911 Lager Put Opsjoner

Det var svært høy handel med kvotevilkår på amerikansk flyselskap og United Airlines, umiddelbart før 911. Disse var effektivt gambler som deres aksjekurser ville falle, noe som selvfølgelig er det som skjedde da angrepene fant sted. Dette viser at handelsmenn må ha hatt forhåndskunnskap om 911. Dette er en kompleks historie, men påstandene don8217t samsvarer alltid med virkeligheten. Selv om det var høye volumer som var omsatt i disse dager, var de for eksempel svært uvanlige ettersom enkelte nettsteder hevder. Her er en analyse. Det var veldig gode grunner til å selge American Airlines-aksjer også, da de8217d kun annonserte en rekke dårlige nyheter. Les mer her. United Airlines-aksjer var også i prisfall. Hvis investorene forventet at de skulle løslate dårlige resultater, ville deres put-alternativer også være verdt å kjøpe (selv om du husker at UAL setter volumer weren8217t høyest i året uansett). Her er våre tanker. Noen peker på historier som de 8220krevde million8221 fra UAL, har som en uheldig forklaring, men vi er uenige. Her er hvorfor. Det var mye snakk om potensielle innsideforretninger i andre aksjer også. Vi har undersøkt disse på noen dybder, men det er verdt å påpeke at noen tror at påstandene var overblown. Hva med de fleste av opsjonene som blir satt gjennom en CIA-koblet bank Vi var overbevist om. 911-kommisjonens rapport nevner dette spørsmålet i notatene til kapittel 5: kvote En enkelt amerikansk institusjonell investor uten mulige bånd til al-Qaida kjøpte 95 prosent av UAL-setter den 6. september som en del av en handelsstrategi som også inkluderte å kjøpe 115 000 aksjer av amerikansk 10. september. Tilsvarende ble mye av den tilsynelatende mistenkelige handelen i amerikansk 10. september sporet til et spesifikt amerikanskbasert opsjonshandelsnyhetsbrev, fakset til sine abonnenter søndag 9. september, som anbefalte disse tradesquot. Kanskje den sterkeste utfordringen til denne konklusjonen kommer fra professor Allen M Poteshman fra University of Illinois i Urbana-Champaign. Han bestemte seg for å undersøke dette videre, analysere markedsdata statistisk for å prøve å vurdere trades8217-betydningen. Professor Poteshman påpeker flere grunner til å stille spørsmål om forkunnskapsargumentet: Til tross for synspunkter fra de populære media, ledende akademikere og opsjonsmarkedet fagfolk, er det grunn til å stille spørsmål om at det er bevis for at terrorister handles i opsjonsmarkedet foran september 11 angrep. En begivenhet som tviler på beviset er krasjet av et American Airlines-fly i New York City 12. november. Ifølge OCC-nettstedet, tre handelsdager før, 7. november, varslingsforholdet for opsjoner på AMR-aksjen var 7,74. På grunnlag av uttalelsene om sammenhengen mellom opsjonsmarkedsaktivitet og terrorisme kort etter 11. september, ville det vært fristende å utlede fra dette anropsforholdet at terrorisme trolig var årsaken til krigsulykket den 12. november. Deretter ble terrorismen imidlertid utelukkende utelukket. Selv om det kan være tilfelle at et unormalt stort AMR-anropsforhold ble observert tilfeldig den 7. november, hevder denne hendelsen absolutt spørsmålet om hvorvidt utbudsforhold så store som 7,74 faktisk er uvanlige. Utover den 12. november flyulykke, gir en artikkel utgitt i Barron8217s 8. oktober (Arvedlund 2001) flere flere grunner for å være skeptisk til påstandene om at det er sannsynlig at terrorister eller deres medarbeidere handlet AMR og UAL-alternativer før angrepene den 11. september. For det første bemerkes artikkelen at den tyngste handelen i AMR-alternativene ikke fant sted i de billigste, kortest daterte putene, noe som ville ha gitt den største fortjenesten til noen som visste om de kommende angrepene. Videre hadde en analytiker utstedt en anbefaling på 8220sell8221 om AMR i forrige uke, noe som kan føre til at investorer kjøpte AMR-putter. På samme måte hadde aksjekursen på UAL nylig blitt nektet til å bekymre seg om tekniske handelsfolk som kanskje har økt sin kjøpskjøp, og UAL-opsjoner er tungt omsatt av institusjoner som sikrer sine aksjeposisjoner. Endelig økte handelsmenn som gjorde markeder i opsjonene ikke spørprisen da ordrene ankom som de ville ha hvis de trodde at ordrene var basert på uønsket ikke-offentlig informasjon: markedstakerne syntes ikke å finne at handelen skulle være ute av det vanlige da det skjedde. business. uiuc. edupoteshmaresearchpoteshman2006.pdf Men han utarbeider en statistisk modell, som han foreslår, er i tråd med forkunnskap etter alle: VI. Konklusjon Alternativhandlere, bedriftsledere, sikkerhetsanalytikere, utvekslingsansatte, regulatorer, anklagere, beslutningstakere, og 822 ganger ganger82 i offentligheten har en interesse i å vite om uvanlig opsjonshandel har skjedd rundt visse hendelser. Et godt eksempel på en slik begivenhet er terrorangrepene den 11. september, og det var faktisk en stor spekulasjon om hvorvidt opsjonsmarkedsaktivitet indikerte at terrorister eller deres medarbeidere hadde handlet i dagene frem til 11. september på forhånds kjennskap til overfallende angrep. Denne spekulasjonen fant imidlertid sted i fravær av forståelse av de relevante egenskapene ved opsjonsmarkedshandel. Dette papiret begynner med å utvikle systematisk informasjon om fordelingen av opsjonsmarkedsaktivitet. Den konstruerer referansefordelinger for opsjonsmarkedsvolumstatistikker som måler på ulike måter i hvilken grad utenlandske produsentvolum etablerer opsjonsmarkedsposisjoner som vil være lønnsomme dersom den underliggende aksjekursen stiger eller faller i verdi. Fordelingen av denne statistikken beregnes både ubetinget og når det er påkrevd på det samlede nivået av opsjonsaktivitet på underliggende aksje, avkastnings - og handelsvolum på underliggende aksje, og avkastningen på det samlede markedet. Disse fordelingene brukes da til å bedømme om opsjonsmarkedshandelen i AMR, UAL, Standard og Poor8217s flyselskapsindeks og SampP 500-markedsindeksen i dagene frem til 11. september var faktisk uvanlig. Alternativene for markedsvolumforhold som vurderes, gir ikke bevis for uvanlig opsjonsmarkedshandel i dagene frem til 11. september. Volumforholdene er imidlertid konstruert av lang og kort settvolum og lang og kort samtale volum, bare ved å kjøpe putter ville ha vært den enkleste måten for noen å ha handlet i opsjonsmarkedet på forhånd for bekjennelse av angrepene. Et mål på unormalt langt settvolum ble også undersøkt og sett på unormalt høye nivåer i dagene som førte til angrepene. Følgelig konkluderer papiret at det er tegn på uvanlig opsjonsmarkedsaktivitet i dagene frem til september 11 som er i samsvar med investorer som handler på forhånds kjennskap til angrepene. business. uiuc. edupoteshmaresearchpoteshman2006.pdf Et problem som bekymrer oss om dette er mangelen på analyse av strengen av dårlige nyheter som ble levert av American Airlines den 7. september, handelsdagen før 10. september, da den viktigste handelen skjedde. Professor Poteshman fortalte oss via e-post: Studien min inkluderer