Verden Trade Center Put Opsjoner

WORLD TRADE ORGANIZATION. Trade negotiations. Changes til handelsregler krever samtykke fra alle WTO medlemmer, som må nå konsensus gjennom forhandlingsrunder Den siste runden i Doha utviklingsagenda startet i 2001.Implementering og overvåking. Various WTO råd og komiteer forsøke å sikre at WTO-avtaler blir ivaretatt. Alle WTO-medlemmer gjennomgår periodisk gransking av deres handelspolitikk og praksis. Disputes. WTO-medlemmer tar tvister til WTO hvis de mener at deres rettigheter i henhold til handelsavtaler blir krenket. Tvister om oppgjør er ansvarlig for Dispute Settlement Body. Building handelskapasitet. WTO har til hensikt å hjelpe utviklingslandene til å bygge opp sin handelskapasitet og gir dem lengre tid til å gjennomføre handelsavtaler. Hundrevis av kurs er organisert hvert år for tjenestemenn fra utviklingsland. Mars 20, 2012 Kommentare deaktiviert fr Insider trading 9 11 fakta lagt bare. ASIA TIMES ONLINE EXCLU SIVE UNDERSØKELSE Det kan ikke være tvil om at spekulativ handel med salgsopsjoner der et parti-spill som en aksje vil falle abrupt i verdi spiked i dagene rundt 11. september 2001, selv om US Securities and Exchange Commission og 9 11 Commission ikke vil si så mer enn noen få mennesker må ha fått advarsel om terrorangrepene og de innbetalt til millioner av dollar. Følgende artikkel ble publisert først på Asia Times Online under. Er det noen sanning i påstandene om at informerte sirkler gjorde betydelige resultater på finansmarkedene i forbindelse med terrorangrepene den 11. september 2001, i USA. Det beste er å starte med å undersøke put-opsjoner som skjedde rundt tirsdag 11. september 2001 til en unormal omfang, og i begynnelsen via programvare som spilte en nøkkelrolle saksøker s Management Information System, forkortet som PROMIS i. PROMIS er et program som synes å være utstyrt med nesten magi cal evner Videre er det gjenstand for en tiår lang konflikt mellom sin oppfinner, Bill Hamilton, og ulike institusjoner tilknyttet intelligensbyråer, militær - og sikkerhetskonsulentfirmaer 1. En av de magiske evnene til PROMIS må man anta, er at den er utstyrt med kunstig intelligens og tilsynelatende fra starten var i stand til samtidig å lese og integrere et hvilket som helst antall forskjellige dataprogrammer eller databaser, uavhengig av hvilket språk de originale programmene hadde blitt skrevet til eller operativsystemene og plattformene som det databasen ble da installert 2. Og så blir det veldig interessant. Hva ville du gjøre hvis du hadde programvare som kunne tenke, forstå hvert av de største språkene i verden, som ga kulehull inn i alle andres datamaskinomslag, som kunne sette inn data inn i datamaskiner uten folks kunnskap, som kunne fylle ut emner utover menneskelig resonnement, og også forutsi hvilke mennesker gjør før de gjorde det Du vil nok bruke det, ville du ikke 3.Granted, disse evnene høres neppe troverdige Faktisk, hele historien om PROMIS, som Mike Ruppert utvikler i løpet av sin bok Krysser Rubicon i alle sine bisarre fasetter og svinger, virker som om noen hadde utviklet en roman i stil med Philip K Dick og William Gibson. Det som Ruppert har samlet om PROMIS, er imidlertid basert på anerkjente kilder og resultater av personlige undersøkelser som venter en jury for å ta en første kritiske blikk på. Dette virker enda viktigere hvis du legger til PROMIS-evnene at det var gitt at PROMIS ble brukt til en rekke formål av etterretningsorganer, inkludert sanntids overvåking av aksjehandel i hele verden s store finansielle markeder 4. Vi har derfor å gjøre med en programvare som infiltrerer datamaskiner og kommunikasjonssystemer uten å bli lagt merke til b Kan manipulere data c Er i stand til å spore den globale aksjemarkedet i r eal time. Point c er relevant for alt som skjedde i forbindelse med de aldri helt oppklarte transaksjonene som skjedde like før 11. september, og som den tidligere formannen for Deutsche Bundesbank Ernst Weltke ikke kunne ha blitt planlagt og utført uten en viss kunnskap 6.I spesifikt spurte finansjournalisten Max Keizer, som i årevis hadde jobbet på Wall Street som lager - og opsjonshandler, påpekte Keizer i denne sammenheng at han hadde snakket med mange meglere i tårnene av World Trade Center rundt den tiden hørte jeg først og fremst om flyselskapet satte handel fra meglere i Cantor Fitzgerald dager før han deretter snakket med meg om et eksplosivt problem, som Ruppert utviste i detalj i Kryss av Rubicon. Max Keiser Det er mange aspekter ved disse opsjonsinnkjøpene som ikke er avslørt ennå Jeg jobbet også hos Alex Brown Sons ABS Deutsche Bank kjøpte Alex Brown Sons i 1999 Når angrepene oppstår d, ABS var eid av Deutsche Bank En viktig person hos ABS var Buzzy Krongard Jeg har møtt ham flere ganger på kontoret i Baltimore Krongard hadde overført til å bli administrerende direktør i CIA. Alternativene, som ABS var involvert, skjedde i kontor i ABS i Baltimore Støyen som skjedde mellom Baltimore, New York City og Langley var interessant, som du kan forestille deg, minst sagt. Uansett her er det faktum at Alex Brown, et datterselskap av Deutsche Bank hvor mange av de påståtte 9 11 kapere håndterte deres banktransaksjoner for eksempel Mohammed Atta handlet massive kjøpsopsjoner kjøp på United Airlines Company UAL gjennom Chicago Board Option Exchange CBOE til forlegenhet av etterforskere, som britisk avis The Independent rapportert 7.On september 12, formann for Styret i Deutsche Bank Alex Brown, Mayo A Shattuck III, plutselig og stille avstod fra stillingen, selv om han fortsatt hadde en treårig kontrakt med en årlig lønn på flere millioner amerikanske dollar. Man kunne oppleve det som en eller annen gang merkelig. Noen uker senere avsluttet pressespråken til Central Intelligence Agency CIA på den tiden, Tom Crispell, alle kommentarer, da han ble kontaktet for en rapport for Rupperts nettsted Fra villmarken og hadde blitt spurt om statskassen eller FBI Federal Bureau of Investigation hadde stilt spørsmål til CIAs administrerende direktør og tidligere administrerende direktør for Deutsche Bank-Alex Brown, AB Buzzy Krongard, om CIA-overvåking av finansmarkedene ved hjelp av PROMIS og hans tidligere posisjon som tilsynsførende for Browns private klientrelasjoner 8.Just før han ble rekruttert personlig