folgt : Der deutsche Zentralbankpräsident Ernst Welteke berichtet später, dass eine Studie seiner Bank zeigt, 8222. Es gibt immer deutliche Anzeichen dafür, dass es auf den internationalen Finanzmärkten Tätigkeiten gibt, die mit dem notwendigen Fachwissen 8220 nicht nur in stark betroffenen Aktien durchgeführt worden sein müssen Branchen wie Fluggesellschaften und Versicherungen, aber auch in Gold und Öl. Daily Telegraph, 9232001 Seine Forscher haben festgestellt, 8222almost unwiderlegbare Beweis für Insiderhandel8220. Miami Herald, 9242001 8222Wenn Sie Blick auf Bewegungen in den Märkten vor und nach dem Angriff, macht es Ihre Stirn Furche. Aber es ist äußerst schwierig, es wirklich zu bestätigen.8220 Dennoch glaubt er, dass 8222in einem oder dem anderen Fall wird es möglich sein, die source8220 zu lokalisieren. Fox News, 9222001 Welteke berichtet 8222a grundsätzlich unerklärlichen Anstieg8220 in den Ölpreisen vor den Anschlägen Miami Herald, 9242001 und dann ein weiterer Anstieg von 13 Prozent am Tag nach den Anschlägen. Gold steigt nach den Angriffen tagelang an. Daily Telegraph, 9232001 18 Im Zusammenhang mit diesen Erklärungen schickte ich am 1. August 2011 eine Anfrage per E-Mail an die Pressestelle der Deutschen Bundesbank, von der ich gehofft hatte: Wie hat sich die Bundesbank mit diesen Informationen beschäftigt? Bundesbehörden bitten, die Studie zu sehen Mit wem hat die Bundesbank diese Informationen geteilt und zusätzlich: 1. Kannst du bestätigen, dass es eine solche Studie der Bundesbank über 911 Insiderhandel gibt, die im September 2001 durchgeführt wurde 2. Wenn ja: was Ist der Titel 3. Wenn ja: wer waren die Autoren 4. Wenn ja: wurde die Studie jemals der Öffentlichkeit zugänglich gemacht Am 2. August wurde ich dann informiert: 8222Ihre Post wurde von uns empfangen und wird unter der Nummer verarbeitet 2011 011551.8220 Letztlich war die Pressestelle der Deutschen Bundesbank jedoch nur für eine mündliche Erklärung am Telefon verfügbar. Mit dieser Erklärung wandte ich mich dann an die Pressestelle der Bundesfinanzbehörde in Deutschland, der Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin, mit folgender E-Mail 8211 und das aus offensichtlichen Gründen: Gestern habe ich einen Antrag (s Diese E-Mail) an die Pressestelle der Deutschen Bundesbank zum Insiderhandel im Zusammenhang mit den Terroranschlägen vom 11. September 2001 bzw. einer angeblichen Studie der Deutschen Bundesbank. Der Antrag trägt die Referenznummer 2011 011551. Die Pressestelle bzw. Herr Peter Trautmann war nur für eine mündliche Erklärung verfügbar. Ich wiederhole dies jetzt, weil es mit Ihrer Entität verbunden ist. Darauf folgen meine weiteren Fragen. Nach einer mündlichen Erklärung der Pressestelle der Deutschen Bundesbank gab es noch nie eine detaillierte und amtliche Studie zum Insiderhandel der Bundesbank. Vielmehr gab es vermutlich Ad-hoc-Analysen mit entsprechenden Charts von Kursbewegungen als Briefings für den Bundesbankvorstand. Zudem wäre es Aufgabe der Bundesfinanzaufsicht gewesen, diese Angelegenheit zu untersuchen. Die Pressestelle der Bundesbank war auch nicht bereit, schriftliche Auskünfte zu erteilen, auch nicht nach meinem Hinweis, dass diese angebliche Studie der Bundesbank seit Jahren ohne jeglichen Widerspruch im Internet schwebt. Das waren die mündlichen Informationen der Pressestelle der Bundesbank bzw. Herrn Peter Trautmann. Nun meine Fragen an Sie: 1. Hat die BaFin jemals den 911 Insiderhandel untersucht? Mit welchem ​​Ergebnis wurden die Ergebnisse veröffentlicht? 3. Gab es keine Gründe für Verdacht, die eine Untersuchung, zum Beispiel als beschädigtes Unternehmen, gerechtfertigt hätten : Münchener Rück, und als Käufer von Put-Optionen der UAL8217s United Airlines Firma: Deutsche BankAlex Brown 4. Hat die Deutsche Bundesbank bei der BaFin schon einmal nachgefragt, welche Informationen sie zum 911 Insiderhandel 8211 z. B. für die Erstellung von Ad-hoc-Analysen haben Die Bundesbank 5. Haben die US-Bundesbehörden jemals gefragt, ob die BaFin mit ihnen im Rahmen einer Untersuchung zusammenarbeiten könnte. Könnten Sie mir im Gegensatz zur Deutschen Bundesbank schriftlich antworten, wäre ich dafür sehr dankbar E-Mail zu diesem Thema von Anja Engelland, Pressesprecherin der BaFin, in der sie meine Fragen wie folgt beantwortet hat: 1. Ja, das frühere Bundesaufsichtsamt für Wertpapierhandel (BAWe) hat eine umfassende Analyse durchgeführt Der Vorgänge. 