kvantile regresjoner som står for markedsforholdene på bestemte aksjer. Derfor er det i det minste en første ordrekorreksjon for de negative nyhetene som kom ut den 7. september på AMR. Men kan du virkelig behandle nyhetene, så bare professor Paul Zarembka støtter påstandene, sier: Poteshman finner. disse kjøpene av opsjoner på American Airline lager. hadde bare 1 prosent sannsynlighet for å forekomme rett og slett tilfeldig. patriotsquestion911professors. html Men vi8217 sier ikke at de var tilfeldige, heller at de kanskje har vært et rasjonelt svar på signifikante dårlige nyheter som ble levert dagen før. Poteshman sier i hovedsak (med hensyn til AMR) at folk kjøpte for mange setter for at det skal forklares av 97 nyhetene, derfor er det nødvendig med en annen forklaring, men hvordan kan du si det uten å analysere nyhetene selv? hadde vært 8220we8217ll sannsynligvis være konkurs i seks måneder8221 så ville satsereglene sannsynligvis ha vært enda mer signifikante, og Poteshman8217s modell ga enda mer bekreftelse på 8220unusual opsjonsmarkedsaktivitet8221, men ville det ha gjort ideen om forkunnskap mer sannsynlig. Vi tror ikke det. Åpenbart var AMR-nyheten mindre viktig, men vi vil fortsatt si at du ikke nøyaktig kan bedømme betydningen av disse handelen før du tar den i betraktning. En annen komplikasjon her kommer i det faktum at sette volumer i disse aksjene var normalt lave, fra det vi leser, og dette gjør det åpenbart lettere for pigger å vises. 911-kommisjonen sa: En enkelt amerikansk institusjonell investor uten mulige bånd til al-Qaida kjøpte 95 prosent av UAL-saken den 6. september som en del av en handelsstrategi som også inkluderte å kjøpe 115 000 aksjer av amerikansk 10. september. Tilsvarende mye av den tilsynelatende mistenkelige handelen i amerikansk 10. september ble sporet til et spesifikt amerikanskbasert opsjonshandelsbrev, fakset til sine abonnenter søndag 9. september, som anbefalte disse handlene. Den 6. september UAL-setter vil automatisk vises betydelig, da, selv om bare en investor var angivelig bak dem. Men betyr det egentlig at du kan matematisk indikere at det er sannsynlig at investor hadde forkunnskap til 911 uten å vurdere de andre markedsforholdene og informasjonen som er tilgjengelig på den tiden. Og det er en lignende historie med AMR-handelen. Nyhetsbrev og delte tipsters leverer pigger i handel hver dag, i hvert fall her i Storbritannia. Det var dårlige nyheter på fredag ​​som kanskje godt har rettferdiggjort nyhetsbrevet som tyder på at kjøper skal kjøpes (og hvis nyheten hadde lekket eller blitt mistenkt før utgivelsen, kan du også ha en forklaring på tidligere kjøp også). Professor Poteshman ser ut til å si at handelsmennene var mer pessimistiske om AMRs fremtid enn de burde ha vært, at de overreagerte til nyheten og kjøpte flere putter enn han forventet, men da var hans statistikk hovedsakelig basert på handel individuelle beslutninger (en institusjon eller privatperson bestemmer seg for å kjøpe noen setter). Nyhetsbrev aren8217t alltid slik. Mange kjøpes av folk som gjør lite forskning selv, og følger bare anbefalte anbefalinger. Derfor, hvis forfatteren av nyhetsbrevet sier 8220buy setter8221, så er det mange av dem som vil gjøre, og jo høyere sirkulasjon av nyhetsbrevet, desto større blir resultatet av 8220abnormal trades8221. Anyway, Skrue Loose Change reist et lignende problem eller to som du kanskje vil vurdere. Og vær så snill å avslutte dette her: gå til Poteshman8217s papir. bare for å vurdere dette selv. Hvis du ikke er god til statistikk, vil noe av det få øynene til å glasere over, garantert, men det er også interessante kommentarer som er tilgjengelige for alle, så generelt er det verdt å lese. Rense som gjorde AA-alternativene Dager før 911 Kan du forsterke denne kommentaren, vennligst ved Walter J. Burien, Jr. CAFR1 12-30-3 Spørsmål fra: John Kaminski skylaxcomcast 12-30-3 Herrer: Kan vi alle forene oss på en enkelt oppgave: finne ut hvem som plasserte Ordrer for quotputquot-alternativene i dagene umiddelbart før 911 Diskusjoner Ive hadde i vedlagte e-post synes å indikere at denne informasjonen er tilgjengelig og ikke beskyttet av begrensninger om finansiell offentliggjøring. Vennligst undersøk vedlagte og brainstorm hvordan vi kan få denne informasjonen til det offentlige sfæren. Det kan være tråden å unravel mysteriet. Å oppdage navnene til de som tilsynelatende hadde forkunnskaper om 911, som angitt av deres quotsavvyquot-spill på formuer av amerikanske og amerikanske flyselskaper, er et nødvendig første skritt mot å forhøre disse personene for å finne ut hvor de fikk sin informasjon, noe lovhåndhevelsessamfunnet burde gjør, men åpenbart isnt. Beste ønsker, John Kaminski SVAR FRA Walter Burien WJBCAFR1 12-30-3 John: De fem millioner dollar som genereres fra det uanmeldte 911 American Airline put-alternativet, er virkelig chump-endring. Morgenen 911 flyttet amerikanske obligasjoner i 3 til 4 minutter med 1,5 poeng frem og tilbake tre ganger eller 1500 pr kontrakt i sekunder tre ganger på mindre enn 4 minutter. De fleste institusjonelle handelsmenn handler i blokker på 500 til 3000 kontrakter. Daglige transaksjoner er 350.000 til 400.000 kontrakter som handles. Markedet for obligasjonsmarkedet ble suspendert omtrent en halv time etter angrepet. Når det gjenåpnet flyttet det i flere dager med 5 poeng. Noen som har 1000 kontrakter, ville ha samlet fem millioner dollar med en million. Internasjonal og innenlandsk aksjeindeks futures ville ha høste over femten millioner med en million. Gjett hvem som gjorde det største drapet på korte internasjonale og innenlandske aksjeindeksstillinger. Hvilken gruppe holdt tiotusenvis av korte stillinger som gikk inn i 911 som høste rundt 250 milliarder dollar i blink av et øye. Hint Begynner med en G og slutter med en T . Følgende opplysninger er avgjørende for å forstå hva du er og har sett å finne sted i Markets. Jeg vil begynne med et klipp fra Allen Greenspan, som ble sitert i Wall Street Journal i 2000 og sa at han var: quotConcerned om den åtti tusen dollar dollar internasjonale derivatmarkedet. quot Det han ikke sa var at den sammensatte USA Statens investeringsfond var den primære brukeren, spilleren, manipulatoren og profittene innenfor det 80 billion dollar-derivatmarkedet. Statens investeringsfond er profesjonelle korte spillere uten likeverd i opposisjon. Et derivat gir muligheten til å selge markedet quotshortquot på papir selv om du ikke eier aksjene, råvaren, valutaen, obligasjoner osv. Statens investeringsforvaltere de siste 30 årene har blitt veldig kjent med å bruke denne taktikken for å høste i hundrevis av milliarder dollar hvert år Regjeringen, som kontrollerer de økonomiske rapportene, mediedekningen og rikdom, er i stand til å manipulere det ovennevnte og skape et miljø for å sikre betydelig inntekt mens alle andre ligger på skulder av veien som bløder til døden . I tre måneder før og gikk inn i 911 hadde statens investeringsfond økt sine korte stillinger til de største