Houve negociação muito alta em opções de quotput na American Airline e United Airlines, imediatamente antes de 911. Estes foram efetivamente gambles que os preços de suas ações iria cair, o que é claro que é o que aconteceu uma vez que os ataques ocorreram. Isso mostra que os comerciantes devem ter tido conhecimento prévio de 911. Esta é uma história complexa, mas as alegações don8217t sempre correspondem à realidade. Embora existissem altos volumes negociados nestes dias, por exemplo, eles eram excepcionalmente altos como alguns sites gostam de reivindicar. Aqui é uma análise. Havia muito boas razões para vender ações da American Airlines, também, como eles acabaram de anunciar uma série de más notícias. Leia mais aqui. As ações da United Airlines também estavam caindo de preço. Se os investidores antecipavam que estavam prestes a divulgar resultados ruins, então as suas opções de venda também valiam a pena comprar (embora tenha em mente que o UAL colocou os volumes mais altos no ano de qualquer maneira). Aqui estão os nossos pensamentos. Alguns apontam para histórias como a 8220unclaimed milhões8221 da UAL coloca como tendo uma explicação sinistra, mas discordamos. Aqui porquê. Houve muita conversa sobre possíveis negociações de insider em outras ações, também. Nós haven8217t pesquisou estes em toda a profundidade, mas it8217s worth apontar que alguns povos acreditam que as reivindicações foram overblown. Que sobre a maioria das opções que estão sendo colocadas através de um banco CIA-ligado Nós weren8217t convencido. O relatório da Comissão 911 menciona esta questão em suas notas ao Capítulo 5: "Um único investidor institucional com sede nos Estados Unidos sem vínculos concebíveis com a Al Qaeda comprou 95% da UAL coloca em 6 de setembro como parte de uma estratégia comercial que também inclui a compra de 115.000 ações Da American em 10 de setembro. Da mesma forma, grande parte da negociação aparentemente suspeita em American em 10 de setembro foi rastreada para um específico baseado em EUA newsletter de negociação de opções, enviada por fax aos seus assinantes no domingo 9 de setembro, que recomendou estes tradesquot. Talvez o maior desafio para esta conclusão vem do professor Allen M Poteshman da Universidade de Illinois em Urbana-Champaign. Ele decidiu investigar isso mais detalhadamente, analisando dados de mercado estatisticamente para tentar avaliar o significado do comércio. O professor Poteshman aponta várias razões para questionar o argumento do conhecimento prévio: Apesar das opiniões expressas pelos meios de comunicação populares, os principais acadêmicos e os profissionais do mercado de opções, há razões para questionar a determinação da evidência de que os terroristas negociaram no mercado de opções antes do mês de setembro 11 ataques. Um evento que coloca dúvidas sobre a evidência é o acidente de um avião da American Airlines em Nova York em 12 de novembro. De acordo com o site da OCC, três dias antes, em 7 de novembro, a relação put-call para opções sobre ações da AMR Foi 7,74. Com base nas declarações feitas sobre as ligações entre a atividade do mercado de opções e o terrorismo logo após o 11 de setembro, teria sido tentador inferir a partir dessa relação put-call que o terrorismo provavelmente foi a causa do acidente de 12 de novembro. Posteriormente, no entanto, o terrorismo foi praticamente excluído. Embora possa ser o caso de um anormalmente grande AMR put-call ratio foi observado por acaso em 7 de novembro, este evento certamente levanta a questão de saber se put-call rácios tão grande como 7,74 são, de fato, incomum. Além do acidente de avião de 12 de novembro, um artigo publicado em Barron8217s em 8 de outubro (Arvedlund 2001) oferece vários motivos adicionais para ser cético sobre as alegações de que é provável que terroristas ou seus associados negociaram opções AMR e UAL antes dos ataques de 11 de setembro. Para começar, o artigo observa que a negociação mais pesada nas opções AMR não ocorreu no mais barato, mais curto-datado coloca, o que teria proporcionado os maiores lucros para alguém que sabia dos próximos ataques. Além disso, um analista emitiu uma recomendação 8220sell8221 sobre AMR durante a semana anterior, o que pode ter levado os investidores a comprar AMR coloca. Da mesma forma, o preço das ações da UAL diminuiu recentemente o suficiente para se referir a comerciantes técnicos que podem ter aumentado suas compras de venda, e as opções da UAL são fortemente negociadas por instituições que protegem suas posições de ações. Finalmente, os comerciantes que fazem mercados nas opções não aumentaram o preço de venda no momento em que as encomendas chegaram como teriam se acreditassem que as ordens se baseavam em informações adversas não públicas: os criadores de mercado não pareciam encontrar a negociação fora Do ordinário no momento em que ocorreu. Business. uiuc. edupoteshmaresearchpoteshman2006.pdf No entanto, ele, então, elabora um modelo estatístico, que ele sugere é consistente com a presciência, afinal de contas: VI. Os comerciantes das opções, os gerentes incorporados, os analistas da segurança, os oficiais do intercâmbio, os reguladores, os procuradores, os fabricantes de política, e o público em geral têm um interesse em saber se a troca incomum da opção ocorreu em torno de determinados eventos. Um dos principais exemplos desse tipo de evento são os atentados terroristas de 11 de setembro e houve, de fato, muita especulação sobre se a atividade do mercado de opções indicava que os terroristas ou seus associados haviam trocado nos dias anteriores ao 11 de setembro com conhecimento prévio do