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Put option world trade center

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put option world trade center

More than a few people must have had advance warning of the terror attacks, and they cashed in to the tune of millions of dollars. Is there any truth in the allegations that informed circles made substantial profits in the financial markets in connection to the terror attacks of September 11,on the United States? Arguably, the best place to start is by examining put options, which occurred around Tuesday, September 11,to an abnormal extent, and at the beginning via software that played a key role: Granted, these capabilities sound hardly believable. In fact, the whole story of PROMIS, which Mike Ruppert develops in the course of his book Crossing the Rubicon in all its bizarre facets and turns, seems as if someone had developed a novel in the style of Philip K Dick and William Gibson. However, what Ruppert has collected about PROMIS is based on reputable sources as well as on results of personal investigations, which await a jury to take a first critical look at. We are therefore dealing with a software that a Infiltrates computer and communication systems without being noticed. I specifically asked financial journalist Max Keiser, who for years had worked on Wall Street as a stock and options trader, about the put option trades. I heard firsthand about the airline put trade from brokers at Cantor Fitzgerald days before. There are many aspects concerning trade option purchases that have not been disclosed yet. When the attacks occurred, ABS was owned by Deutsche Bank. An important person at ABS was Buzzy Krongard. I have met him several times at the offices in Baltimore. Krongard had transferred to become executive director at the CIA. The option purchases, in which ABS was involved, occurred in the offices of ABS in Baltimore. The noise which occurred between Baltimore, New York City and Langley was interesting, as you can imagine, to say the least. On September 12, the chairman of the board of Deutsche Bank Alex Brown, Mayo A Shattuck III, suddenly and quietly renounced his post, although he still had a three-year contract with an annual salary of several million US dollars. One could perceive that as somehow strange. Just before he was recruited personally by former CIA chief George Tenet for the CIA, Krongard supervised mainly private client banking at Alex Brown. The four aircraft hijacked on September 11 were American Airlines Flight 11, American Airlines Flight 77 and UAL flights and With his background as a former options trader, Keiser explained an important issue to me in that regard. Put options are, if they are employed in a speculative trade, basically bets that stock prices will drop abruptly. The purchaser, who enters a time-specific contract with a seller, does not have to own the stock at the time when the contract is purchased. Open interest describes contracts which have not been settled been exercised by the end of the trading session, but are still open. However, when these shares fell much deeper after the terrorist attacks, these options multiplied their value several hundred times because by now the selling price specified in the option was much higher than the market price. These risky games with short options are a sure indication for investors who knew that within a few days something would happen that would drastically reduce the market price of those shares. Software such as PROMIS in turn is used with the precise intent to monitor the stock markets in real time to track price movements that appear suspicious. Of great importance with regard to the track, which should lead to the perpetrators if you were seriously contemplating to go after them, is this:. The Options Clearing Corporation has a duty to handle the transactions, and does so rather anonymously — whereas the bank that executes the transaction as a broker can determine the identity of both parties. Ruppert, however, describes this case in Crossing the Rubicon in full length as far as possible. In addition, there are also ways and means for insiders to veil their tracks. These could be traded under multiple accounts to avoid drawing attention to large trading volumes going through one single large account. They could also trade small volumes in each contract but trade more contracts to avoid drawing attention. As open interest increases, non-insiders may detect a perceived signal and increase their trading activity. Insiders can then come back to enter into more transactions based on a seemingly significant trade signal from the market. In this regard, it would be difficult for the CBOE to ferret out the insiders from the non-insiders, because both are trading heavily. The tragedy is that these companies mixed civilians with mercenaries, and that they were also killed. So have companies on Wall Street used civilians as human put maybe? American Airlines, United Airlines, Continental Airlines, Northwest Airlines, Southwest Airlines, Boeing, Lockheed Martin Corp. So far, so good. In the same month, however, the San Francisco Chronicle newspaper reported that the SEC took the unprecedented step to deputize hundreds, if not even thousands of key stakeholders in the private sector for their investigation. In essence, it was about controlling information, not about provision and disclosure of facts. Such a course of action involves compromising consequences. What happens when you deputize someone in a national security or criminal investigation is that you make it illegal for them to disclose publicly what they know. In option, they become government agents and are controlled by government regulations rather than their own conscience. In fact, they can be thrown into jail without a hearing if they talk publicly. I have seen this implied threat time after time with federal investigators, intelligence agents, and even members of United