diversifiserte kortposisjonene de hadde hatt. Se på et diagram for en vare eller lager. Prisene kollapser fire til fem ganger raskere enn de stiger. Ved å selge på det innenlandske og internasjonale derivatmarkedet, gjør dette det største kvotekvoten, og det er alt på papir. Du behøver ikke å eie den fysiske aksjen eller varen. Ved å bruke derivater, og hvis du har evnen til å manipulere markedet som det var tilfelle på 911, tar du pengene fra de som eier fysisk lager eller vare. EKSEMPLER: Selg en gull futures kontrakt (på papir) på 400 oz og kjøp den tilbake til 200, marginkrav for å gjøre det på 100 unser er 1000. Nå 400 - 200 200 x 100 ounces 20 000 bruker 1000 Selg et anropsalternativ eller kjøp en sette opsjon på Microsoft aksje på 100 per aksje og deretter likvidere opsjonen ved 50, du har nettopp gjort 50 per aksje på kvoteringskortet ditt. Hvis prisen beveger seg i retning av din korte derivatposisjon, blir det gjort betydelige gevinster, og du oppnår dette, og du eier ikke den fysiske aksjen, varen eller valutaen. Et monopol (som: US Composite Government Funds) som styrer svingene i markedene, vil høste uhørt overskudd på hver dramatisk sving. Hvis det ikke er volatilitet, opp eller ned, blir profitt ved bruk av derivater vesentlig redusert. De overordnede offentlige investeringsfondene er i trillioner av dollar. Mindre enn 450 ledere kontrollerer 80 av inntektene. De skriver i så mange ord til samme nyhetsbrev og diskuterer strategi på samme klubb. Da publikum hadde hundrevis av milliarder dollar likvideres fra sine 401k planer som markedsdommen lavere og lavere, på en rask måte, statens investeringsfond gjennom bruk av derivater, overfører denne formuen til deres ledelseskontoer og hender. Se på bunnlinjen på statens investeringsporteføljer. De vil ha tatt betydelige tap på sine fysiske aksjer, men deres avledte fortjeneste vil i stor grad oppveie disse tapene eller faktisk i mange tilfeller vise en netto fortjeneste mot de samlede resultatene (Se nøye på Kontanter trekker over overføringer som gjør motsetning av disse fortjenestene for å gi utseendet til et årlig driftstap) Publikum gir likviditet på markedet for å tillate det største monopolet verden noensinne har kjent for å sikre mer rikdom. Din regjering på jobb Sammenlign private sektors avkastning på investeringer i 2001, 2002 (dårlige) sammenlignet med regjeringen, kvotering av kvoter i samme tidsperiode. (Vesentlige) amerikanske regjeringsfond har og gjør det samme på de internasjonale markedene også. Gjennom bruk av derivater kontrollerer kvoteubstantialquot amerikanske regjerings investeringsfond aksjemarkedet, gullprisene, valutaprisene, etc. Absolutt finansiell kontroll av det største monopolet på jorden Enhver varevare, det internasjonale aksjemarkedet eller bedriftskompleksene verdier kan sterkt undertrykkes eller over oppblåst i årevis av et monopol ved bruk av derivater. Kontrollert av papirtransaksjoner for forpliktelser om å kjøpe eller selge uten fysisk eierskap av det som er kjøpt eller solgt. Det spiller ingen rolle om prisene går opp eller faller sammen. Når amerikanske regjerings investeringsforvaltere beveger seg i tandem, kontrollerer hendelsene og nyhetene, høster de uanstendig avkastning gjennom bruken av derivater. Hvis du ser på quotWHOquot, holdt hovedparten av quotSHORTquot-derivatposisjonene på de innenlandske og internasjonale aksjeindeksmarkedene før 911 , og så høstet over en trillion dollar i fortjeneste i løpet av uker fra den etterfølgende sammenbruddet av de fysiske markedene, finner du i den gruppen som var ansvarlig for 911. Det er ett problem å finne ut av det. Dermed kontrollerer regjeringen utgivelsen av denne informasjonen gjennom og gjennom de føderale byråene i SEC (Securities Exchange Commission) og CFTC (Commodities Futures Trading Commission). En liten interessekonflikt eksisterer her, nemlig at resultatene av den studien vil vise at USAs regjering holdt flertallet av det internasjonale og innenlandske tilbudet. SHORT posisjoner Flyplassselskapets aksjeopsjonstransaksjon i spørsmålet og at de fleste har hørt om forfremmet i nyhetene, er virkelig Minuscule chump endring i sammenligning. Utvekslingsmedlemmer har tilgang til og beholder arkivoppføringer av dataene fra deres meglerhus og alle andre medlemshus og de er under en nondisclosure-avtale. MEN det ville ikke hindre dem, hvis de ønsket å gjøre det, også tabulere transaksjonene og utstede en quotGenericquot-rapport, en bestemt og målrettet generisk rapport. Her må du ha en betydelig kontakt i medlemmers økonomiske samfunn. Selv om denne typen generisk rapport ikke ville være i strid med deres nondisclosure-avtale, ville de være døde hvis de utgav rapporten basert på hva den ville vise og sterkt bevis (offentlige investeringsfond var den primære velgjører), så anonymitet måtte holdes når Den generiske rapporten fra de spesifikke strømningsfunnene ble utgitt. Den generiske rapporten vil innebære å offentliggjøre spesifikasjonene bak rapporten ved offentlig og internasjonal protest. Ja, regjeringen forbereder seg på et opprør i dette landet. Så de trengte å lede det offentlige øye til en langt bort fiende slik at de kan sikre kontrollen her. Grådighet har blomstret i regjeringens sirkler. Resultatet av denne grådigheten har vært uanstendig, og den resulterende skade på moral og helse i dette landet som svar er sykdommen. Resultatene av overtakelsen av den amerikanske rikdommen har blitt gjort nesten utelukkende på papir gjennom manipulering av lovgiver, domstol og advokatkompleks i løpet av de siste 60 årene med samarbeidet med de syndikerte nyhetsmedier og utdanning. Med erobringen som ble gjort ved å overføre rikdommen på papir, var konsekvensene for quottakersquot nesten ikke-eksisterende. Regjeringens handelsregnskap presser 65 av papiret i disse markedene. Offentlige investeringsfond krever offentliggjøring dersom de forfølges. CFTC - og SEC-data-båndet er definitivt for volum og posisjoner som holdes hvert sekund av dagen. De generelle stillingsstrømmene har ingen begrensninger fra avsløring mellom utvekslingsmedlemmer. De arkiverer og deler det i det finansielle samfunnet av utvekslingsmedlemmer som produserer og rydder dataene. Når det gjelder individuelle regnskap, er private konfidensielle, men offentlige investeringsfond som håndteres av private ledere, er ikke og kan ikke holdes konfidensielle dersom de åpnes av en endelig rettskjennelse fra en kompetent jurisdiksjon. Ledelse for all hensikt og formål bølger håndhevelse av nondisclosure regler når håndtering av offentlige midler. En forsettlig dekning av enhver offentliggjøring som kommer frem i denne arenaen pr. Overordnet statlig investeringsfondsposisjoner, vil ikke være noe annet enn forræderi av sterkeste grad, under noen avkallingsfarge. Visningen av derivattransaksjoner både på innenlandske og internasjonale fronter vil brenne regjeringens fasade i live. Basert på fondspordere holdt statens fondskonto sine største kortposisjoner, quoteverquot går inn i 911. Vel, de