av tidligere CIA-sjef George Tenet for CIA, overvåket Krongard hovedsakelig privat kundebankvirksomhet hos Alex Brown 9. I alle fall etter 9 11 på den første handelsdagen , da de amerikanske aksjemarkedene var åpne igjen, gikk aksjekursen på UAL ned med 43. De fire flyene kapret 11. september var American Airlines Flight 11, Ameri kan flyselskapet Flight 77 og UAL fly 175 og 93. Med sin bakgrunn som tidligere opsjonshandler, forklarte Keizer et viktig problem for meg i den forbindelse. Max Keizer Put-opsjoner er, hvis de er ansatt i en spekulativ handel, i utgangspunktet spill som lager Prisene vil falle abrupt. Kjøperen, som inngår en tidsbestemt kontrakt med en selger, behøver ikke å eie aksjene på det tidspunkt kontrakten er kjøpt. Ved utstedelsen av innsidehandel via put - eller call options er det også en bemerkelsesverdig definisjon av sveitsiske økonomer Remo Crameri, Marc Chesney og Loriano Mancini, spesielt at en opsjonshandel kan identifiseres som informert, men ennå ikke er lovlig bevist når den preges av et uvanlig stort økning i åpen interesse og volum, induserer store gevinster, og er ikke sikret på aksjemarkedet 10.Open rente beskriver kontrakter som ikke er avgjort utøvet innen utløpet av handelssesjonen, men er fortsatt åpne Ikke sikret på aksjemarkedet betyr tha t kjøperen av et put - eller anropsalternativ innehar ingen aksjer av den underliggende eiendelen, som han kan være i stand til å redusere eller kompensere for tap hvis hans handel ikke fungerer, eller uttrykkes annerledes, sikres det ikke fordi det ikke er nødvendig siden man vet at innsatsen er en, unnskyld, død sikker ting I dette henseende er det således ikke egentlig en innsats, fordi resultatet ikke er usikkert, men en forutgående konklusjon. I dette tilfellet var kjøretøyet i beregningen latterlig billig som gir innehaveren rett til å selge bestemte aksjer til en pris som ligger langt under gjeldende markedspris, som er en svært risikabel innsats, fordi du mister penger dersom markedsprisen fortsatt er høyere enn prisen som er avtalt i opsjonen Men da disse aksjene falt mye dypere etter terrorangrepene, multiplisert disse alternativene sin verdi flere hundre ganger fordi nå var salgsprisen spesifisert i opsjonen mye høyere enn markedsprisen Disse risikable spillene wi de korte alternativene er en sikker indikasjon for investorer som visste at i løpet av få dager ville noe skje som ville redusere markedsprisen på disse aksjene drastisk 11. Programvare som PROMIS i sin tur brukes med den nøyaktige hensikten å overvåke aksjemarkedene i ekte Tid for å spore prisbevegelser som forekommer mistenkelige Derfor må de amerikanske etterretningstjenestene ha mottatt klare advarsler fra singularet, aldri før de er synlige transaksjoner før 9. 11. En stor betydning med hensyn til sporet, som bør føre til gjerningsmennene hvis du var seriøst overveier å gå etter dem, er dette. Max Keizer Options Clearing Corporation har plikt til å håndtere transaksjonene, og gjør det ganske anonymt mens banken som utfører transaksjonen som megler, kan bestemme identiteten til begge parter. Men det kan har nesten aldri vært tilsynsmyndighetens hensikt da sporet førte til blant annet Alvin Bernard Buzzy Krongard, Alex Brown Sons og t han beskriver CIA Ruppert imidlertid denne saken i så langt som mulig å krysse Rubicon i full lengde 12. I tillegg er det også måter og midler for innsidere å slure sine spor For å være mindre åpenbare, kan innsiderne handle med små tall av kontrakter Disse kan handles på flere kontoer for å unngå å trekke oppmerksomhet til store handelsvolumer som går gjennom en enkelt stor konto. De kan også handle med små volumer i hver kontrakt, men handle flere kontrakter for å unngå å trekke oppmerksomhet. Som åpen interesse øker kan ikke-innsidere oppdage et oppfattet signal og øke sin handelsaktivitet Innsidere kan da komme tilbake for å inngå flere transaksjoner basert på et tilsynelatende signifikant handelssignal fra markedet. I denne forbindelse vil det være vanskelig for CBOE å frata innsiderne fra de ikke-innsidere, fordi begge handler tungt 13. Saken som trenger avklaring her, er generelt dømt av Keiser som følger. Max Keiser Min tankegang er at mange ikke alle de som døde på 9 11 var økonomiske leiesoldater, og vi burde føle det samme om dem som vi føler om alle leiesoldater som blir drept. Tragedien er at disse selskapene blandet sivile med leiesoldater, og at de også ble drept. Så har selskaper på Wall Street brukt sivile som menneskelige skjolder. Ifølge en rapport fra Bloomberg, publisert tidlig i oktober 2001, startet US Securities and Exchange Commission SEC en sond i bestemte aksjemarkedet transaksjoner rundt 9 11 som inkluderte 38 selskaper, blant annet American Airlines, United Airlines, Continental Flyselskaper, Northwest Airlines, Southwest Airlines, Boeing, Lockheed Martin Corp. American Express Corp. American International Group, AXA SA, Bank of America Corp. Bank of New York Corp. Bear Stearns, Citigroup, Lehman Brothers Holdings Inc. Morgan Stanley, General Motors og Raytheon 14. Så langt, så bra I samme måned rapporterte San Francisco Chronicle-avisen at SEC tok det uovertrufne trinnet til deputi de hundrevis, om ikke engang tusenvis av sentrale interessenter i den private sektoren for undersøkelsen. I en uttalelse som ble sendt til nesten alle børsnoterte selskaper i USA, spurte SEC de adresserte selskapene om å tilordne eldre ansatte til undersøkelsen, hvem ville være klar over av følsom karakter av saken og kunne stole på å utøve passende skjønn 15. I det hele tatt handlet det om å kontrollere informasjon, ikke om bestemmelse og avsløring av fakta. Et slikt handlingsplan innebærer å kompromittere konsekvenser Ruppert. Hva skjer når du deputerer noen i en nasjonal sikkerhet eller kriminell etterforskning er at du gjør det ulovlig for dem å offentliggjøre det de vet Smartfly De blir i virkeligheten myndighetsagenter og kontrolleres av regjeringsforskrifter fremfor egen samvittighet Faktisk kan de bli kastet i fengsel uten å høre om de snakker offentligt, har jeg sett denne impliserte trusselen gang på gang med føderale etterforskere, etterretningsagenter, a nd selv medlemmer av United States Congress som er bundet så tett av hemmeligholdelser og avtaler om at de ikke en gang er i stand til å avsløre kriminelle aktiviteter i regjeringen av frykt for fengsling. 