2. Demzufolge wurden keine Hinweise auf Insiderhandel gefunden. 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 On Sept. 6, 2001, the Thursday before the tragedy, 2,075 put options were made on United Airlines and on Sept. 10, the day before the attacks, 2,282 put options were recorded for American Airlines. Given the prices at the time, this could have yielded speculators between 2 million and 4 million in profit. SUPPRESSED DETAILS OF CRIMINAL INSIDER TRADING LEAD DIRECTLY INTO THE CIAS HIGHEST RANKS CIA EXECUTIVE DIRECTOR quotBUZZYquot KRONGARD MANAGED FIRM THAT HANDLED quotPUTquot OPTIONS ON UAL by Michael C. Ruppert COPYRIGHT, 2001, Michael C. Ruppert and FTW Publications, copvcia. Alle Rechte vorbehalten. May be reprinted or distributed for non-profit purposes only. FTW, October 9, 2001 - Although uniformly ignored by the mainstream U. S. media, there is abundant and clear evidence that a number of transactions in financial markets indicated specific (criminal) foreknowledge of the September 11 attacks on the World Trade Center and the Pentagon. In the case of at least one of these trades -- which has left a 2.5 million prize unclaimed -- the firm used to place the quotput optionsquot on United Airlines stock was, until 1998, managed by the man who is now in the number three Executive Director position at the Central Intelligence Agency. Until 1997 A. B. quotBuzzyquot Krongard had been Chairman of the investment bank A. B. Brown. A. B. Brown was acquired by Bankers Trust in 1997. Krongard then became, as part of the merger, Vice Chairman of Bankers Trust-AB Brown, one of 20 major U. S. banks named by Senator Carl Levin this year as being connected to money laundering. Krongards last position at Bankers Trust (BT) was to oversee quotprivate client relationsquot. In this capacity he had direct hands-on relations with some of the wealthiest people in the world in a kind of specialized banking operation that has been identified by the U. S. Senate and other investigators as being closely connected to the laundering of drug money. Krongard (re) joined the CIA in 1998 as counsel to CIA Director George Tenet. He was promoted to CIA Executive Director by President Bush in March of this year. BT was acquired by Deutsche Bank in 1999. The combined firm is the single largest bank in Europe. And, as we shall see, Deutsche Bank played several key roles in events connected to the September 11 attacks. THE SCOPE OF KNOWN INSIDER TRADING Before looking further into these relationships it is necessary to look at the insider trading information that is being ignored by Reuters, The New York Times and other mass media. It is well documented that the CIA has long monitored such trades - in real time - as potential warnings of terrorist attacks and other economic moves contrary to U. S. interests. Previous stories in FTW have specifically highlighted the use of Promis software to monitor such trades. It is necessary to understand only two key financial terms to understand the significance of these trades, quotselling shortquot and quotput optionsquot. quotSelling Shortquot is the borrowing of stock, selling it at current market prices, but not being required to actually produce the stock for some time. If the stock falls precipitously after the short contract is entered, the seller can then fulfill the contract by buying the stock after the price has fallen and complete the contract at the pre-crash price. These contracts often have a window of as long as four months. quotPut Optionsquot are contracts giving the buyer the option to sell stocks at a later date. Purchased at nominal prices of, for example, 1.00 per share, they are sold in blocks of 100 shares. If exercised, they give the holder the option of selling selected stocks at a future date at a price set when the contract is issued. Thus, for an investment of 10,000 it might be possible to tie up 10,000 shares of United or American Airlines at 100 per share, and the seller of the option is then obligated to buy them if the option is executed. If the stock has fallen to 50 when the contract matures, the holder of the option can purchase the shares for 50 and immediately sell them for 100 - regardless of where the market then stands. A call option is the reverse of a put option, which is, in effect, a derivatives bet that the