innfødte blir rastløse Prisen er flott, eierskap av dette landet og fremtidig kontroll over planeten Hmm Homeland Security Men du må spørre deg selv , quotsecurity for whoquot Er svaret å bli åpenbart for deg, men innfødte kan være pesky små skapninger når de innser at deres familier, hustruer og barn er blitt voldtatt. De kan bli veldig fiendtlige når de innser at deres rikdom ble skutt helt ut av sine hender uten noen konsekvens for kvoterne. Quot Innfødte kan opprør når de skjønner disse tingene og tar vred mot kvoterne, fortsetter å presse for å indoktrinere dem og deres barn så at det som er tatt og blir tatt, vil fortsette å være uformelt. Her er en eldgammel taktikk som takerne bruker når innfødte blir rastløse: Når taktakerne hører de tilfeldige krigstrommene begynner å slå hjemme sterkere og sterkere fra innfødte på grunn av misbruk av takerne, vil takerne bruke sin godt strukturert organisasjon å gjenskape krangletrommene i hjemmet med deres valgte mål nå markedsført til de innfødte. Ved å gjøre det kan den innfødte oppmerksomheten og fiendtligheten være nøye kontrollert og rettet bort fra takerne og mot noen quototherquot-enhet, den opprinnelige fienden langt unna. Når, og som dette skjer, se ut. Taktakerne skaper et scenario med absolutt kontroll, og innenfor denne typen miljø vil takerne bli hensynsløs utover alle tiltak etter å ha styrket ekstra kontroll. WW1, WW2, WW3 Krigen trommer blir spilt konsekvent høyere av takers Innfødte har ikke råd til å sitte på sidelinjen her Walter Burien Postboks 2112 Saint Johns, Arizona 85936 CAFR1 Video Utgivelse - 121203 - TNT (The National Tea Party) Selvtillit i regjeringens utelukkende skatt. Walter Burien (AKA: Bubien) CTA (Commodity Trading Advisor) på 14 år (1978-92) Salgsansvarlig: US Trading Championship Money Managers Verified Ratings 10 år. (1982-1992) Leietaker - 1WTC, NY, NY 1979 - 81 Video Utgivelse - 121203 TNT (The National Tea Party) Selvtillit i regjeringens utelukkende beskatning FORSLAG FRA: Walter Burien Den eneste tingen jeg vil gjerne se noen gjør er: Vis på internett videoen av Bushs reaksjoner da han ble fortalt at 1 WTC-tårn ble rammet og deretter noen få minutter senere etter at den andre ble rammet da han adresserte den gruppen av barn på skolen i FL. (Mange har sett dette) Han viste nesten null (0) reaksjon og fortsatte å adressere barna i 20-25 minutter etter å ha blitt fortalt. OG SEN SHOW A QUOTE IFquot INTERNET VIDEO SOM VISER: Samme innstilling, men denne gangen kommer personen inn og forteller Bush to fly forsøkte å slå WTC Towers, men ble skutt ned før de gjorde. Og nå spretter Bush bort fra podiet og roper quote, og han forlater umiddelbart klasserommet, blir opprørt og skremt ettersom han straks forlater med hjelpemidler. Visuell virkelighet taler tonn. Jeg ville ELSKET å se noen sette ovenstående på nettet, og gjør det snart. Hittelleren på den siden ville begynne å røyke, hvis den ikke briste i flammer. Jeg var en leietaker på WTC1 i 1979-81. Den primære bekymringen noen av leietakere hadde for 20 år siden, var et kapret fly som ble fløyet inn i tårnene. Her er kvoten for å låse opp døren: De omfattende flygeloggene i 20 år fra de 3 militære basene i området, og havnemyndigheten som responderer på luftstrusler, er eksemplariske. Tusenvis av sortier løper som svar på trusler, øvelser, falske alarmer, utført ukentlig eller daglig over 20 år. Tilbake på slutten av syttitallet løp NY Post en artikkel om havnemyndigheten som spottet hvordan deres bemannede 247 responshelikopter ville være i luften innen 4 minutter av et varselanrop som gikk ut etter mulige luftstrusler mot WTC-tårnene. Det er en anledning som jeg er klar over eller i de fleste tilfeller at noen andre er oppmerksomme på i denne eksemplariske oversikten over respons på luftstrusler som dekker over en periode på over tjue år at avskjæringene ikke startet og ble fortalt å stå opp, etter å ha gått høyt varsel innen et minutt eller to av trusselen, ikke fra bare en trussel, men deretter med to, så tre. Den datoen var 91101 Dette er i seg selv det mest fordømmende faktum av dem alle når den 20-årige posten er kommet til lys. Motivet blir så krystallklart ved gjennomgang av den eksemplariske responsrekorden til trusler fra luften mot WTC-tårnene. Nei, selvfølgelig eller uaktsomt fly kom nært. De ble alltid fanget og fortalte å forandre deres kurs, eller de ville bli blåst ut av himmelen. Det var en ingen flysone, og dette skjedde med mange piloter som med vilje eller utilsiktet fløy til nær WTC-tårnene i løpet av de 20 årene. Quote Dont vende deg tilbake og se den andre veien. Skyt en ulv i kyllingskoffet todayquot Walter Burien CAFR1Nå 6. september 2001, torsdagen før tragedien, ble det satt 275 sett på United Airlines og 10. september, dagen før angrepene, ble 2.282 putteoptjoner registrert for amerikanske Airlines. Gitt prisene på det tidspunktet, kunne dette ha gitt spekulanter mellom 2 millioner og 4 millioner i fortjeneste. SUPPRESSED DETALJER AV KRIMINAL INSIDER TRADING LEAD DIRECT IN THE CIAS HØYESTE RANKSER CIA EXECUTIVE DIRECTOR quoteBUZZYquot KRONGARD MANAGED FIRM THAT HANDLEDES quotePUTquot OPTIONS ON UAL av Michael C. Ruppert COPYRIGHT, 2001, Michael C. Ruppert og FTW Publications, copvcia. Alle rettigheter reservert. Kan bare skrives ut eller distribueres for ikke-kommersielle formål. FTW, 9. oktober 2001 - Selv om det er likestilt ignorert av de vanlige amerikanske medier, er det rikelig og tydelig bevis på at en rekke transaksjoner i finansmarkeder angir spesifikk (kriminell) forkjenning av 11. september-angrepene på World Trade Center og Pentagon. I tilfelle av minst en av disse handler - som har etterlatt en 2,5 millioner premie uopptatt - var firmaet som pleide å plassere kvoteringsopsjonen på United Airlines-aksjen, frem til 1998 administrert av mannen som nå er nummer tre Konsernsjefsposisjon ved Central Intelligence Agency. Fram til 1997 A. B. quotBuzzyquot Krongard hadde vært leder av investeringsbanken A. B. Brun. A. B. Brown ble kjøpt opp av Bankers Trust i 1997. Krongard ble da som en del av fusjonen, Vice Chairman of Bankers Trust AB Brown, en av 20 store amerikanske banker oppkalt av senator Carl Levin i år som knyttet til hvitvasking av penger. Krongards siste stilling hos Bankers Trust (BT) var å overvåke quotprivate client relationsquot. I denne kapasiteten hadde han direkte direkte kontakt med noen av de rikeste menneskene i verden i en slags spesialisert bankdrift som ble identifisert av den amerikanske senatet og andre etterforskere som nært knyttet til hvitvasking av narkotikapenger. Krongard (re) kom til CIA i 1998 som råd til CIA-direktør George Tenet. Han ble promotert til CIAs administrerende direktør ved president Bush i mars i år. BT ble kjøpt av Deutsche Bank i 1999. Det samlede firmaet er Europas største bank. Og som vi skal se, har Deutsche Bank spilt flere viktige roller i hendelser knyttet til 11. september-angrepene. OMFANGET FOR BEKENDT INSIDERHANDEL Før du ser nærmere på disse forholdene, er det