States Congress who are bound so tightly by secrecy oaths and agreements that they are not even able to disclose criminal activities inside the government for fear of incarceration. Concerning the statements of the former chairman of the Deutsche Bundesbank Ernst Welteke, their tenor in various press reports put together is as follows: But it is extremely difficult to really verify it. Gold rises nonstop for days after the attacks. Related to those observations, I sent a request via e-mail to the press office of the Deutsche Bundesbank on August 1,from which I was hoping to learn: How did the Bundesbank deal with this information? Did US federal agencies ask to see the study? With whom did the Bundesbank share this information? On August 2, I was then informed: With this explanation, I then turned to the press office of the federal financial regulator in Germany, the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, with the following e-mail — and that because of obvious reasons:. Yesterday, I sent a request see end of this e-mail to the press office of the Deutsche Bundesbank relating to insider trading connected to the terrorist attacks on September 11,and respectively relating to an alleged study carried by the Deutsche Bundesbank. The press office or respectively Mr Peter Trautmann was only available for an oral explanation. I repeat this now, because it is related to your entity. This will be followed by my further questions. According to an oral explanation from the press office of the Deutsche Bundesbank, there has never been a detailed and official study on insider trading from the Bundesbank. Rather, there has been probably ad-hoc analysis with corresponding charts of price movements as briefings for the Bundesbank board. In addition, it would have been the duty of the Bundesfinanzaufsicht to investigate this matter. The press office of the Bundesbank was also not willing to give out any written information, not even after my hint that this alleged study by the Bundesbank has been floating around the Internet for years without any contradiction. That was the oral information from the Bundesbank press office, or respectively from Mr Peter Trautmann. Now my questions for you: Have the results been made public? Have there not been any grounds for suspicion that would have justified an investigation, for example as damaged enterprise: Have the US federal agencies ever inquired if the BaFin could cooperate with them in an investigation? Could you reply to me in writing, unlike the Deutsche Bundesbank, please? I would be very grateful for that! The next day I did indeed receive an e-mail concerning this topic from Anja Engelland, the press officer of the BaFin in which she answered my questions as follows:. Yes, the former Bundesaufsichtsamt fur Wertpapierhandel, BAWe federal supervisory for securities tradinghas carried out a comprehensive analysis of the operations. As a result, no evidence of insider trading has been found. Here are the links. See annual reports and I personally do not know about such a request. Furthermore, the Bundesbank itself would have to comment on this. BaFin is fundamentally entitled to the trade of information with foreign supervisory authorities, like SEC, on the basis of written agreements, so-called memoranda of understanding MoU. Regarding potential inquiries from foreign supervisory authorities, the BaFin can unfortunately not comment, this would be a matter of respective authority. For this I ask for understanding. The answers refer to the German financial market as a whole and not only on the Frankfurt Stock Center. In terms of the assessment of foreign financial markets, the relevant authorities are the competent points of contact. Poteshman came to this conclusion: This finding is consistent with informed investors having traded options in advance of the attacks. Terror plotters could have benefited more from the fall of the entire market than from individual stocks. This suggests that owning a put was a valuable investment and those who owned them could sell them for a considerable profit before the expiration date. There are also ITM, ATM and OTM options both for trading strategies with put and call options, depending on which kind of risk one would like to take. However, should the underlying asset decline only moderately in price, the ITM put often proves to be the better choice … because of the relative price differential. Finally they pointed out: That would be — and if only to invalidate these scientific results once and for all — primarily a task for the SEC, the FBI and other governmental authorities of the United States. However, we will have to wait for this in vain. I think that not less worthy of a mention is an article that the French financial magazine Les Echos published in September about a study conducted by two independent economics professors from the University of Zurich, Marc Chesney and Loriano Mancini. Journalist Marina Alcaraz summarized the content of the findings in Les Echos with these words and with these explanations by Professor Chesney, which I for the first time translated into German and do now translate from French into English:. The authors, one of them a specialist in derivative products, the other a specialist in econometrics, worked on the sales options that were used to speculate on the decline in the prices of 20 large American companies, particularly in the aerospace and financial sector. Their analysis refers to the execution of transactions between the 6th and 10th of September compared to the average volumes, which were collected over a long period 10 years for most of the companies. In addition, the two specialists calculated the probability that different options within the same sector in significant volumes would be traded within a few days. The fact that the market was currently in a bear market is not sufficient to explain these surprising volumes. The authors also examined the profitability