Ataques iminentes. Esta especulação, no entanto, ocorreu na ausência de uma compreensão das características relevantes da negociação no mercado de opções. Este artigo começa por desenvolver informações sistemáticas sobre a distribuição da atividade do mercado de opções. Ele constrói distribuições de referência para as estatísticas de volume de mercado de opção que medem de diferentes maneiras a medida em que o fabricante não estabelece posições de mercado de opções que serão rentáveis se o preço subjacente das ações subir ou diminuir de valor. As distribuições dessas estatísticas são calculadas de forma incondicional e quando o condicionamento no nível geral da atividade de opção sobre o estoque subjacente, o volume de retorno e negociação do estoque subjacente eo retorno sobre o mercado global. Essas distribuições são então usadas para julgar se a negociação no mercado de opções da AMR, da UAL, da Standard and Poor8217s e do índice de mercado SampP 500 nos dias anteriores ao 11 de setembro era, de fato, incomum. Os rácios de volume de mercado de opção considerados não fornecem evidência de negociação de mercado de opção incomum nos dias anteriores a 11 de setembro. As relações de volume, no entanto, são construídas a partir do volume de compra longo e curto e longo e curto call volume Sido a maneira mais direta para alguém ter negociado no mercado de opções em presciência dos ataques. Uma medida do volume anormal longo também foi examinada e observada em níveis anormalmente altos nos dias que antecederam os ataques. Consequentemente, o documento conclui que há evidência de atividade de mercado de opção incomum nos dias que antecederam até 11 de setembro que é consistente com os investidores negociando conhecimento prévio dos ataques. Business. uiuc. edupoteshmaresearchpoteshman2006.pdf Um problema que nos preocupa sobre isso é a falta de análise da série de más notícias entregues pela American Airlines em 7 de setembro, dia de negociação antes de 10 de setembro, quando ocorreu a negociação mais significativa. Professor Poteshman disse-nos via e-mail: Meu estudo inclui regressões quantile que conta para as condições de mercado em ações particulares. Assim, há pelo menos uma correção de primeira ordem para a notícia negativa que estava saindo em 7 de setembro na AMR. Mas você pode realmente tratar a notícia tão simplesmente Professor Paul Zarembka apoia as alegações, dizendo: Poteshman encontra. Essas compras de opções no estoque da American Airlines. Tinha apenas 1 por cento de probabilidade de ocorrerem aleatoriamente. Patriotsquestion911professors. html Mas nós não estamos dizendo que eles eram aleatórios, mas sim que eles podem ter sido uma resposta racional a notícias ruins significativas entregues no dia anterior. Poteshman é essencialmente dizendo (com relação a AMR) é que as pessoas compraram muitos coloca para que seja explicado pela notícia 97, por isso outra explicação é necessária, mas como você pode dizer isso sem analisar a própria notícia afinal de contas, se essa notícia Teria sido provavelmente falido em seis meses, então os índices de postos provavelmente teriam sido ainda mais significativos, e o modelo de Poteshman8217s deu ainda mais confirmação de uma atividade de mercado de opções incomuns8221, mas isso faria com que a idéia de presciência fosse mais provável. Obviamente a notícia de AMR era menos significativa, mas nós ainda diria que você não pode julgar com precisão a importância destes comércios até que você o tome na consideração. Outra complicação aqui vem no fato de que os volumes colocados nessas ações eram normalmente baixos, a partir do que lemos, e isso obviamente torna mais fácil a aparição de picos. A Comissão do 911 disse: Um único investidor institucional com sede nos Estados Unidos sem vínculos concebíveis com a Al Qaeda comprou 95% da UAL coloca em 6 de setembro como parte de uma estratégia comercial que também incluiu a compra de 115.000 ações da American em 10 de setembro. Da negociação aparentemente suspeita em americano em 10 de setembro foi rastreada a um boletim informativo específico de negociação de opções com base nos EUA, enviado por fax aos seus assinantes no domingo, 9 de setembro, que recomendava esses comércios. O 6 de setembro, a UAL coloca automaticamente parecer significativo, então, mesmo que apenas um investidor estivesse atrás deles. Mas isso realmente significa que você pode matematicamente indicar que é provável que o investidor tenha conhecimento prévio do 911, sem considerar as outras condições de mercado e informações disponíveis na época e uma história semelhante com os comércios AMR. Newsletters e tipsters compartilhar entregam picos na negociação todos os dias, pelo menos aqui no Reino Unido. Houve uma notícia ruim na sexta-feira que pode muito bem ter justificado o boletim sugerindo puts ser comprado (e se essa notícia tinha vazado ou suspeitado antes do lançamento, então você pode ter uma explicação para compras anteriores, também). O professor Poteshman parece estar dizendo que os comerciantes estavam mais pessimistas sobre o futuro da AMR do que deveriam ter sido, que eles reagiram exageradamente às notícias e compraram mais do que ele esperava, mas talvez suas estatísticas se baseassem principalmente em negociações Decisões individuais (uma instituição ou particular decide comprar algumas put). Os boletins de notícias sempre são assim. Muitos são comprados por pessoas que fazem pouca pesquisa-se, e simplesmente seguir as recomendações fornecidas. Portanto, se o autor do boletim diz 8220buy puts8221, então that8217s o que muitos deles vão fazer, e quanto maior a