16.Med rapporter om mistanke om insiderhandel som er nevnt i Crossing the Rubicon Fra Ørkenen er en liste som ble publisert under overskriften Black Tuesday The Worlds største insider trading svindel av det israelske Herzliyya International Policy Institute for mot terrorisme 21. september 2001. Mellom 6. og 7. september så CBOE innkjøp av 4 744 put options på United Airlines, men bare 396 anropsalternativer. Forutsatt at 4000 av alternativene ble kjøpt av folk med forhåndsvitenskap om de overhengende angrepene, ville disse innsiderne ha hatt en fortjeneste på nesten 5 millioner. Den 10. september ble 4,516 sett alternativer på American Airlines kjøpt på Chicago-utvekslingen, sammenlignet med bare 748 samtaler Igjen, var det ingen nyheter på det tidspunktet å rettferdiggjøre denne ubalansen igjen, forutsatt ng at 4000 av disse opsjonshandler representerer innsidere, de representerer en gevinst på ca 4 millioner. Nivåene på puttealternativene som er kjøpt ovenfor, var mer enn seks ganger høyere enn normalt. Ingen tilsvarende handel med andre flyselskaper skjedde på Chicago-utvekslingen i dagene umiddelbart før Black Tuesday. Organ Stanley Dean Witter Co, som besatte 22 etasjer i World Trade Center , så 2.157 av sine 45 opsjonsopsjoner kjøpt i de tre handelsdager før svart tirsdag, sammenligner dette med i gjennomsnitt 27 kontrakter per dag før 6. september. Morgan Stanley s aksjekurs falt fra 48 90 til 42 50 i etterkant av angrepene Assuming at 2000 av disse opsjonskontrakter ble kjøpt ut fra kunnskap om de nærliggende angrepene, kunne deres innkjøpere ha profitt på minst 1 2 millioner. Merrill Lynch Co, med hovedkontor i nærheten av Twin Towers, så 12.215 oktober 45 salgsopsjoner kjøpt i de fire trading dager før angrepene hadde det tidligere gjennomsnittlige volumet i disse aksjene vært 252 kontrakter per dag, en 1200 økning. Da handel fortsatte, falt Merrill s aksjer fra 46 88 til 4 1 50 antar at 11 000 opsjonskontrakter ble kjøpt av innsidere, ville deres fortjeneste ha vært rundt 5 5 millioner. Europeiske regulatorer undersøker handler i Tyskland s München Re, Sveits s Swiss Re og AXA of France, alle større reassurandører med eksponering for Black Tuesday Disaster Note AXA eier også mer enn 25 av American Airlines-aksjer, noe som gjør angrepene til en dobbel whammy for dem 17. I følge uttalelsene fra den tidligere styrmannen til Deutsche Bundesbank Ernst Welteke er deres tenor i ulike pressemeldinger satt sammen som følger. Denne sentralbankpresident Ernst Welteke rapporterer senere at en undersøkelse fra banken hans indikerer: Det er stadig tydeligere tegn på at det var aktiviteter på internasjonale finansmarkeder som må ha blitt utført med den nødvendige ekspertkunnskap, ikke bare i aksjer i sterkt berørte næringer som flyselskaper og forsikringsselskaper, men også i gull og olje Daily Telegraph, 9 23 2001 Hans forskere har funnet nesten ugjennomtrengelige bevis av insiderhandel Miami Herald, 9 24 2001 Hvis du ser på bevegelser i markeder før og etter angrepet, gjør det din pannefarge. Men det er ekstremt vanskelig å virkelig verifisere det. Likevel tror han at det i ett eller annet tilfelle vil være mulig å identifisere kilden Fox News, 9 22 2001 Welteke rapporterer en fundamentalt uforklarlig økning i oljeprisen før angrepene Miami Herald, 9 24 2001 og deretter en ytterligere økning på 13 prosent dagen etter angrepene Gold stiger nonstop for dager etter angrepene Daily Telegraph, 9 23 2001 18. I forbindelse med disse observasjonene sendte jeg en forespørsel via e-post til pressekontoret på Deutsche Bundesbank 1. august 2011, som jeg håpet å lære. Hvordan har Bundesbank håndtert denne informasjonen Har amerikanske føderale organer bedt om å se studien Med hvem delte Bundesbank denne informasjonen? Og i tillegg 1 Kan du bekrefte at det er en slik undersøkelse av Bundesbank om 9 11 insiderhandel, som ble gjennomført i september ber 2001 2 Hvis Ja, hva er tittelen 3 Hvis Ja, hvem var forfatterne 4 Hvis Ja, har studien blitt gjort tilgjengelig for publikum. I 2. august ble jeg informert om at posten din er mottatt av oss og behandles under tallet 2011 011551 Til slutt var pressekontoret til Deutsche Bundesbank kun tilgjengelig for en muntlig forklaring på telefonen. Med denne forklaringen vendte jeg seg til pressekontoret til den føderale finansregulatoren i Tyskland, Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin , med følgende e-post og det på grunn av åpenbare årsaker. I går sendte jeg en forespørsel se slutten av denne e-posten til Deutsche Bundesbanks pressekontor vedrørende insiderhandel knyttet til terrorangrepene 11. september 2001, og hhv. relatert til en påstått studie utført av Deutsche Bundesbank Forespørselen bærer referansenummer 2011 011551. Pressekontoret eller henholdsvis Peter Trautmann var bare tilgjengelig for muntlig forklaring nasjon Jeg gjentar dette nå, fordi det er knyttet til din enhet Dette vil bli fulgt av mine ytterligere spørsmål. Ifølge en muntlig forklaring fra Deutsche Bundesbanks pressekontor har det aldri vært en detaljert og offisiell studie om insiderhandel fra Bundesbank Snarere har det vært antagelig ad hoc-analyse med tilsvarende kart over prisbevegelser som orienteringer til Bundesbanks styre. I tillegg hadde det vært Bundesfinanzaufsichts plikt å undersøke saken. Pressekontoret i Bundesbank var heller ikke villig til å gi ut skriftlig informasjon, ikke en gang etter at jeg har antydet at denne påståtte studien fra Bundesbank har vært flytende rundt i Internett i flere år uten uenighet. Det var muntlig informasjon fra Bundesbanks pressekontor, eller henholdsvis fra Peter Trautmann. Nå mine spørsmål for deg 1 Har BaFin noen gang undersøkt 9 11 insider trading 2 Med hvilket resultat Har resultatene blitt gjort offentlig 3 Har det ikke b en begrunnelse for mistanke som ville ha rettferdiggjort en undersøkelse, for eksempel som skadet firma Munich Re, og som kjøpere av salgsopsjoner av UAL s United Airlines Company Deutsche Bank Alex Brown 4 Har Deutsche Bundesbank noen gang spurt BaFin hvilken informasjon de har om Den 9 11 insiderhandel for eksempel for opprettelse av ad hoc-analyse for Bundesbank 5 Har de amerikanske føderale byråer noensinne spørre om BaFin kunne samarbeide med dem i en etterforskning Kan du svare meg skriftlig, i motsetning til Deutsche Bundesbank, vær så snill Jeg ville være veldig takknemlig for det. Neste dag mottok jeg faktisk en e-post om dette emnet fra Anja Engelland, pressefunksjonen til BaFin, hvor hun svarte på spørsmålene mine som følger.1 Ja, den tidligere Bundesaufsichtsamt fur Wertpapierhandel, BAWe føderal tilsyn med verdipapirhandel har gjennomført en omfattende analyse av operasjonene 2 Som et resultat har ingen bevis på insiderhandel blitt funnet. tilnærming og resultater har blitt publisert av BAWe eller BaFin i årsrapporter for årene 2001 jf. S 26 27 og 2002 jf. pkt. 156 ovenfor første ledd. Her er linkene Se her og her. 3 Se årsrapporter 2001 og 2002 Sett opsjoner på United Flyselskaper ble ikke handlet på tyske børser. De første EUREX-opsjonene på amerikanske aksjer ble introdusert først etter angrepene den 9. 