of the put options and trades for an investor who acquired such a product between the 6th and 10th September. Without elaborating on the detailed explanation of the mathematical and statistical method, which the scientific trio applied during the examination of the put option transactions on the CBOE for the period between andI summarize some of their significant conclusions. These findings support the results by Poteshman who also reports unusual activities in the option market before the terrorist attacks. Munich Re and Swiss Re. On the basis of EUREX trading data provided by Deutsche Bank, the three scientists detected one informed option trade related to Munich Re, which occurred on August 30, That option shows a large increment in open interest of contracts at In a new version of their study that was published on September 7,the authors stuck to their put from April They added the emphasis that in no way the profits gained with the put options to which they point could have been achieved due to sheer fortunate coincidence, but that in fact they were based on prior knowledge which had been exploited. How does this go with your information that the federal supervisory for securities trading BAWe could in its comprehensive analysis not find evidence for insider trading? Do the authors, so to speak, see ghosts with no good reason? If it is true what Chesney, Crameri and Mancini write, or if you at the BaFin cannot ad hoc refute it, would this then cause the BaFin to thoroughly investigate the matter again? If the findings of Chesney, Crameri, and Mancini were true, this would constitute illegal transactions relating to a capital crime, which has no status of limitations, or not? As I already told you in my e-mail, the former federal supervisory for securities trading BAWe carried out a comprehensive analysis of the operations in For clarification purposes, I wish to point out that violations of statutory provisions of securities or criminal law can never be excluded with absolute certainty. In order to pursue and prosecute such matters concrete evidence of an unlawful act is required … Such evidence does not exist here. With regard to the sources you mentioned, I ask for understanding that I can neither comment on scientific analyses, nor on reviews by third parties. Regarding the statutes of limitations for offences relating to the violation insider trading regulations trading I can give you the following information: A violation of the law to prohibit insider trading is punishable with imprisonment up to 5 years or with fines. The statutes of limitations applied for crimes carrying this kind of penalty section 78 paragraph 3 No. In addition, I turned to the EUREX with three questions: How do you as EUREX comment on the findings of Messrs Chesney, Mancini and Crameri? Did you at EUREX perceive the particular world in Munich Re and Swiss Re it in any way as strange? Have domestic eg BAWe and BaFin or foreign such as the U. I subsequently received the following response from Heiner Seidel, the deputy head of the press office of the Deutsche Borse in Frankfurt. This is for the following reason: Their investigations are confidential and are carried out in close coordination with the BaFin. This is an important point. This is about demonstrating that there was insider trading on the international stock exchanges before 11 September. Specifically put options, ie speculation on falling stock prices were traded. Among the affected stocks were United Airlines and American Airlines, the two airlines involved in the attacks. A colleague of mine, Marc Chesney, professor at the Institute of banking at the University of Zurich, has examined these put options. You first of all have to check if there may have been international speculation that the aviation industry would be experiencing a weak period and whether accordingly also put options on Singapore Airlines, Lufthansa and Swiss were bought. This was not the case. Very significant put option trades were only transacted for these two airlines involved in the attacks. Secondly, you must examine the ratio of put options to call options and look if they had also been purchased to a similarly significant extent that would constitute speculations on rising stock prices. And that is also not the case. There were only significant put options and only significant transactions for United Airlines and American Airlines. Now you need to look further in order to see who actually bought the put options, because that would be the insider who made millions on September Most people are unaware that money was also earned with the attacks on September The Security and Exchange Commission, SEC, the Securities and Exchange Commission of the United States, however, does not publish the information on who bought the put options, because you can do this anonymously. It is disturbing that this data is not made public. This means that the investigation of the terrorist attacks was incomplete, and always at the point where there are contradictions to the SURPRISE story, no further investigations are made. It looks very center as if one wants to examine only one story, the investigation is therefore one-sided. But this does not only apply to the put options. Interestingly enough, when Dr Ganser points out in his reply that this important data is not published, it is actually only half of the truth. The answer is very simple and odd at the same time: David Callahan, the editor of the US magazine SmartCEO, filed a request to the SEC about the put options which occurred prior to September 11 within the framework of the Freedom of Information Act FOIA. Some unusual trading did in fact occur, but each such trade proved to put an innocuous explanation. For example, the volume of put options — investments that pay off only when a stock drops in price — surged in the parent companies of United Airlines on September 6 and American Airlines on September 10 — highly suspicious trading