stock price will go up. A September 21 story by the Israeli Herzliyya International Policy Institute for Counter terrorism, entitled quotBlack Tuesday: The Worlds Largest Insider Trading Scamquot documented the following trades connected to the September 11 attacks: - Between September 6 and 7, the Chicago Board Options Exchange saw purchases of 4,744 put options on United Airlines, but only 396 call options. Assuming that 4,000 of the options were bought by people with advance knowledge of the imminent attacks, these quotinsidersquot would have profited by almost 5 million . - On September 10, 4,516 put options on American Airlines were bought on the Chicago exchange, compared to only 748 calls. Again, there was no news at that point to justify this imbalance Again, assuming that 4,000 of these options trades represent quotinsidersquot, they would represent a gain of about 4 million . - The levels of put options purchased above were more than six times higher than normal. - No similar trading in other airlines occurred on the Chicago exchange in the days immediately preceding Black Tuesday. - Morgan Stanley Dean Witter amp Co. which occupied 22 floors of the World Trade Center, saw 2,157 of its October 45 put options bought in the three trading days before Black Tuesday this compares to an average of 27 contracts per day before September 6 . Morgan Stanleys share price fell from 48.90 to 42.50 in the aftermath of the attacks. Assuming that 2,000 of these options contracts were bought based upon knowledge of the approaching attacks, their purchasers could have profited by at least 1.2 million . - Merrill Lynch amp Co. which occupied 22 floors of the World Trade Center, saw 12,215 October 45 put options bought in the four trading days before the attacks the previous average volume in those shares had been 252 contracts per day a 1200 increase . When trading resumed, Merrills shares fell from 46.88 to 41.50 assuming that 11,000 option contracts were bought by quotinsidersquot, their profit would have been about 5.5 million . - European regulators are examining trades in Germanys Munich Re, Switzerlands Swiss Re, and AXA of France, all major reinsurers with exposure to the Black Tuesday disaster. FTW Note: AXA also owns more than 25 of American Airlines stock making the attacks a quotdouble whammyquot for them. On September 29, 2001 - in a vital story that has gone unnoticed by the major media - the San Francisco Chronicle reported, quot Investors have yet to collect more than 2.5 million in profits they made trading options in the stock of United Airlines before the Sept. 11, terrorist attacks, according to a source familiar with the trades and market data quot. quot The uncollected money raises suspicions that the investors - whose identities and nationalities have not been made public - had advance knowledge of the strikes quot. They dont dare show up now. The suspension of trading for four days after the attacks made it impossible to cash-out quickly and claim the prize before investigators started looking. quotOctober series options for UAL Corp. were purchased in highly unusual volumes three trading days before the terrorist attacks for a total outlay of 2,070 investors bought the option contracts, each representing 100 shares, for 90 cents each. This represents 230,000 shares. Those options are now selling at more than 12 each. There are still 2,313 so-called quotputquot options outstanding valued at 2.77 million and representing 231,300 shares according to the Options Clearinghouse Corpquot. quotThe source familiar with the United trades identified Deutsche Bank Alex. Brown, the American investment banking arm of German giant Deutsche Bank, as the investment bank used to purchase at least some of these optionsquot This was the operation managed by Krongard until as recently as 1998. As reported in other news stories, Deutsche Bank was also the hub of insider trading activity connected to Munich Re. just before the attacks. CIA, THE BANKS AND THE BROKERS Understanding the interrelationships between CIA and the banking and brokerage world is critical to grasping the already frightening implications of the above revelations. Lets look at the history of CIA, Wall Street and the big banks by looking at some of the key players in CIAs history. Clark Clifford - The National Security Act of 1947 was written by Clark