11. 2001 var det tegningsretter på UAL og andre amerikanske aksjer, men de handles kun i lave volumer 4 Jeg vet ikke personlig om slike en forespørsel Videre vil Bundesbanken selv måtte kommentere dette. 5 BaFin har i utgangspunktet rett til utveksling av opplysninger med utenlandske tilsynsmyndigheter, som SEC, på grunnlag av skriftlige avtaler, såkalte memoranda for forståelse av MoU angående potensielle henvendelser fra utenlandske Tilsynsmyndighetene, BaFin kan dessverre ikke kommentere, dette ville være et spørsmål om respektive myndighet For dette ber jeg om forståelse. Deretter skrev jeg en annen kort notat til BaFin, for å unngå misforståelse, refererer svarene så langt jeg forstår, bare til finansmarkedene i Tyskland og Frankfurt, eller ikke Svaret fra BaFin. Svarene refererer til det tyske finansmarkedet som helhet og ikke bare På Frankfurt Børs Med hensyn til vurderingen av utenlandske finansmarkeder er de relevante myndighetene de kompetente kontaktpunktene. I mine henvendelser nevnte jeg blant annet en vitenskapelig studie av amerikansk økonom Allen M Poteshman fra University of Illinois i Urbana-Champaign, som ble gjennomført i 2006 med hensyn til salgsopsjonen rundt 9 11 knyttet til de to involverte flyselskapene, kom United Airlines og American Airlines Poteshman til denne konklusjonen. Undersøkelse av opsjonshandelen frem til 11. september viser at det var et uvanlig høyt nivå av å kjøpe. Dette funnet er i samsvar med informerte investorer som har handlet alternativer i forkant av angrepene 19. En annen vitenskapelig studie ble utført av økonomene Wong Wing-Keung Hongkong Baptist University, HKBU, Howard E Thompson University of Wisconsin og Kweehong Teh National University of Singapore, NUS, hvis funn ble publisert i april 2010 under tittelen Var der unormal handel i SP 500 Indeks Alternativer Før 11. september. Motivert av det faktum at det hadde vært mange medierapporter om mulig innsidehandel før 9 11 i opsjonsmarkedet, så forfatterne i denne studien på Standard Poor s 500 Index SPX Index Options, spesielt med fokus på strategier som kommer fra et bjørnmarked, nemlig de som står under merkene Put Purchase, Put Bear Spread og Naked ITM Call Write, da hver av disse er i samsvar med antagelsen om at man ville satse på et generelt bjørnmarked hvis man ønsket å vinne i forkant av 9 11 hendelsen 20.Alle disse linjene refererer forfatterne til en artikkel som Erin E Arvedlund publiserte 8. oktober 2001 i Barron s, lederen Ng som foreslo nettopp den oppgaven Følg pengene Terrorplotters kunne ha nytte mer fra høsten til hele markedet enn fra de enkelte bestandene 21. Basalt kom Wong, Thompson og Teh til den konklusjonen at våre funn viser at det var en signifikant unormal økning i handelsvolumet i opsjonsmarkedet like før de 9-11 angrepene i motsetning til fraværet av unormalt handelsvolum langt før angrepene. Nærmere bestemt sa de: "Våre funn fra OTM, - penger-minibanken og ITM SPX-indeks-opsjoner og ITM SPX-indeksanropsalternativer fører oss til å nekte null hypotesene at det ikke var unormal handel i disse kontraktene før 11. september. I stedet fant de bevis for unormal handel volum i OTM, ATM og ITM SPX indeksoppsett opsjoner for september 2001, og også i ITM-SPX indeksopsalgsalternativer for samme måned. I tillegg finner vi at det var tegn på unormal handel i september 2001 OTM, AT M og ITM SPX-indeks sette opsjoner umiddelbart etter angrepene på 9-11 og før utløpsdatoen Dette antyder at eierskapet var en verdifull investering, og de som eide dem, kunne selge dem for et betydelig overskudd før utløpsdatoen. Fra alt dette , tok de stilling til at mens de ikke kunne definitivt bevise at insidere var aktive i markedet, gir våre resultater troverdige forholdsmessige bevis for å støtte insiderhandelskravet 22. Utviklingen i pengene betyr at omstendighetene oppstår som eieren av en put alternativet er å satse på markedsprisen på den underliggende eiendelen, for eksempel en aksje, eller i dette tilfellet en aksjeindeks, er lavere i det øyeblikket sammenlignet med prisen på tidspunktet da transaksjonen fant sted. Ved pengene betyr at prisen på underliggende eiendel har forblitt like eller nesten likeverdig og ut-av-pengene betyr at prisen på den underliggende eiendelen har gått opp, så det motsatte av hva eieren av put-alternativet var bett inntjening fant sted I pengevinduet Ut av pengetapet. Det finnes også ITM, ATM og OTM alternativer både for handelsstrategier med put og call options, avhengig av hvilken type risiko man vil ta. For eksempel, ifølge Wong , Thomson og Teh, Put-Purchase-strategien i tilfelle nedadgående bevegelse av den underliggende eiendelen er et billigere alternativ til short selling av den underliggende eiendelen, og det er den enkleste måten å tjene når prisen på den underliggende eiendelen forventes å benytte. OTM-opsjonsalternativet i forhold til ITM-opsjonsalternativet, gir imidlertid både høyere belønning og høyere risikopotensialer dersom den underliggende eiendelen faller vesentlig i pris. Hvis imidlertid den underliggende eiendelen bare faller moderat i pris, setter ITM ofte viser seg å være det bedre valget på grunn av den relative prisforskjellen. Det er derfor spekulanter ville gå best, hvis de kjøpte ITM-opsjoner, med mindre spekulantene ville forvente en svært betydelig nedgang i prisen på e underliggende eiendel 23. Etter at de hadde beregnet slike strategier i lys av de tilgjengelige handelsdataene i CBOE vedrørende 9 11, godtar de tre økonomene i siste instans ikke et mulig motargument at deres resultater kan tilskrives det faktum at aksjen markedene var generelt fallende og at det allerede var negativt markedsutsikt. Til slutt pekte de på. Det er nødvendig med ytterligere bevis for at det er klart at innsidere faktisk var aktive på markedet. Selv om vi har diskutert muligheten for unormalt volum på grunn av det synkende markedet, undersøkende arbeid vil fortsatt være en meget involvert øvelse med tanke på de mange andre forstyrrende faktorer, som forvirrende handelsstrategier, som er forsettlig ansatt av innsiderne for å tiltrekke seg mindre oppmerksomhet. 