on its face. A single US-based institutional investor with no conceivable ties to al-Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buyingshares of American on September Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific US-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades. These examples typify the evidence examined by the investigation. The SEC and the FBI, aided by other agencies and the securities industry, devoted enormous resources to investigating this issue, including securing the cooperation of many foreign governments. These investigators have found that the apparently suspicious consistently proved innocuous. Notice … the commission makes no mention in its footnote of the 36 other companies identified by the SEC in its insider trading probe. The likely answer is that so many players on Wall Street were involved that the SEC could not risk an open process, for fear of exposing the unthinkable. It would also explain why the SEC ultimately named no names. The SEC was like a surgeon who opens a patient on the operating room table to remove a tumor, only to sew him back up again after finding that the center has metastasized through the system. At an early stage of its investigation, perhaps before SEC officials were fully aware of the implications, the SEC did recommend that the FBI investigate two suspicious transactions. Although the names in both cases are censored from the declassified document, thanks to some nice detective work by Kevin Ryan we know whom in one case the SEC was referring to. The identity of the suspicious trader is a stunner that should have become prime-time news on every network, world-wide. Kevin Ryan was able to fill in the blanks because, fortunately, the censor left enough details in the document to identify the suspicious party who, as it turns out, was none other than Wirt Walker III, a distant cousin to then-president G W Bush. At the time, Walker was a director of Stratesec. Given the links to the World Trade Center and the Bush family, the SEC lead should have sparked an intensive FBI investigation. From the references in the document, we can make out that the two people had the same last name and were related. This fits the description of Wirt and Sally Walker, who were known to be stock holders in Stratesec. Additionally, one Wirt was a director at the company, a director at a publicly traded company in Oklahoma Aviation Generaland chairman of an investment firm in Washington, DC Kuwam Corp. Here are two other recent articles on Stratesec and its operators. It is also remarkable what Ryan wrote to me regarding a company on which he did some research, too: Viisage Corp, another high-tech security firm. Viisage was led by Roger LaPenta, formerly of Lockheed. Seven months later, inFBI director Louis Freeh also joined the Viisage board. But, of course, that was not the case. Freeh is nowadays the bankruptcy trustee of the alleged market manipulator MF Global. On September 11, not only human life, aircraft and buildings were destroyed in New York City, but also data on computers and in archives. For example, several federal agencies occupied space in Building 7 of the World Trade Center, including the Securities and Exchange Commission on floors 11 option In fact, some technology companies were commissioned to recover damaged hard disks, which had been recovered from the debris and dust of Ground Zero. One of these companies was the English company group Convar, more precisely: This could be a criminal enterprise — in which case, did they get advance warning? The companies for which Convar was active cooperated with the FBI. If the data were reconstructed they should have been passed on to the FBI, and the FBI, according to its statutory mandate, should have initiated further investigation based on the data to find out who carried out these transactions. Henschel was optimistic at the time that the sources for the transactions would come to light. Ruppert was contacted by an employee of Deutsche Bank, who survived the WTC disaster by leaving the scene when the second aircraft had hit its target. According to the employee, about five minutes before the attack the entire Deutsche Bank computer system had been taken over by something external that no one in the office recognized and every file was downloaded at lightning speed to an unknown location. The employee, afraid for his life, lost many of his friends on September world, and he was well aware of the role which the Deutsche Bank subsidiary Alex Brown had played in insider trading. I was curious and wanted more information from Convar regarding their work on the WTC-computer hard drives, but also about the statements made by Peter Henschel and Richard Wagner. Thus, I contacted the agency which represents Convar for press matters, with a written request. Due to time constraints, we can currently offer you neither information nor anyone on the part of our client to talk to regarding this requested topic. I also approached KrollOntrack, a very interesting competitor of Convar in writing. This would require close liaison with the Secret Service. He had previously established the crisis center for the mayor of New York City as director of the Office of Emergency Management OEMwhich occupied office space on the 23rd floor of the WTC Building 7. Therefore, I found it appealing to uncover some more details of this aspect, or, more accurately to find out if Ontrack or KrollOntrack had received an order in or after to rescue computer hard drives from the WTC. The answer I received from KrollOntrack said:. Kroll Ontrack was not at the site of the data recovery — the devices at the Twin Towers have been completely destroyed or vaporized. The firm Kroll was, however, at that time active in the field of computer-forensic investigations, securing devices in the surrounding buildings. In essence, these two inquiries did not help me at all. If anything, a further question arose: After