circulação do boletim, maior será o pico resultante de 8220abnormal trades8221 será. Enfim, Screw Loose Change levantou um problema semelhante ou dois que você pode querer considerar. E por favor não termine isto aqui: vá ler o artigo de Poteshman8217s. Apenas para avaliar isso por si mesmo. Se você não é grande em estatísticas, em seguida, alguns dos que fará seus olhos glaze mais, garantido, mas também há comentários interessantes que são acessíveis a todos, de modo geral it8217s vale a pena read. Rense que fez o AA colocar opções Os dias anteriores 911 Você pode ampliar este comentário, por favor Por Walter J. Burien, Jr. CAFR1 12-30-3 Pergunta de: John Kaminski skylaxcomcast 12-30-3 Senhores: Podemos nos unir em uma única tarefa: descobrir quem colocou o Ordens para as opções de quotputquot nos dias imediatamente antes 911 discussões Ive tinha no e-mail incluído parecem indicar esta informação está disponível e não protegido por restrições de divulgação financeira. Por favor, examine o fechado e brainstorm como podemos obter essas informações para a esfera pública. Poderia ser o fio para desvendar o mistério. Descobrir os nomes daqueles que aparentemente tinham conhecimento prévio de 911 como indicado por suas apostas quotsavvyquot nas fortunas de linhas aéreas unidas e americanas são um primeiro passo necessário para interrogar esses indivíduos para descobrir onde eles obtiveram suas informações, algo que a comunidade de aplicação da lei deve Estar fazendo, mas obviamente isnt. Best wishes, John Kaminski RESPOSTA DE Walter Burien WJBCAFR1 12-30-3 John: Os cinco milhões de dólares gerados a partir da não reclamada 911 American Airlines opção de venda é verdadeiramente mudança chump. Na manhã de 911, US Bonds movido em 3 a 4 minutos por 1,5 pontos para trás e para frente três vezes ou 1.500 por contrato em segundos três vezes em menos de 4 minutos. A maioria dos comerciantes institucionais comércio em blocos de 500 a 3.000 contratos. Transações diárias são de 350.000 a 400.000 contratos negociados. A negociação do mercado de títulos foi suspensa cerca de meia hora após o ataque. Quando reabriu moveu-se em diversos dias por 5 pontos. Alguém segurando 1000 contratos teria colhido cinco milhões de dólares usando um milhão. Os futuros de índices de ações internacionais e domésticos teriam colhido mais de quinze milhões usando um milhão. Adivinhe quem fez o maior assassinato em curtas posições de índices de ações internacionais e domésticas O que um grupo estava segurando dezenas de milhares de posições curtas entrando em 911 que colheram cerca de 250 bilhões de dólares em um piscar de olhos Sugestão Começa com um G e termina com um T As seguintes divulgações são críticas para entender o que você é e viu ter ocorrido nos Mercados. Vou começar com um clipe de Allen Greenspan, que foi citado no Wall Street Journal em 2000 como dizendo que ele estava: Quotremente sobre o oitenta (80) trilhões de dólar mercado internacional derivado. O que ele não disse foi que o composto EUA Os fundos de investimento do governo eram o principal usuário, jogador, manipulador e especuladores dentro desse mercado derivado de 80 trilhões de dólares. Os fundos de investimento do governo são jogadores profissionais de curta duração sem oposição. Um derivado dá a capacidade de vender o quotshortquot mercado no papel, mesmo se você não possui o estoque, commodity, moeda, títulos, etc Os gestores de investimento do governo nos últimos 30 anos tornaram-se muito familiarizados com o uso desta tática para colher em centenas De bilhões de dólares por ano O governo, que controla os relatórios econômicos, cobertura de mídia e riqueza está em condições de manipular o acima e criar um ambiente para garantir receitas substanciais, enquanto todo mundo está deitado no ombro da estrada sangrando até a morte . Durante três meses antes e entrando em 911 os fundos de investimento do governo tinham aumentado suas posições curtas para as posições curtas diversificadas mais grandes nunca detidas por eles. Olhe para qualquer gráfico de uma mercadoria ou estoque. Os preços desmoronam de quatro a cinco vezes mais rápido do que aumentam. Ao vender nos mercados de derivativos nacionais e internacionais, isso faz com que os maiores lucros quotquickquot, e é tudo no papel Você não tem que possuir o estoque físico ou mercadoria. Usando derivativos, e se você tem a capacidade de manipular o mercado como foi o caso em 911 você pegar o dinheiro daqueles que possuem o estoque físico ou mercadoria. EXEMPLOS: Vender um contrato de futuros de ouro (em papel) a 400 onças então comprá-lo de volta em 200, exigência de margem para fazê-lo em 100 onças é 1000. Agora 400 - 200 200 x 100 onças 20.000 usando 1000 Venda uma opção de compra ou comprar um Put em ações da Microsoft em 100 por ação e depois liquidar a opção em 50, você acabou de fazer 50 por ação em sua opção quotshortquot. Se o preço se move na direção de sua posição derivada curta substancial dinheiro são feitas e você realizar isso não possuir o estoque físico, commodity ou moeda. Um monopólio (tais como: US Composite Government Funds) controlando os balanços nos mercados vai colher inaudito de lucros em cada balanço dramático. Se não houver volatilidade, para cima ou para baixo, os lucros que utilizam derivados são substancialmente reduzidos. Os fundos de investimento do governo OVERALL estão nos trilhões de dólares Menos de 450 gerentes de controle 80 de que a receita Todos eles, em tantas palavras, subscrever o mesmo boletim e discutir estratégia no mesmo clube Como o público tinha centenas de bilhões de dólares Liquidado a partir de seus planos