24. Det ville være og om bare å ugyldiggjøre disse vitenskapelige resultatene en gang og for alle først og fremst en oppgave for SEC, FBI og andre myndigheter i USA Howeve r, vi må vente på dette forgjeves. Jeg tror at ikke mindre verdt å nevne er en artikkel som det franske finansbladet Les Echos publiserte i september 2007 om en studie utført av to uavhengige økonomiprofessorer fra Universitetet i Zürich, Marc Chesney og Loriano Mancini Journalist Marina Alcaraz oppsummerte innholdet i funnene i Les Echos med disse ordene og med disse forklaringene av professor Chesney, som jeg for første gang oversatte til tysk og nå oversetter fra fransk til engelsk. Atypiske volumer, som er svært sjeldne for bestemte aksjer, fører til mistanke om innsidehandel Seks år etter angrepene på World Trade Center er dette forstyrrende resultatene av en nylig studie av Marc Chesney og Loriano Mancini, professorer ved Zürich Universitet. Forfatterne, en av dem en spesialist i derivater, den andre spesialist i økonometri, jobbet på salgsmulighetene som ble brukt til å spekulere på nedgangen i priser på 20 store amerikanske selskaper, særlig innen luftfarts - og finanssektoren. Analysen refererer til gjennomføring av transaksjoner mellom 6. og 10. september 2001 i forhold til gjennomsnittlige volumer, som samlet seg over en lang periode 10 år for de fleste av de selskaper I tillegg beregnet de to spesialistene sannsynligheten for at ulike alternativer innen samme sektor i betydelige volumer skulle handles innen få dager. Vi har forsøkt å se om bevegelsene til bestemte aksjer kort før angrepene var normale. Vi viser at bevegelsene for visse selskaper som American Airlines, United Airlines, Merrill Lynch, Bank of America, Citigroup, Marsh McLehnan er sjeldne fra et statistisk synspunkt, spesielt i forhold til de mengder som er observert for andre eiendeler som Coca-Cola eller HP, forklarer Marc Chesney, tidligere professor ved HEC og medforfatter av Blanchiment et financement du terrorisme Hvitvasking og finansiering av terrorisme, utgitt av Editions Ellipses For eksempel ble 1.535 putte opsjons kontrakter på American Airlines med en streik på 30 og utløp i oktober 2001 handlet 10. september i motsetning til et daglig gjennomsnitt på rundt 24 kontrakter i løpet av de foregående tre ukene. Det faktum at markedet var for tiden i et bjørnmarked, er ikke tilstrekkelig til å forklare disse overraskende volumene. Forfatterne undersøkte også lønnsomheten av putene og handler for en investor som kjøpte et slikt produkt mellom 6. og 10. september. For spesifikke titler var fortjenesten enorm. For eksempel kunne de investorer som kjøpte salgsopsjoner på Citigroup med en utløp i oktober 2001 ha gjort mer enn 15 millioner overskudd, sa han. På grunnlag av tilkobling av data mellom volumer og lønnsomhet konkluderer de to forfatterne at sannsynligheten for at forbrytelser av Insiders Insider trading oppstod er veldig sterk i tilfeller av American Airlines, United Airlines, Merrill Lynch, Bank of America, Citigro up og JP Morgan Det finnes ingen juridiske bevis, men disse er resultatene av statistiske metoder, som bekrefter tegn på uregelmessigheter. 25.As Alcaraz fortsatte å si til Les Echos, studien av Chesney Mancini om mulig innsidehandel knyttet til de 9 11 angrepene var ikke den første i sitt slag, men det var i skarp kontrast til resultatene fra US Securities and Exchange Commission SEC og 9 11 Commission, siden de klassifiserte insiderhandel som ubetydelig, hadde de aktuelle handlene ingen forbindelse til 9 11 og hadde consistently proved innocuous. 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, Detecting Informed Trading Activities in the option markets In the segment that is dedicated to the terror attacks of 9 11, the three authors come to the conclusion, that there had been notable insider trading shortly before the terrorist attacks on September 11 that was b ased 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 conclusionspanies like American Airlines, United Airlines, Boeing the latter company is a contractor of the two airlines as aircraft manufacturer and 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 26.In the banking sector, Chesney, Crameri and Mancini found five informed trading activities in connection to 9 11 For 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 27.For both areas, the aviation and the banking sector, the authors state that in nearly all cases the hypothesis , that the put options were not hedged, cannot be rejected 28.Regarding the options traded on EUREX, one of the world s 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 occu rred on August 30, 2001 The authors write The 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 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 The gains related to the exercise of the 996 new put options issued on August 30th correspond to more than 3 4 million Similar is true, according to the authors, for one informed option trade on Swiss Re on August 20, 2001 with a return of 4,050 in three trading weeks , or more than 8 million 29.In a new version of their study that was published on September 7, 201 1, 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 9 11 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 Ches ney, 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 carbon copy 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 Such evidence does not exist here. With regard to the sources you mentioned, I ask for underst anding 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 EUR EX in