nødvendig å se på insiderhandelinformasjonen som blir ignorert av Reuters, The New York Times og andre massemedier. Det er godt dokumentert at CIA lenge har overvåket slike handler - i sanntid - som potensielle advarsler om terrorangrep og andre økonomiske tiltak i strid med amerikanske interesser. Tidligere historier i FTW har spesielt fremhevet bruken av Promis-programvare for å overvåke slike bransjer. Det er nødvendig å forstå kun to viktige økonomiske vilkår for å forstå betydningen av disse handlene, quotselling shortquot og quotput optionsquot. quotSelling Shortquot er låneopptak, og selger den til gjeldende markedspriser, men er ikke pålagt å faktisk produsere aksjen i noen tid. Hvis aksjene faller ned etter at den korte kontrakten er inngått, kan selgeren da oppfylle kontrakten ved å kjøpe aksjene etter at prisen har falt og fullføre kontrakten til forkursprisen. Disse kontraktene har ofte et vindu på så lenge som fire måneder. Quote Optionsquot er kontrakter som gir kjøperen muligheten til å selge aksjer på et senere tidspunkt. Kjøpt til nominelle priser på for eksempel 1,00 per aksje, selges de i blokker på 100 aksjer. Hvis de utøves, gir de innehaveren muligheten til å selge utvalgte aksjer på en fremtidig dato til en pris satt når kontrakten utstedes. For en investering på 10.000 kan det således være mulig å knytte 10.000 aksjer i United eller American Airlines til 100 per aksje, og selgeren av opsjonen er da forpliktet til å kjøpe dem dersom opsjonen utføres. Hvis aksjen har falt til 50 når kontrakten forfaller, kan opsjonshaveren kjøpe aksjene til 50 og umiddelbart selge dem for 100 - uansett hvor markedet står da. Et opsjonsalternativ er det motsatte av en put-opsjon, som i virkeligheten er en derivatsats som aksjekursen vil gå opp. En 21 september-historie fra Israels Herzliyya International Policy Institute for Kontra terrorisme, med tittelen "Black Tuesday": Verdens største insiderhandel Scamquot dokumentert følgende bransjer knyttet til 11. september: - Fra 6. til 7. september så Chicago Board Options Exchange kjøpene av 4 744 put options på United Airlines, men bare 396 anropsalternativer. 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 There was very high trading in quotput optionsquot on American Airline and United Airlines, immediately before 911. These were effectively gambles that their share prices would fall, which of course is what happened once the attacks took place. This shows the traders must have had advance knowledge of 911. This is a complex story, but the claims don8217t always match the reality. Although there were high volumes traded on these days, for instance, they weren8217t as exceptionally high as some sites like to claim. Here8217s one analysis. There were very good reasons to sell American Airlines shares, too, as they8217d just announced a string of bad news. Read more here. United Airlines stocks were falling in price, too. If investors anticipated they were about to release bad results then their put options would also be worth buying (although keep in mind that the UAL put volumes weren8217t the highest in the year anyway). Here8217s our thoughts. Some point to stories like the 8220unclaimed millions8221 from UAL puts as having a sinister explanation, but we disagree. Here8217s why. There was plenty of talk about potential insider dealings in other stocks, too. We haven8217t researched these in any depth, but it8217s worth pointing out that some people believe the claims were overblown. What about most of the options being put through a CIA-linked bank We weren8217t convinced. The 911 Commission Report mentions this issue in its notes to Chapter 5: quotA 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 10th was traced to a specific U. S.-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these tradesquot. Perhaps the strongest challenge to this conclusion comes from Professor Allen M Poteshman from the University of Illinois at Urbana-Champaign. He decided to investigate this further, analysing market data statistically to try and assess the trades8217 significance. Professor Poteshman points out several reasons to question the foreknowledge argument: Despite the views expressed by the popular media, leading academics, and option market professionals, there is reason to question the decisiveness of the evidence that terrorists traded in the option market ahead of the September 11 attacks. One event that casts doubt on the evidence is the crash of an American Airlines plane in New York City on November 12. According to the OCC Web site, three trading days before, on November 7, the put-call ratio for options on AMR stock was 7.74. On the basis of the statements made about the links between option market activity and terrorism shortly after September 11, it would have been tempting to infer from this put-call ratio that terrorism probably was the cause of the November 12 crash. Subsequently, however, terrorism was all but ruled out. While it might be the case that an abnormally large AMR put-call ratio was observed by chance on November 7, this event certainly raises the question of whether put-call ratios as large as 7.74 are, in fact, unusual. Beyond the November 12 plane crash, an article published in Barron8217s on October 8 (Arvedlund 2001) offers several additional grounds for being skeptical about the claims that it is likely that terrorists or their associates traded AMR and UAL options ahead of the September 11 attacks. For starters, the article notes that the heaviest trading in the AMR options did not occur in the cheapest, shortest-dated puts, which would have provided the largest profits to someone who knew of the coming attacks. Furthermore, an analyst had issued a 8220sell8221 recommendation on AMR during the previous week, which may have led investors to buy AMR puts. Similarly, the stock price of UAL had recently declined enough to concern technical traders who may have increased their put buying, and UAL options are heavily traded by institutions hedging their stock positions. Finally, traders making markets in the options did not raise the ask price at the time the orders arrived as they would have if they believed that the orders were based on adverse nonpublic information: the market makers did not appear to find the trading to be out of the ordinary at the time that it occurred. business. uiuc. edupoteshmaresearchpoteshman2006.pdf However, he then devises a statistical model, which he suggests is consistent with foreknowledge after all: VI. Conclusion Options traders, corporate managers, security analysts, exchange officials, regulators, prosecutors, policy makers, and8212at times8212the public at large have an interest in knowing whether unusual option trading has occurred around certain events. A prime example of such an event is the September 11 terrorist attacks, and there was indeed a great deal of speculation about whether option market activity indicated that the terrorists or their associates had