de 401k como o mercado mergulhou mais e mais, em uma rápida yo yo moda, os fundos de investimento do governo através do uso de derivados, as transferências que a riqueza em suas contas de gestão e mãos. Olhe para a linha de fundo sobre as carteiras de investimento do governo Eles terão tomado perdas substanciais em suas participações de ações físicas, mas, seus lucros derivados irá compensar essas perdas ou de fato em muitos casos mostram um lucro líquido para os resultados globais O dinheiro retira transferências feitas compensando esses lucros para dar a aparência de uma perda operacional anual) O público fornece liquidez no mercado para permitir o maior monopólio que o mundo já conheceu para garantir mais riqueza. Seu governo no trabalho Comparar o retorno dos setores privados sobre os investimentos em 2001, 2002 (péssimo) em comparação com os governos no retorno líquido no mesmo período de tempo. (Substancial) fundos de investimento do governo dos EUA têm e estão fazendo o mesmo nos mercados internacionais também. Por meio do uso de derivativos, os fundos de investimento do governo dos Estados Unidos controlam o mercado de ações, os preços do ouro, os preços da moeda, etc. Controle financeiro absoluto pelo maior monopólio na Terra Qualquer mercadoria, mercado de ações ou valor de complexos corporativos pode ser fortemente suprimido Ou mais inflado por anos por um monopólio usando derivados. Controlado por transações de papel para compromissos para comprar ou vender sem propriedade física do que é comprado ou vendido. Não importa se os preços sobem ou desmoronam. Quando os gestores de investimento do governo dos EUA estão se movendo em conjunto, controlando os eventos e notícias, eles colhem retornos obscenos através do uso de derivativos Se você olhar para quotWHOquot estava segurando a maioria de quotSHORTquot posições derivadas nos mercados de índices de ações nacionais e internacionais antes de 911 , E depois colhido mais de um trilhão de dólares em lucros dentro de semanas a partir do colapso resultante desses mercados físicos, você vai encontrar nesse grupo que foi responsável por 911. Há um problema em descobrir isso. Sendo assim, o governo controla a liberação dessa informação por e através das agências federais da SEC (Securities Exchange Commission) e da CFTC (Commodities Futures Trading Commission). Um pequeno conflito de interesses existe aqui, sendo que os resultados desse estudo mostraria que o governo dos EUA estava segurando a maioria das posições internacionais e domésticas em questão e que a maioria das pessoas tem ouvido sobre promovido nas notícias é verdadeiramente Minúsculo chump mudança em comparação. Os membros do Exchange têm acesso e mantêm registros de arquivos dos dados de suas corretoras e de todas as outras casas membros e estão sob um acordo de não divulgação. MAS, não iria impedi-los, se eles desejassem fazê-lo, tabular as transações e emitir um relatório genérico, um relatório genérico específico e direcionado. Aqui, você precisa ter um contato significativo na comunidade financeira dos membros. Mesmo que este tipo de relatório genérico não violasse seu acordo de não-divulgação, eles estariam mortos se emitiram o relatório com base no que ele iria mostrar e fortemente provas (fundos de investimento do governo foram o principal benfeitor), por isso o anonimato teria de ser mantido quando O relatório genérico dos resultados do fluxo específico foi lançado. O relatório genérico exigiria a divulgação das especificidades por trás do relatório por meio de protestos públicos e internacionais. Sim, o governo está se preparando para uma revolta neste país. Então, eles precisavam dirigir o olho do público para um inimigo distante para que pudessem garantir o controle aqui. A ganância prosperou dentro dos círculos governamentais. Os resultados dessa ganância têm sido obscenos e os danos resultantes para a moral e saúde deste país em resposta é doentio. Os resultados da tomada da riqueza americana foram feitos quase que exclusivamente no papel com a manipulação da legislatura, do judiciário, e do complexo do advogado durante os últimos 60 anos com a cooperação dos meios de notícia syndicated e da instrução. Com a conquista sendo feita transferindo a riqueza no papel, as conseqüências para os quottakersquot eram virtualmente inexistentes As contas de comércio do governo empurram 65 do papel nestes mercados. Fundos de investimento do governo são revelação obrigatória se perseguido. A fita de dados CFTC e SEC é definitiva para o volume e as posições realizadas a cada segundo do dia. Os fluxos de posição geral não têm restrições de divulgação entre membros de troca. Eles arquivam e compartilhá-lo ao vivo dentro da comunidade financeira de membros de câmbio que estão produzindo e limpar os dados. Quando se trata de contas individuais, privadas são confidenciais, mas os fundos de investimento do governo manipulados por gerentes privados não são e não podem ser mantidos confidenciais se abertos por qualquer decisão judicial definitiva de uma jurisdição competente. Gestão para todos os efeitos e propõe a aplicação de regras de não-divulgação ao lidar com os fundos do governo. Um encobrimento intencional em qualquer divulgação que vem adiante nesta arena por posições globais dos fundos de investimento do governo prendidas seria nada mais do que a traição do grau o mais forte, sob toda a cor da recusa. A demonstração de transações de derivativos, tanto nas frentes domésticas como internacionais, queimaria a fachada dos governos com vida. Com base nos rastreadores de fundos, as contas de fundos do governo estavam mantendo