Clifford, a Democratic Party powerhouse, former Secretary of Defense, and one-time advisor to President Harry Truman. In the 1980s, as Chairman of First American Bancshares, Clifford was instrumental in getting the corrupt CIA drug bank BCCI a license to operate on American shores. His profession: Wall Street lawyer and banker. John Foster and Allen Dulles - These two brothers quotdesignedquot the CIA for Clifford. Both were active in intelligence operations during WW II. Allen Dulles was the U. S. Ambassador to Switzerland where he met frequently with Nazi leaders and looked after U. S. investments in Germany. John Foster went on to become Secretary of State under Dwight Eisenhower and Allen went on to serve as CIA Director under Eisenhower and was later fired by JFK. Their professions: partners in the most powerful - to this day - Wall Street law firm of Sullivan, Cromwell. Bill Casey - Ronald Reagans CIA Director and OSS veteran who served as chief wrangler during the Iran-Contra years was, under President Richard Nixon, Chairman of the Securities and Exchange Commission. His profession: Wall Street lawyer and stockbroker. David Doherty - The current Vice President of the New York Stock Exchange for enforcement is the retired General Counsel of the Central Intelligence Agency. George Herbert Walker Bush - President from 1989 to January 1993, also served as CIA Director for 13 months from 1976-7. He is now a paid consultant to the Carlyle Group, the 11th largest defense contractor in the nation, which also shares joint investments with the bin Laden family. A. B. quotBuzzyquot Krongard - The current Executive Director of the Central Intelligence Agency is the former Chairman of the investment bank A. B. Brown and former Vice Chairman of Bankers Trust. John Deutch - This retired CIA Director from the Clinton Administration currently sits on the board at Citigroup, the nations second largest bank, which has been repeatedly and overtly involved in the documented laundering of drug money. This includes Citigroups 2001 purchase of a Mexican bank known to launder drug money, Banamex. Nora Slatkin - This retired CIA Executive Director also sits on Citibanks board. Maurice quotHankquot Greenburg - The CEO of AIG insurance, manager of the third largest capital investment pool in the world, was floated as a possible CIA Director in 1995. FTW exposed Greenbergs and AIGs long connection to CIA drug trafficking and covert operations in a two-part series that was interrupted just prior to the attacks of September 11. AIGs stock has bounced back remarkably well since the attacks. To read that story, please go to fromthewildernessfreeciadrugspart2.html . One wonders how much damning evidence is necessary to respond to what is now irrefutable proof that CIA knew about the attacks and did not stop them. Whatever our government is doing, whatever the CIA is doing, it is clearly NOT in the interests of the American people, especially those who died on September 11. On this particular night the crowd looked promising. I introduced myself to two women there, and after a short while, one of the women told me she worked for the CBOE. The CBOE is the Chicago Board Options Exchange. It is the exchange that handles trading in, among other things, stock options. I half-jokingly asked her, quotWhatever happened to the CBOE investigation of all the profits made by those who bought put options on airlines stocks before 9-11quot (You make money on put options when a stock goes down in price.) Her answered floored me. She said, quotIt probably would have been easy for us to find out who was behind the trades, but the government came in and told the CBOE president to stop the investigation. quot Just to make sure I heard her right, I said to her, quotThe government came in and told the CBOE president not to investigatequot She said, quotYeah, it was really strange. quot The conversation changed for a minute, but I wanted to get back to the government not wanting an investigation. I said to her again, a third time, making sure I heard right, quotThe government didnt want you to investigatequot She looked at me said quotYes, thats right. quot Then she looked at me a little longer, she knew I had interest in this topic, she looked a little nervous and then blurted out to me, quotWe erased the data. Our data on the trades is gone. quot Strike The Root