traded in the days leading up to September 11 on advance knowledge of the impending attacks. This speculation, however, took place in the absence of an understanding of the relevant characteristics of option market trading. This paper begins by developing systematic information about the distribution of option market activity. It constructs benchmark distributions for option market volume statistics that measure in different ways the extent to which non8211market maker volume establishes option market positions that will be profitable if the underlying stock price rises or falls in value. The distributions of these statistics are calculated both unconditionally and when conditioning on the overall level of option activity on the underlying stock, the return and trading volume on the underlying stock, and the return on the overall market. These distributions are then used to judge whether the option market trading in AMR, UAL, the Standard and Poor8217s airline index, and the SampP 500 market index in the days leading up to September 11 was, in fact, unusual. The option market volume ratios considered do not provide evidence of unusual option market trading in the days leading up to September 11. The volume ratios, however, are constructed out of long and short put volume and long and short call volume simply buying puts would have been the most straightforward way for someone to have traded in the option market on foreknowledge of the attacks. A measure of abnormal long put volume was also examined and seen to be at abnormally high levels in the days leading up to the attacks. Consequently, the paper concludes that there is evidence of unusual option market activity in the days leading up to September 11 that is consistent with investors trading on advance knowledge of the attacks. business. uiuc. edupoteshmaresearchpoteshman2006.pdf One issue that troubles us about this is the lack of analysis of the string of bad news delivered by American Airlines on September 7th, the trading day before September 10th, when the most significant trading occurred. Professor Poteshman told us via email: My study does include quantile regressions that account for the market conditions on particular stocks. Hence, there is at least a first order correction for the negative news that was coming out on Sept. 7 on AMR. But can you really treat the news so simply Professor Paul Zarembka supports the claims, saying: Poteshman finds. these purchases of options on American Airline stock. had only 1 percent probability of occurring simply randomly. patriotsquestion911professors. html But we8217re not saying they were random, rather that they may have been a rational response to significant bad news delivered the day before. Poteshman is essentially saying (with regard to AMR) is that people bought too many puts for that to be explained by the 97 news, therefore another explanation is required, but how can you say that without analysing the news itself After all, if that news had been 8220we8217ll probably be bankrupt in six months8221 then the put ratios would probably have been even more significant, and Poteshman8217s model given even more confirmation of 8220unusual option market activity8221, but would that have made the idea of foreknowledge more likely We don8217t think so. Obviously the AMR news was less significant, but we would still say that you cannot accurately judge the significance of these trades until you take it into consideration. Another complication here comes in the fact that put volumes in these shares were normally low, from what we8217ve read, and this obviously makes it easier for spikes to appear. The 911 Commission said: A single U. S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10. Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U. S.-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades. The September 6th UAL puts would automatically appear significant, then, even though only one investor was reportedly behind them. But does that really mean you can mathematically indicate it8217s likely that investor had foreknowledge of 911, without considering the other market conditions and information available at the time And it8217s a similar story with the AMR trades. Newsletters and share tipsters do deliver spikes in trading every day, at least here in the UK. There was bad news on Friday that may well have justified the newsletter suggesting puts be purchased (and if that news had leaked or been suspected prior to release then you might have an explanation for earlier purchases, too). Professor Poteshman appears to be saying that the traders were more pessimistic about the future of AMR than they should have been, that they over-reacted to the news and bought more puts than he8217d expect, but then perhaps his statistics were based primarily on trades being individual decisions (an institution or private individual decides to buy some puts). Newsletters aren8217t always like that. Many are purchased by people who do little research themselves, and simply follow the recommendations provided. Therefore if the author of the newsletter says 8220buy puts8221, then that8217s what many of them will do, and the higher the circulation of the newsletter, the greater the resulting spike of 8220abnormal trades8221 will be. Anyway, Screw Loose Change raised a similar issue or two that you might want to consider. And please don8217t end this here: go read Poteshman8217s paper. just to assess this for yourself. If you8217re not great at statistics then some of it will make your eyes glaze over, guaranteed, but there are also interesting comments that are accessible to everyone, so overall it8217s well worth a read. 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 rettigheter reservert. 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. Brun. 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 Rense Who Made The AA Put Options The Days Prior To 911 Can You Amplify On This Comment, Please By Walter J. Burien, Jr. CAFR1 12-30-3 Question from: John Kaminski skylaxcomcast 12-30-3 Gentlemen: Can we all unite on a single task: finding out who placed the orders for the quotputquot options in the days immediately before 911 Discussions Ive had in the enclosed e-mail seem to indicate this information is available and not protected by financial disclosure restrictions. Please examine the enclosed and brainstorm how we can get this information into the public sphere. It could be the thread to unravel the mystery. Discovering the names of those who apparently had prior knowledge of 911 as indicated by their quotsavvyquot bets on the fortunes of United and American airlines are a necessary first step toward interrogating these individuals to find out where they got their information, something the law enforcement community should be doing but obviously isnt. Best wishes, John Kaminski REPLY FROM Walter Burien WJBCAFR1 12-30-3 John: The five million dollars generated from the unclaimed 911 American