suas maiores posições curtas, indo para 911. Bem, os nativos estão ficando inquietos O prêmio é grande, a propriedade deste país eo futuro controle do planeta Hmm Homeland Security Mas você deve perguntar a si mesmo , Quesegurança para quem? A resposta se torna óbvia para você ainda? Os nativos podem ser pequenas criaturas traquinas quando percebem que suas famílias, esposas e crianças foram estupradas. Eles podem tornar-se muito hostis quando percebem que sua riqueza foi escorregada para fora de suas mãos, sem nenhuma conseqüência para os quottakers. quot Nativos podem se revoltar quando percebem essas coisas, e tomar ressentimento para os quottakersquot contínuo empurrar para doutriná-los e seus filhos tão Que o que foi tomado e está sendo tomado continuará inabalável. Aqui está uma tática de idade antiga os tomadores usam quando os nativos ficam inquietos: Quando os compradores ouvem os tambores de guerra aleatória começando a bater em casa mais forte e mais forte dos nativos devido aos abusos dos tomadores, os tomadores usarão sua organização bem estruturada Para recriar o bater dos tambores de guerra em casa com seu alvo selecionado longe agora sendo comercializado para os nativos. Ao fazê-lo, a atenção e a hostilidade dos nativos podem ser cuidadosamente controladas e direcionadas para longe dos tomadores e para alguma outra entidade, o inimigo criado ao longe. Quando, e como isso acontece, olhar para fora Os takers criar um cenário de controle absoluto, e dentro deste tipo de ambiente, os takers se tornará implacável além de todas as medidas depois de solidificar o controle adicional. WW1, WW2, WW3 Os tambores da guerra estão sendo jogados consistentemente mais ruidosamente pelos takers Os nativos não podem ter recursos para sentar-se na margem aqui Walter Burien PO Box 2112 Saint Johns, o Arizona 85936 CAFR1 liberação video - 121203 - TNT Self Sufficiency in Government sem Terceiros Walter Burien (AKA: Bubien) CTA (Assessor de Negociação de Mercadorias) de 14 anos (1978-92) Gerente Nacional de Vendas: US Trading Championship Money Managers Verified Ratings 10 years. (1982-1992) Inquilino - 1WTC, NY, NY 1979 - 81 Divulgação de Vídeo - 121203 SUGESTÃO DE: Walter Burien A única coisa que eu adoraria ver alguém fazer é: Mostre na Internet o vídeo das reações de Bush quando foi dito que uma torre do WTC foi atingida e, em seguida, alguns minutos depois, depois que o segundo foi atingido quando ele se dirigiu a esse grupo de crianças na escola em FL. (Muitos têm visto isso) Ele mostrou quase zero (0) reação e continuou a abordar as crianças por cerca de 20 - 25 minutos depois de ter sido dito. E ENTÃO MOSTRAR QUALQUER VÍDEO INTERNET QUE MOSTRA: A mesma configuração, mas desta vez a pessoa entra e diz Bush dois aviões tentaram acertar as Torres WTC, mas foram abatidos antes que eles fizeram. E agora Bush gira fora do pódio e grita quot e ele deixa imediatamente a sala de aula, ficando chateado e assustado como ele imediatamente sai com seus socorros. A realidade visual fala toneladas. Eu adoraria ver alguém colocar o acima na Web, e fazê-lo em breve O contador de visitas nessa página começaria a fumar, se não estourar em chamas. Eu era um inquilino no WTC1 em 1979-81 A principal preocupação de qualquer dos inquilinos tinha 20 anos atrás era um avião seqüestrado sendo voado para as torres. Aqui está o quotKeyquot para destrancar a porta: Os registros de vôo extensa por 20 anos a partir das 3 bases militares na área, e Port Authority respondendo a ameaças aéreas é exemplar. Milhares de sorties correm em resposta a ameaças, corridas de prática, alarmes falsos, feitos semanalmente ou diariamente ao longo de 20 anos. No final dos anos setenta, o NY Post publicou um artigo sobre a Autoridade Portuária vangloria-se de como seu helicóptero de resposta 247 tripulado estaria no ar dentro de 4 minutos de uma chamada de alerta saindo por possíveis ameaças aéreas às torres do WTC. Há uma ocasião em que estou ciente ou na maioria das probabilidades de que qualquer outra pessoa está ciente neste exemplar registro de resposta a ameaças de ar cobrindo um período de mais de vinte anos que as interceptações não lançaram e foram instruídas a parar, Depois de ir em alerta máximo dentro de um minuto ou dois da ameaça, não de apenas uma ameaça, mas depois por dois, em seguida, três. Essa data era 91101. Isso, por si só, é o fato mais condenatório de todos quando esse registro de 20 anos é trazido à tona. O motivo torna-se então cristalino na revisão desse registro exemplar da resposta às ameaças do ar de encontro às torres de WTC. Não, fora de curso ou avião negligente veio perto. Eles sempre foram interceptados e disse para mudar seu curso ou eles seriam soprado para fora do céu. Era uma zona de não voar e isso aconteceu com muitos pilotos que intencionalmente ou involuntariamente voaram para perto das torres do WTC ao longo desses 20 anos. Não o volte e olhe para o outro lado. Ataque a um lobo no galinheiro hoje. Walter Burien CAFR1On 6 de setembro de 2001, na quinta-feira antes da tragédia, 2.075 opções de venda foram feitas na United Airlines e em 10 de setembro, dia antes dos ataques, 2.282 opções de venda foram gravadas para a American Companhias aéreas. Dado os preços na época, isso poderia ter produzido especuladores entre 2 milhões e 4 milhões de lucro. DETALHES SUPRIMIDOS DE NEGOCIAÇÃO CRIMINAL INSIDER LEAD DIRECTAMENTE NO CIAS HIGHEST RANKS CIA DIRECTOR EXECUTIVO QUOTBUZZYot KRONGARD MANAGED FIRM QUE MANIPULADO quotPUTquot OPÇÕES SOBRE UAL por Michael C. Ruppert COPYRIGHT, 2001, Michael C. Ruppert e FTW Publications, copvcia. Todos os direitos