connection with the 9 11 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 his her conclusions from these two replies from the press offices of BaFin and Deutsche Borse Regarding the topic of option trades related to 9 11, I once more talked with Swiss historian Dr Daniele Ganser Operation Gladio , 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 T his 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 speculat ions 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 9 11 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 09 07659-FOIA 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 S eptember 11 9 11 Commission Report 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 9 11 Commission came to their conclusions regarding the 9 11 put options trading for their final report, because relevant documents were not only held back, but also destroyed 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 9 11 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-9 11 trading activity in companies whose stock plummeted after the attacks Some unusual trading did in fact occur, but each such trade proved to have an innocuous explanation For example, the volume of put options investments that pa y off only when a stock drops in price surged in the parent companies of United Airlines on September 6 and American Airlines on September 10 highly suspicious trading on its face. Yet, further investigation has revealed that the trading had no connection with 9 11 A single 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 f ound that the apparently suspicious consistently proved innocuous Joseph Cella interview Sept 16, 2003 May 7, 2004 May 10-11, 2004 FBI briefing Aug 15, 2003 SEC memo, Division of Enforcement to SEC Chair and Commissioners, Pre-September 11, 2001 Trading Review, May 15, 2002 Ken Breen interview Apr 23, 2004 Ed G interview Feb 3, 2004.The author Mark H Gaffney commented on this finding of innocuousness. Notice 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-9 11 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 9 11 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 report s conspicuous avoidance of the lion s share of the insider trading issue. Indeed, if the trading was truly innocuous , as the report states, the n 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 need to know , 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 9 11 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 transact ions We know about this thanks to a 9 11 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 9 11 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 9 11, 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 9 11, 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, Bush s brother Marvin was also on the board. Walker s 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 no ties to terrorism there was no reason to pursue the investigation 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 nice detective work Ryan, who s in my humb le opinion one of roughly 10 people around the world who have to be taken seriously regarding 9 11, replied. You are referring to my paper Evidence for Informed Trading on the Attacks of September 11 See here The following two references from the paper are relevant to what you are describing 2 9 11 Commission memorandum entitled FBI Briefing on Trading prepared by Doug Greenburg, 18 August 2003, 22.The 9 11 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 9 11.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 9 11 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 9 11 and the FBI director from 1993 to June 2001 joined a company suspected of 9 11 insider trading, we might want to go back and actually investigate the SEC s fla gging of that company But, of course, that was not the case In 2009, Bandar Bush 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 9 11 hijackers, Khalid Al-Mihdhar and Nawaf Al-Hazmi 35.But let s 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 9 11 insider trading though it seems to be very unlikely that no backup existed elsewhere independent of the local computer systems In fact, some technolo gy 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 suspicions that some of the 911 transactions were illegal. The 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, says Convar director Peter Henschel 36 Convar received the costly orders according to Kirschbaum s report the companies had to pay between 20,000 and 30,000 per rescued computer in particular from credit card companies, because There 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 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 unfolded 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 illegal transfers of more than 100 million might have been made immediately before and during the disaster There 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, he says The y thought that the records of their transactions could not be traced after the main frames were destroyed 38.Wagner s observation that there had been illegal financial transactions shortly before and during the WTC disaster 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, b ut 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 ars publicandi 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 one of the nation s 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 40.At the time of the 9 11 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 Off ice of Emergency Management OEM , which occupied office space on the 23rd floor of the WTC Building 7 Hauer helped former FBI agent John O Neill to get the post of the head of Security Affairs at the WTC, and spent the night of September 11 with O Neill in New York before the latter lost his life on September 11 in the WTC Hauer was most likely involved in the planning of Tripod II , 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 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 tw o 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 Kirschbaum s Reuters article and additional cinematic reports on Convar s which showed that some of the WTC disks had not been completely destroyed or vaporized I stated to KrollOntrack Your answer does not seem to match the facts, when it comes to completely destroyed or vaporized Will you still stick to your answer. KrollOntrack then replied that their previously given assessment constituted not a statement, but an opinion. 