Airline put option is truly chump change. The morning of 911, US Bonds moved in 3 to 4 minutes by 1.5 points back and forth three times or 1,500 per contract in seconds three times in less than 4 minutes. Most institutional traders trade in blocks of 500 to 3,000 contracts. Daily transactions are 350,000 to 400,000 contracts traded. The bond market trading was suspended about one half hour after the attack. When it reopened it moved in several days by 5 points. Someone holding 1000 contracts would have reaped five million dollars using one million. International and domestic stock index futures would have reaped over fifteen million using one million. Guess who made the biggest killing on short international and domestic stock index positions What one group was holding tens of thousands of short positions going into 911 that reaped about 250 billion dollars in the blink of an eye Hint Begins with a G and ends with a T. The following disclosures are critical in understanding what you are and have seen taking place in the Markets. I will start off with a clip from Allen Greenspan, who was quoted in the Wall Street Journal in 2000 as saying he was: quotConcerned about the eighty (80) trillion dollar international derivative market. quot What he did not say was that the composite US Government investment funds were the primary user, player, manipulator, and profiteers within that 80 trillion dollar derivative market. The government investment funds are professional short players with no equal in opposition. A derivative gives the ability for selling the market quotshortquot on paper even if you do not own the stock, commodity, currency, bonds, etc. The government investment managers over the last 30 years have become VERY familiar with using this tactic to reap in hundreds of billions of dollars each year The government, who controls the economic reports, media coverage, and wealth is in a position to manipulate the above and create an environment to secure substantial revenue while everyone else is lying on the shoulder of the road bleeding to death. For three months prior and going into 911 the government investment funds had increased their short positions to the largest diversified short positions ever held by them. Look at any chart for a commodity or stock. Prices collapse four to five times faster than they rise. By selling on the domestic and international derivative markets, this makes the largest quotquickquot profits, and it is all on paper You do not have to own the physical stock or commodity. By using derivatives, and if you have the ability to manipulate the market as was the case on 911 you take the money from those that do own the physical stock or commodity. EXAMPLES: Sell a gold futures contract (on paper) at 400 oz then buy it back at 200, margin requirement to do so on 100 ounces is 1000. Now 400 - 200 200 x 100 ounces 20,000 using 1000 Sell a call option or buy a put option on Microsoft stock at 100 per share and then liquidate the option at 50, you just made 50 per share on your quotshortquot option. If the price moves in the direction of your short derivative position substantial moneys are made and you accomplish this not owning the physical stock, commodity, or currency. A monopoly (Such as: US Composite Government Funds) controlling the swings in the markets will reap unheard of profits on each and every dramatic swing. If there is no volatility, up or down then profits using derivatives are substantially reduced. The OVERALL government investment funds are in the trillions of dollars Less than 450 managers control 80 of that revenue They all, in so many words, subscribe to the same newsletter, and discuss strategy at the same club As the public had hundreds of billions of dollars liquidated from their 401k plans as the market dove lower and lower, in a quick yo yo fashion, the government investment funds through the use of derivatives, transfers that wealth into their management accounts and hands. Look at the bottom line on the government investment portfolios They will have taken substantial losses on their physical stock holdings but, their derivative profits will greatly offset those losses or in fact in many a case show a net profit towards the overall results (Look carefully at cash withdraws transfers made offsetting those profits to give the appearance of an annual operating loss) The public provides liquidity in the market place to allow the biggest monopoly the world has ever known to secure more wealth. Your government at work Compare the private sectors return on investments over 2001, 2002 (dismal) compared to governments quotNETquot return over the same period of time. (Substantial) US Government investment funds have and are doing the same on the International markets as well. Through the use of derivatives, the quotsubstantialquot US Government investment funds control the stock market, gold prices, currency prices, etc. Absolute financial control by the largest monopoly on Earth Any, commodity, International Stock market, or corporate complexs value can be strongly suppressed or over inflated for years by a monopoly using derivatives. Controlled by paper transactions for commitments to buy or sell without physical ownership of what is bought or sold. It does not matter if prices go up or collapses. When the US Government investment managers are moving in tandem, controlling the events and news, they reap obscene returns THROUGH THE USE OF DERIVATIVES If you look at quotWHOquot was holding the majority of quotSHORTquot derivative positions on the domestic and international stock index markets prior to 911, and then reaped over a trillion dollars in profits within weeks from the ensuing collapse of those physical markets, you will find in that group who was responsible for 911. There is one problem in finding this out. That being, government controls the release of that information by and through the Federal agencies of the SEC (Securities Exchange Commission) and CFTC (Commodities Futures Trading Commission). A small conflict of interest exists here, being that the results of that study would show US government was holding the majority of the international and domestic quotSHORTquot positions The airline stock option transaction at issue and that most people have heard about promoted in the news is truly minuscule chump change in comparison. Exchange members have access to and keep archive records of the data from their brokerage houses and all other member houses and they are under a nondisclosure agreement. BUT, it would not prevent them, if they wished to do so, too tabulate the transactions and issue a quotGenericquot report, a specific and targeted generic report. Here, you would need to have a significant contact in the financial community of members. Even though this type of generic report would not violate their nondisclosure agreement, they would be dead if they issued the report based on what it would show and strongly evidence (government