reservados. Pode ser reproduzido ou distribuído apenas para fins não lucrativos. FTW, 9 de outubro de 2001 - Apesar de ter sido uniformemente ignorado pelos principais meios de comunicação norte-americanos, há evidências abundantes e claras de que várias transações nos mercados financeiros indicaram um conhecimento prévio (criminal) específico dos ataques de 11 de setembro contra o World Trade Center eo Pentágono. No caso de pelo menos um desses negócios - que deixou um prêmio de 2,5 milhões não reclamados - a empresa utilizada para colocar as opções de quotput no estoque da United Airlines foi, até 1998, gerido pelo homem que está agora no número três Diretor Executivo na Agência Central de Inteligência. Até 1997 A. B. QuotBuzzyquot Krongard tinha sido presidente do banco de investimento A. B. Castanho. A. B. A Brown foi adquirida pela Bankers Trust em 1997. Krongard tornou-se, então, como parte da fusão, vice-presidente da Bankers Trust-AB Brown, um dos 20 maiores bancos norte-americanos nomeados pelo senador Carl Levin como sendo ligado à lavagem de dinheiro. A última posição da Krongards na Bankers Trust (BT) era supervisionar as relações com clientes particulares. Nessa qualidade, manteve relações diretas com algumas das pessoas mais ricas do mundo, em uma espécie de operação bancária especializada que foi identificada pelo Senado dos EUA e outros pesquisadores como sendo estreitamente ligada à lavagem de dinheiro da droga. Krongard (re) se juntou à CIA em 1998 como conselheiro do diretor da CIA, George Tenet. Ele foi promovido a Diretor Executivo da CIA pelo presidente Bush em março deste ano. A BT foi adquirida pelo Deutsche Bank em 1999. A empresa combinada é o maior banco na Europa. E, como veremos, o Deutsche Bank desempenhou vários papéis importantes em eventos relacionados aos ataques de 11 de setembro. O ESCOPO DO CONHECIMENTO DO NEGÓCIO INTERNACIONAL Antes de aprofundar esses relacionamentos, é necessário examinar as informações privilegiadas que estão sendo ignoradas pela Reuters, o New York Times e outros meios de comunicação de massa. Está bem documentado que a CIA há muito monitorou tais operações - em tempo real - como alertas potenciais de ataques terroristas e outros movimentos econômicos contrários aos interesses dos EUA. Histórias anteriores em FTW destacaram especificamente o uso do software Promis para monitorar tais negócios. É necessário entender apenas dois termos financeiros chave para entender o significado desses negócios, quotselling shortquot e quotput optionsquot. QuotSelling Shortquot é o empréstimo de ações, vendendo-o a preços de mercado atuais, mas não sendo obrigado a realmente produzir o estoque por algum tempo. Se o estoque cair precipitously após o contrato curto é entrado, o vendedor pode então cumprir o contrato comprando o estoque depois que o preço caiu e termina o contrato no pre-crash preço. Estes contratos muitas vezes têm uma janela de até quatro meses. QuotPut Opções são contratos que dão ao comprador a opção de vender ações em data posterior. Comprados a preços nominais de, por exemplo, 1,00 por ação, eles são vendidos em blocos de 100 ações. Se exercidas, dão ao detentor a opção de vender ações selecionadas em uma data futura a um preço fixado quando o contrato é emitido. Assim, para um investimento de 10.000, pode ser possível empatar até 10.000 ações da United ou American Airlines em 100 por ação, eo vendedor da opção é então obrigado a comprá-los se a opção for executada. Se o estoque caiu para 50 quando o contrato vence, o detentor da opção pode comprar as ações para 50 e imediatamente vendê-los por 100 - independentemente de onde o mercado se encontra. Uma opção de compra é o inverso de uma opção de venda, que é, na verdade, uma aposta de derivativos que o preço das ações vai subir. Uma história de 21 de setembro do Instituto de Política Internacional Israelense Herzliyya para Contra-terrorismo, intitulada "Black Tuesday: The World's Largest Insider Trading Scam" documentou os seguintes negócios ligados aos ataques de 11 de setembro: - Entre 6 e 7 de setembro, De 4.744 opções de venda na United Airlines, mas apenas 396 opções de compra. 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. Leia mais aqui. 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. Aqui porquê. 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. Todos os direitos reservados. May be reprinted or distributed for non-profit purposes only. FTW, October 9, 2001 - Although uniformly ignored by the mainstream U. S. media, there is abundant and clear evidence that a number of transactions in financial markets indicated specific (criminal) foreknowledge of the September 11 attacks on the World Trade Center and the Pentagon. In the case of at least one of these trades -- which has left a 2.5 million prize unclaimed -- the firm used to place the quotput optionsquot on United Airlines stock was, until 1998, managed by the man who is now in the number three Executive Director position at the Central Intelligence Agency. Until 1997 A. B. quotBuzzyquot Krongard had been Chairman of the investment bank A. B. Brown. A. B. Brown was acquired by Bankers Trust in 1997. Krongard then became, as part of the merger, Vice Chairman of Bankers Trust-AB Brown, one of 20 major U. S. banks named by Senator Carl Levin this year as being connected to money laundering. Krongards last position at Bankers Trust (BT) was to oversee quotprivate client relationsquot. In this capacity he had direct hands-on relations with some of the wealthiest people in the world in a kind of specialized banking operation that has been identified