all, I had written in my inquiry that Convar had received orders to restore damaged computer hard drives from the World Trade Center. I stated to KrollOntrack: Will you still stick to your answer? One film report to which I referred to in my second inquiry to KrollOntrack originated from the German television journal Heute-Journal broadcast on March 11,on ZDF, and the other from the Dutch TV documentary Zembla, broadcast on September 10, The ZDF report showed that Convar received the WTC disks from the US Department of Defense and that Convar had managed until March to recover more than hard drives. In the TV documentary Zembla, Convar essentially maintained its position as it had been reported by Erik Kirschbaum in Those occurred shortly before and during the WTC disaster. It remains unclear what the FBI did later on with the data recovered by Convar. But it gets even better. According to Zembla, the FBI was directly involved with the data rescue efforts of Convar. In addition, the largest broker of government bonds, Cantor Fitzgerald, was destroyed, and there was a great deal of money missing from the federal government in the prior four or five years. If you look at the amount of funds involved, it is hard to come to a conclusion other than massive securities fraud was involved, so I find it very interesting that this happened. Also two other government bonds brokers, Garbon Inter Capital and Eurobrokers, occupied office space in the WTC towers that were destroyed. Back to Fitts and the question: Now given what I know of the federal set up of financial statements, I am skeptical of that statement. But of course the big money was used for a significant movement of the military abroad and into Afghanistan and then into Iraq … You could see that the country was being prepared to go to war. I believe whether it was financial fraud, engineering new laws or engineering wars, it was a fantastically profitable covert operation. Trading of the shares of Raytheon, the producer of Tomahawk and Patriot missiles and parent company of E-systems, whose clients include the National Security Agency and CIAexperienced an abrupt six-time increase of call option purchases on the day immediately before September The outright purchase of call options implies the expectation that a stock price will rise. With regards to government bonds, buyers of US Treasury securities with a maturity of five years were also winners. These securities were traded trade an unusually large volume shortly before the attacks. The Wall Option Journal reported at least in early October that the Secret Service had started world investigation into a suspiciously high volume of US government bond purchases before the attacks. The Wall Street Journal explained:. Five-year Treasury bills are the best investments in the event of a global crisis, in particular one like this which has hit the United States. The papers are treasured because of their safety, and because they are covered by the US government, and usually their prices rise if investors shun riskier investments, such as shares. The US Federal Reserve creates money to fund the war and lends it to the American government. The American government in turn must pay interest on the money they borrow from the Central Bank to fund the war. The greater the war appropriations, the greater the profits are for bankers. He gave me some answers in a personal discussion, which I am allowed to repeat here with his expressed approval. Well, the trading documents certainly look suspicious. It is simply a fact that an unusually high volume of purchases of put-options for the two airlines occurred over the three trading days before the attacks. This is a mere fact, no speculation, no guessing around. This is clearly obvious from the documents of the trading sessions on the derivatives exchanges. Do you think that the intelligence agencies could have got a warning signal based on this information? Theoretically that is possible, if are you are looking and watching out for this. But there was far more significant information, which was ignored. Do you also think that some people with foreknowledge operated speculatively in the option markets? Based on the documentation of the trading session it seems that this has been the case, yes. Those three specific issues were the ones I have just highlighted. Does this come as a surprise? At the end of this article, I should perhaps mention that this research ultimately led to negative consequences for me. After I contacted the FBI, I was informed by the publisher of a German financial website, for which I conducted interviews for a professional fee and had already prepared more workthat no further cooperation was possible. Now that I will come in one way or another into the focus of the FBI, any association with me would be undesirable. Regardless of who did it, we can know that more than a few had advance warning — the trading in the option market makes that clear. Translated back into English from German. Thompson und Kweehong Teh: The authors refer to Erin E. Daniele Ganser, published at LarsSchall. A contract represents options on shares. In the second half of the show Max talks to independent journalist, Lars Schall, Powered by WordPress Modern Style theme by FlexiThemes.

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4 thoughts on “Put option world trade center”

  1. ΐλεκρΰνδπ-N says:

    I understand that there are certain cardinals behind these maneuvers but the buck stops with the Pope.

  2. AlexWhite says:

    Heck, Bryan and Howard Hilliard- Celebrated Luckenbach, Texas: Standard of the World.

  3. AcManZ says:

    I also smoke cigarettes and joints, and when my girlfriend goes to bed in the evening I find that the joint I was smoking is sitting in the ashtray and my thumb is in my mouth.

  4. AG-Motors says:

    The landscape portrayed in the movie is the Australian outback.

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