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 Convar s activities. One film report to whi ch 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 9 11 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 9 11 Commission, which was released in May 2009.The 9 11 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 the assembled agents expressed no knowledge of the reported hard-drive recovery effort or the alleged scheme but above all everything at the WTC was pulverized to near powder, making it extremely unlikely that any hard-drives survived 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 highly sensitive matter with several federal agencies of the United States gover nment. 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 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 9 11-insider trading. Catherine Austin Fitts Well, I ve never been able to see concrete evidence that the insider trading has been proved There s 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 hasn t been documented. I think around situations like 9 11 we ve seen things that can only be explained as insider trading Therefore, it wouldn t surprise me if it turns out the allegations are true, because my suspicion is that 9 11 was a n extremely profitable covert operation and a lot of the profits came from the trading It wouldn t 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 haven t exercised them If anything, right after 9 11, 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 9 11.Catherine Austin Fitts 9 11 was extraordinarily profitable for Wall Street, they of course got a kind of Get Out of Jail Free card as I ve 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 Fitzgerald s headquarters were located in the North Tower of the WTC floors 101-105 On 9 11, 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 Cui bono 9 11.Catherine Austin Fitts In addition, the federal government took the position that they couldn t produce audited financial statements after 9 11, because they said the office at the Pentagon that produced financ ial 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 Get Out of Jail Free card for four trillion dollars and more missing from the federal government So if you re just looking at the financial fraud angle, there were a lot of parties that benefited from 9 11 But then of course what 9 11 did, it staged the passage of the Patriot Act and a whole series of laws and regulations that I collectively refer to as The Control on Concentration of Cash Flow Act It gave incredible powers to centralize. In addition, if you look at monetary policies right after 9 11 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 hadn t talked to since before 9 11, and he said to him Oh Harry, I am so sorry about what has happened, it mus t have been very traumatic And the guy said Don t be ridiculous We were able to borrow cheap short and invest long, we re running a huge arbitrage, we re making a fortune, this is the most profitable thing that ever happened to us 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 You could see that the country was being prepared to go to war And sure enough, 9 11 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 9 11, 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 9 11 are also the arms manufacturer Raytheon, whose share price gained directly from the 9 11 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 9 11, 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 b efore the attacks and then, after resumption of trade, a gap 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 investme nts, 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 war on terror , engaging the Tomahawks from Raytheon And here it may again be useful to have a quick look at the cui bono 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 9 11 insider trading with one of the world s 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 D id suspicious trading activities of uncovered put options on futures markets occur shortly before 9 11.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. Let s sum up a bit at the e nd We have, among other things. The nice detective work by Kevin Ryan related to Stratesec Wirt Walker III. Some highly inconsistent information vis-a-vis Convar illegal credit card transactions. Scientific papers supporting the allegations that there were indeed unusual trading activities in the option market before the terrorist attacks of 9 11, although the 9 11 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 to give the FBI the opportunity to give a public statement with regards to three specific issues Those three specific issues were the ones I have just highlighted Related to each of them I ve asked Mr Bresson the FBI Could you comment on this for the public, please Up to this moment, Mr Bresson the FBI did not respond to my inquiry in any way whatsoever Does this come as a surprise. I ve also got back in touch with ars publicandi , the firm that does public relations for Convar in Germany The response said Unfortunately I have to inform you that the status has not changed, and that Convar considers the issue of 9 11 as dead in general. 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 9 11 are concerned, I want to give Max Keiser the last word in order to point out the significance of the story. Max Keiser Reg ardless of who did it, we can know that more than a few had advance warning 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 9 11 Insider Trading, or You Didn t 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 09 11 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 S P 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 SEC s 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 CIA s 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 S P 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 Barron s on October 8, 2001. 22 Wong, Thompson, Teh Was there Abnormal Trading in the S P 500 Index Options Prior to the September 11 Attacks. 