investment funds were the primary benefactor), so anonymity would have to be kept when the generic report of the specific stream findings was released. The generic report would mandate disclosure of the specifics behind the report by public and international outcry. Yes, government is preparing for an uprising in this country. So they needed to direct the public eye to a far away enemy so that they can secure control here. Greed has thrived within government circles. The results of that greed have been obscene and the resulting damage to the morals and health of this country in response is sickening. The results of the takeover of the American wealth has been done almost exclusively on paper through manipulation of legislature, the judiciary, and Attorney complex over the last 60 years with the cooperation of the syndicated news media and education. With the conquest being done by transferring the wealth on paper, the consequences for the quottakersquot was virtually nonexistent The government trading accounts push 65 of the paper in these markets. Government investment funds are required disclosure if pursued. The CFTC and SEC data tape is definitive for volume and positions held every second of the day. The general position streams have no restrictions from disclosure between exchange members. They archive and share it live within the financial community of exchange members who are producing and clearing the data. When it comes down to individual accounts, private are confidential but government investment funds handled by private managers are not and cannot be held confidential if pried open by any definitive court order from a competent jurisdiction. Management for all intents and purposes waves enforcement of nondisclosure rules when handling government funds. An intentional cover-up on any disclosure coming forth in this arena per overall government investment funds positions held would be nothing other than treason of the strongest degree, under any color of refusal. The showing of derivative transactions both on the domestic and international fronts would burn the governments facade alive. Based on the fund trackers, government fund accounts were holding their largest short positions quoteverquot going into 911. Well, the natives are getting restless The prize is great, ownership of this country and future control of the planet Hmm Homeland Security But you must ask yourself, quotsecurity for whomquot Is the answer becoming obvious to you yet Natives can be pesky little creatures when they realize their families, wives, and children have been raped. They can become very hostile when they realize that their wealth was slipped right out of their hands with no consequence to the quottakers. quot Natives can revolt when they realize these things, and take resentment for the quottakersquot continued push to indoctrinate them and their children so that what has been taken and is being taken will continue unabated. Here is an age old tactic the takers use when the natives get restless: When the takers hear the random war drums starting to beat at home stronger and stronger from the natives due to the abuses of the takers, the takers will use their well structured organization to re-create the pounding of the war drums at home with their selected target afar now being marketed to the natives. By doing so the natives attention and hostility can be carefully controlled and directed away from the takers and towards some quototherquot entity, the created enemy afar. When, and as this happens, look out The takers create a scenario of absolute control, and within this type of environment, the takers will become ruthless beyond all measures after solidifying additional control. WW1, WW2, WW3 The war drums are being played consistently louder by the takers The natives cannot afford to sit on the sidelines here Walter Burien P. O. Box 2112 Saint Johns, Arizona 85936 CAFR1 Video Release - 121203 - TNT (The National Tea-Party) Self Sufficiency in Government quotWithoutquot Taxation Walter Burien (AKA: Bubien) CTA (Commodity Trading Advisor) of 14 years (1978-92) National Sales Manager: US Trading Championship Money Managers Verified Ratings 10 years. (1982-1992) Tenant - 1WTC, NY, NY 1979 - 81 Video Release - 121203 TNT (The National Tea-Party) Self Sufficiency in Government quotWithoutquot Taxation SUGESTION FROM: Walter Burien The one thing I would love to see someone do is: Show on the Internet the video of Bushs reactions when he was told 1 WTC tower was hit and then a few minutes later after the second was hit as he addressed that group of kids at school in FL. (Many have seen this) He showed almost zero (0) reaction and continued addressing the kids for some 20 - 25 minutes after being told. AND THEN SHOW A quotWHAT IFquot INTERNET VIDEO THAT SHOWS: The same setting but this time the person comes in and tells Bush two planes attempted to hit the WTC Towers but were shot down before they did. And now Bush spins away from the podium and yells quotWhatquot and he immediately leaves the classroom, being upset and startled as he immediately leaves with his aids. Visual reality speaks tons. I would LOVE to see someone put the above up on the Web, and do it soon The hit counter on that page would start smoking, if not burst into flames. I was a tenant at WTC1 in 1979-81 The primary concern any of the tenants had 20 years ago was a hijacked plane being flown into the towers. Here is the quotKeyquot to unlock the door: The extensive flight logs for 20 years from the 3 military bases in the area, and Port Authority responding to air threats is exemplary. Thousands of sorties run in response to threats, practice runs, false alarms, done weekly or daily over 20 years. Back in the late seventies the NY Post ran an article about the Port Authority bragging how their manned 247 response helicopter would be in the air within 4 minutes of an alert call going out per possible air threats to the WTC towers. There is one occasion that I am aware of, or in most probabilities that any one else is aware of in this exemplary record of response to air threats covering a period of over twenty years that the intercepts did not launch and were told to stand down, after going on high alert within a minute or two of the threat, not from just one threat but then by two, then three. That date was 91101 This in itself is the most condemning fact of them all when that 20-year record is brought to light. The motive then becomes crystal clear in review of that exemplary response record to threats from the air against the WTC towers. No, off course or negligent aircraft came close. They were always intercepted and told to change their course or they would be blown out of the sky. It was a no fly zone and this happened to many pilots that intentionally or unintentionally flew to close to the WTC towers over those 20 years. quotDont turn you back and look the other way. Shoot a wolf in the chicken coop todayquot Walter Burien CAFR1