by the U. S. Senate and other investigators as being closely connected to the laundering of drug money. Krongard (re) joined the CIA in 1998 as counsel to CIA Director George Tenet. He was promoted to CIA Executive Director by President Bush in March of this year. BT was acquired by Deutsche Bank in 1999. The combined firm is the single largest bank in Europe. And, as we shall see, Deutsche Bank played several key roles in events connected to the September 11 attacks. THE SCOPE OF KNOWN INSIDER TRADING Before looking further into these relationships it is necessary to look at the insider trading information that is being ignored by Reuters, The New York Times and other mass media. It is well documented that the CIA has long monitored such trades - in real time - as potential warnings of terrorist attacks and other economic moves contrary to U. S. interests. Previous stories in FTW have specifically highlighted the use of Promis software to monitor such trades. It is necessary to understand only two key financial terms to understand the significance of these trades, quotselling shortquot and quotput optionsquot. quotSelling Shortquot is the borrowing of stock, selling it at current market prices, but not being required to actually produce the stock for some time. If the stock falls precipitously after the short contract is entered, the seller can then fulfill the contract by buying the stock after the price has fallen and complete the contract at the pre-crash price. These contracts often have a window of as long as four months. quotPut Optionsquot are contracts giving the buyer the option to sell stocks at a later date. Purchased at nominal prices of, for example, 1.00 per share, they are sold in blocks of 100 shares. If exercised, they give the holder the option of selling selected stocks at a future date at a price set when the contract is issued. Thus, for an investment of 10,000 it might be possible to tie up 10,000 shares of United or American Airlines at 100 per share, and the seller of the option is then obligated to buy them if the option is executed. If the stock has fallen to 50 when the contract matures, the holder of the option can purchase the shares for 50 and immediately sell them for 100 - regardless of where the market then stands. A call option is the reverse of a put option, which is, in effect, a derivatives bet that the stock price will go up. A September 21 story by the Israeli Herzliyya International Policy Institute for Counter terrorism, entitled quotBlack Tuesday: The Worlds Largest Insider Trading Scamquot documented the following trades connected to the September 11 attacks: - Between September 6 and 7, the Chicago Board Options Exchange saw purchases of 4,744 put options on United Airlines, but only 396 call options. Assuming that 4,000 of the options were bought by people with advance knowledge of the imminent attacks, these quotinsidersquot would have profited by almost 5 million . - On September 10, 4,516 put options on American Airlines were bought on the Chicago exchange, compared to only 748 calls. Again, there was no news at that point to justify this imbalance Again, assuming that 4,000 of these options trades represent quotinsidersquot, they would represent a gain of about 4 million . - The levels of put options purchased above were more than six times higher than normal. - No similar trading in other airlines occurred on the Chicago exchange in the days immediately preceding Black Tuesday. - Morgan Stanley Dean Witter amp Co. which occupied 22 floors of the World Trade Center, saw 2,157 of its October 45 put options bought in the three trading days before Black Tuesday this compares to an average of 27 contracts per day before September 6 . Morgan Stanleys share price fell from 48.90 to 42.50 in the aftermath of the attacks. Assuming that 2,000 of these options contracts were bought based upon knowledge of the approaching attacks, their purchasers could have profited by at least 1.2 million . - Merrill Lynch amp Co. which occupied 22 floors of the World Trade Center, saw 12,215 October 45 put options bought in the four trading days before the attacks the previous average volume in those shares had been 252 contracts per day a 1200 increase . When trading resumed, Merrills shares fell from 46.88 to 41.50 assuming that 11,000 option contracts were bought by quotinsidersquot, their profit would have been about 5.5 million . - European regulators are examining trades in Germanys Munich Re, Switzerlands Swiss Re, and AXA of France, all major reinsurers with exposure to the Black Tuesday disaster. FTW Note: AXA also owns more than 25 of American Airlines stock making the attacks a quotdouble whammyquot for them. On September 29, 2001 - in a vital story that has gone unnoticed by the major media - the San Francisco Chronicle reported, quot Investors have yet to collect more than 2.5 million in profits they made trading options in the stock of United Airlines before the Sept. 11, terrorist attacks, according to a source familiar with the trades and market data quot. quot The uncollected money raises suspicions that the investors - whose identities and nationalities have not been made public - had advance knowledge of the strikes quot. They dont dare show up now. The suspension of trading for four days after the attacks made it impossible to cash-out quickly and claim the prize before investigators started looking. quotOctober series options for UAL Corp. were purchased in highly unusual volumes three trading days before the terrorist attacks for a total outlay of 2,070 investors bought the option contracts, each