25 Marina Alcaraz 11 septembre 2001 des volumes inhabituels sur les options peu avant l attentat , 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. 31 Vgl Lars Schall Sapere Aude , German Interview with Dr Daniele Ganser, published at on August 18, 2011 under. 32 Compare a copy of the letter by the SEC on 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 9 11 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, 9 11, Afghanistan, and Central Asia , The Asia-Pacific Journal, Vol 10, Issue 12, No 3, March 19, 2012, online at. 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. 42 Lars Schall 9 11 Was A Fantastically Profitable Covert Operation , Interview with Catherine Austin Fitts, published at 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. 44 Lars Schall 9 11 Was A Fantastically Profitable Covert Operation , see endnote 42. 45 Compare Bank of America among 38 stocks in SEC s 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 9 11 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 Germany s Elusive Gold Reserves Keiser Report Selective Amnesia for Brokers Murderers In the second half of the show Max talks to independent journalist, Lars Schall. Terror Trading 9 11 Terror Trading 9 11 by Lars Schall and Michael Leitner is a video dedicated to the topic of the alleged informed trading activities. Posted in Allgemein. September 11 Put Call. Claim In the days just prior to the 11 September 2001, large quantities of stock in United and American Airlines were traded by persons with foreknowledge of the upcoming 9 11 attacks. Origins On 11 September 2001, four planes were hijacked and used in the Attack on America American Airline s Flight 11 leaving Boston bound for Los Angeles, American Airlines Flight 77 leaving Washington bound for Los Angeles, United Airlines Flight 175 leaving Boston bound for Los Angeles, and United Airlines Flight 93 leaving Newark bound for San Francisco Each of these planes was deliberately crashed, killing all on board two into the World Trade Center towers, one into the Pentagon, and one into a field in Pennsylvania Only the delay in takeoff of UA Flight 93 and the actions of the alerted passengers on board prevented it from becoming yet another instrument of destruction resulting in an even greater loss of life. The operation had taken years to plan, and the perpetrators knew well in advance which airlines would be affected. In the month prior to the 11 September 2001 attacks on the World Trade Center and the Pentagon, unusual trading activity involving American and United Airlines stock was noted by market analysts who at the time had no idea what to make of it Wildly unusual discrep ancies in the put and call ratio 25 to 100 times normal were reportedly observed in stock options of the two airlines In one case, Bloomberg s Trade Book electronic trading system identified option volume in UAL parent of United Airlines on 16 August 2001 that was 36 times higher than usual. Options are wagers that the price of a 100-share block of a particular stock will rise or fall by a certain date Puts are shorts bets the stock price will fall Calls are bets the price will rise Thus, one who has reason to believe a particular company is about to suffer a terrible reversal of fortune would purchase puts against that entity s stock. But it was during the final few trading days the market closes on weekends that the most unusual variances in activity occurred Bloomberg data showed that on 6 September 2001, the Thursday before that black Tuesday, put-option volume in UAL stock was nearly 100 times higher than normal 2,000 options versus 27 on the previous. On 6 and 7 September 2001, the Chicago Board Options Exchange handled 4,744 put options for United Airlines stock, translating into 474,000 shares, compared with just 396 call options, or 39,600 shares On a day that the put-to-call ratio would normally have been expected to be roughly 1 1 no negative news stories about Un ited had broken , it was instead 12 1.On 10 September 2001, another uneventful news day, American Airlines option volume was 4,516 puts and 748 calls, a ratio of 6 1 on yet another day when by rights these options should have been trading even No other airline stocks were affected only United and American were shorted in this fashion. Accelerated investments speculating a downturn in the value of Morgan Stanley and Merrill Lynch two New York investment firms severely damaged by the World Trade Center attack were also observed. The National Commission on Terrorist Attacks Upon the United States also known as the 9 11 Commission investigated these rumors and found that although some unusual and initially seemingly suspicious trading activity did occur in the days prior to September 11, it was all coincidentally innocuous and not the result of insider trading by parties with foreknowledge of the 9 11 attacks. Highly publicized allegations of insider trading in advance of 9 11 generally rest on reports of unusual pre-9 11 trading activity in companies whose stock plummeted after the attacks Some unusual trading did in fact occur, but each such trade proved to have an innocuous explanation For example, the volume of put options instruments that pay off only when a stock drops in price surged in the parent companies of United Airlines on September 6 and American Airlines on September 10 highly suspicious trading on its face Yet, further investigation has revealed that the trading had no connection with 9 11 A single U S - based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10 Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U S - based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades The SEC and FBI, aide d by other agencies and the securities industry, devoted enormous resources to investigating this issue, including securing the cooperation of many foreign governments These investigators have found that the apparently suspicious consistently proved innocuous. Last updated 11 December 2005.Sources Carpenter, Dave Option Exchange Probing Reports of Unusual Trading Before Attacks The Associated Press 18 September 2001.Schoolman, Judith Probe of Wild Market Swings in Terror-Tied Stocks New York Daily News 20 September 2001 p 6.Toedtman, James and Charles Zehren Profiting from Terror Newsday 19 September 2001 p W39.