representing 100 shares, for 90 cents each. This represents 230,000 shares. Those options are now selling at more than 12 each. There are still 2,313 so-called quotputquot options outstanding valued at 2.77 million and representing 231,300 shares according to the Options Clearinghouse Corpquot. quotThe source familiar with the United trades identified Deutsche Bank Alex. Brown, the American investment banking arm of German giant Deutsche Bank, as the investment bank used to purchase at least some of these optionsquot This was the operation managed by Krongard until as recently as 1998. As reported in other news stories, Deutsche Bank was also the hub of insider trading activity connected to Munich Re. just before the attacks. CIA, THE BANKS AND THE BROKERS Understanding the interrelationships between CIA and the banking and brokerage world is critical to grasping the already frightening implications of the above revelations. Lets look at the history of CIA, Wall Street and the big banks by looking at some of the key players in CIAs history. Clark Clifford - The National Security Act of 1947 was written by Clark Clifford, a Democratic Party powerhouse, former Secretary of Defense, and one-time advisor to President Harry Truman. In the 1980s, as Chairman of First American Bancshares, Clifford was instrumental in getting the corrupt CIA drug bank BCCI a license to operate on American shores. His profession: Wall Street lawyer and banker. John Foster and Allen Dulles - These two brothers quotdesignedquot the CIA for Clifford. Both were active in intelligence operations during WW II. Allen Dulles was the U. S. Ambassador to Switzerland where he met frequently with Nazi leaders and looked after U. S. investments in Germany. John Foster went on to become Secretary of State under Dwight Eisenhower and Allen went on to serve as CIA Director under Eisenhower and was later fired by JFK. Their professions: partners in the most powerful - to this day - Wall Street law firm of Sullivan, Cromwell. Bill Casey - Ronald Reagans CIA Director and OSS veteran who served as chief wrangler during the Iran-Contra years was, under President Richard Nixon, Chairman of the Securities and Exchange Commission. His profession: Wall Street lawyer and stockbroker. David Doherty - The current Vice President of the New York Stock Exchange for enforcement is the retired General Counsel of the Central Intelligence Agency. George Herbert Walker Bush - President from 1989 to January 1993, also served as CIA Director for 13 months from 1976-7. He is now a paid consultant to the Carlyle Group, the 11th largest defense contractor in the nation, which also shares joint investments with the bin Laden family. A. B. quotBuzzyquot Krongard - The current Executive Director of the Central Intelligence Agency is the former Chairman of the investment bank A. B. Brown and former Vice Chairman of Bankers Trust. John Deutch - This retired CIA Director from the Clinton Administration currently sits on the board at Citigroup, the nations second largest bank, which has been repeatedly and overtly involved in the documented laundering of drug money. This includes Citigroups 2001 purchase of a Mexican bank known to launder drug money, Banamex. Nora Slatkin - This retired CIA Executive Director also sits on Citibanks board. Maurice quotHankquot Greenburg - The CEO of AIG insurance, manager of the third largest capital investment pool in the world, was floated as a possible CIA Director in 1995. FTW exposed Greenbergs and AIGs long connection to CIA drug trafficking and covert operations in a two-part series that was interrupted just prior to the attacks of September 11. AIGs stock has bounced back remarkably well since the attacks. To read that story, please go to fromthewildernessfreeciadrugspart2.html . One wonders how much damning evidence is necessary to respond to what is now irrefutable proof that CIA knew about the attacks and did not stop them. Whatever our government is doing, whatever the CIA is doing, it is clearly NOT in the interests of the American people, especially those who died on September 11. On this particular night the crowd looked promising. I introduced myself to two women there, and after a short while, one of the women told me she worked for the CBOE. The CBOE is the Chicago Board Options Exchange. It is the exchange that handles trading in, among other things, stock options. I half-jokingly asked her, quotWhatever happened to the CBOE investigation of all the profits made by those who bought put options on airlines stocks before 9-11quot (You make money on put options when a stock goes down in price.) Her answered floored me. She said, quotIt probably would have been easy for us to find out who was behind the trades, but the government came in and told the CBOE president to stop the investigation. quot Just to make sure I heard her right, I said to her, quotThe government came in and told the CBOE president not to investigatequot She said, quotYeah, it was really strange. quot The conversation changed for a minute, but I wanted to get back to the government not wanting an investigation. I said to her again, a third time, making sure I heard right, quotThe government didnt want you to investigatequot She looked at me said quotYes, thats right. quot Then she looked at me a little longer, she knew I had interest in this topic, she looked a little nervous and then blurted out to me, quotWe erased the data. Our data on the trades is gone. quot Strike The Root 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
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