ACP45 Loc: Rhode Island

The official account of the events of September 11, 2001, has been used:

*to justify the wars in Afghanistan and Iraq, which have resulted in the deaths of over a million people; [1]

*to authorize torture, military tribunals, and extraordinary rendition; and

*to suspend freedoms guaranteed by the American Constitution such as habeas corpus in the USA, and similar freedoms in Canada, the UK, and other countries.

The official claims regarding 9/11 are contradicted by facts that have been validated by a scientific consensus process, and which include the following points of “best evidence”.

Today, Point #2 will be presented. Over the course of the next 46 days I will post each successive point for your consideration.
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A Claim that there was No Insider Trading in Put Options before September 11, 2001

In the first month after 9/11, there was rather widespread commentary in the press that persons had made enormous profits from foreknowledge of the attacks. [1]
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The Official Account

In 2004, The 9/11 Commission Report wrote: “Highly publicized allegations of insider trading in advance of 9/11” have been made, and there was “some unusual trading” involving “put options – investments that pay off only when a stock drops in price.” [2] However, the Commission said: “Exhaustive investigations by the Securities and Exchange Commission, FBI, and other agencies have uncovered no evidence that anyone with advance knowledge of the attacks profited through securities t***sactions.” [3]

For example, “the volume of put options … surged in the parent companies of United Airlines on September 6 and American airlines on September 10,” and this was “highly suspicious trading on its face.” However, “further investigation has revealed that the trading had no connections with 9/11. A single U.S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10.” [4]

The Best Evidence

There are three reasons to reject the 9/11 Commission’s claim that it refuted the belief that huge profits were gained through foreknowledge of the 9/11 attacks.

First, the 9/11 Commission did not show that there was no insider trading based on foreknowledge about the 9/11 events, but simply asserted this.

Second, the Commission used a circular argument with regard to United Airlines: In stating that most of the United Airlines put options were purchased by an investor “with no conceivable ties to al Qaeda,” the Commission simply presupposed that 9/11 was planned and executed solely by al-Qaeda and that no one else had any advance knowledge of the attacks.

Third, econometricians – who use statistical analyses to produce objective results in economics – have published studies showing the occurrence of very unusual trades shortly before 9/11 that ensured high profits, thereby revealing high probabilities of insider trading.

For example, an analysis of the purchases of put options on United and American Airlines between the 5th and 10th of September, 2001, carried out by a University of Illinois professor of finance and published in a well-established journal, concluded that the evidence was “consistent with the terrorists or their associates having traded ahead of the September 11 attacks.” [5]

Another econometric study published in a well-respected journal concluded that “a******l trading volumes … provide credible circumstantial evidence in support of the insider trading claim.” [6]

A more comprehensive study, by professors at the Swiss Finance Institute and the Swiss Banking Institute, [7] shows that 15 million dollars were likely obtained by insiders using put options for Boeing, Merrill Lynch, J.P. Morgan, Citigroup, and Bank of America stocks. [8]

These econometric investigations, which appeared in 2006, 2010, and 2011, have not been challenged in any professional or governmental responses.


References

[1] For example, the BBC one week after 9/11 stated: “The City watchdog, the Financial Services Authority, has launched an inquiry into unusual share price movements in London before last week’s atrocities. The [London] Times reports that the American authorities are investigating unusually large sales of shares in airlines and insurance companies. There are said to be suspicions that the shares were sold by people who knew about the impending attacks” (“Papers Salute New York Stock Exchange,” BBC News, 18 Tuesday September, 2001.

[2] The 9/11 Commission Report, 499 n. 130.

[3] Ibid., 172.

[4] Ibid., 499, n. 130.

[5] Allen M. Poteshman, “Unusual Option Market Activity and the Terrorist Attacks of September 11, 2001,” Journal of Business, 79 (2006): 1703-26; (backup of pdf).

[6] Wing-Keung Wong, Howard E. Thompson, and Kweehong, Teh, “Was there A******l Trading in the S&P 500 Index Options Prior to the September 11 Attacks?” Multinational Finance Journal 15/1-2 (2011): 1-46, at 43.

[7] Marc Chesney, Remo Crameri, and Loriano Mancini, “Detecting Informed Trading Activities in the Options Markets,” Swiss Finance Institute Research Paper, 7 September 2011.

[8] See Table 2 of Paul Zarembka, “Evidence of Insider Trading Before September 11th Re-examined,” International Hearings on the Events of September 11, 2001, 8-11 September 2011, Ryerson University, Toronto.

okie don

ACP45,
The reason was two fold. To establish 'terrorists' to enact NDAA 'Patriot' Act so we can be picked up, hauled off to a FEMA camp with no trial by jury of our peers.

okie don

The Durham/ Brady $240 Billion 10 year Bonds issued 1991 by Bush Sr, Greenspan and Ollie North were due 9 2001. It would 'crash' our system.

okie don

Canter Fitzgerald Investments in the North Tower issued them. Canter Fitzgerald lost some 661employees that day and records destroyed, SEC shut down .

okie don

If I had your Email I could send ya some stuff that will explain why 9-11-01 happened. And bldg#7 and the Pentagon where the GAO was checking out what happened to the $2.3 Trillion 'Rummy' mentioned.

okie don

Pentagon hit by a missile, not aircraft.
All videos taken by CIA but 1 that's now come forward. GAO was uncovering the $2.4 Trillion loss in that same room struck by missile.

okie don

Remember the NSA . Why weren't we warned about impending attack?
The NSA is the Ears of America to protect 'We the People'. Strang they were quiet, Huh!(:

badbob85037

There was some guy on youtube saying 9/11 happened just like the government told us. I finally made a video to show just what it takes to believe what the government told us https://www.youtube.com/watch?v=PGm6vcR2g-k If you believe the laws of science and nature you can't believe what our government told us and you can't have it both ways. Building 6 had an armory. Those weapons were encased in concrete. It takes 4,000 degrees to melt concrete. There should have been nothing in those buildings that could get half that hot, including jet fuel Just a few months ago they found bone fragments on the roof of a building a block away. They didn't get there from a building falling unless bodies blow up when a building falls. I know it's a hard pill to swallow that your government would murder over 2,000 of it's citizens but it sure wasn't some beginner pilot that flew those planes in to the Trade Center, Pentagon, or an open field. Never has a jet liner vanished into an 8 foot hole in the side of a building or a hole in the ground. Never has a black box not been recovered from a crash on land. Also we k**led 1.5 million in Iraq alone. A bunch of Sadie's attack us so we attack Iraq and have leveled nation after nation ever since. And that last president still don't know what side we are on.

eagleye13 Loc: Fl

Strange how all those stock puts were ignored and not tracked down. 10/1 a******l ratio of puts to buys on the 911 losers. Millions made; some not collected when word got out.
That should be one investigation on its own.

The Covert Origins of ISIS
Americans better figure this out in time. Who will pay attention to covert US foreign policy and share?

http://www.youtube.com/watch?v=oMjXbuj7BPI&feature=player_detailpage

ACP45 Loc: Rhode Island

badbob85037 wrote:
There was some guy on youtube saying 9/11 happened... (show quote)
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Points #3 through #12 will deal with the issue of fire, explosions, and molten metals.

eagleye13 Loc: Fl

Keep em coming; there are those here that squirm when the 911 topic gets attention.
I do wonder why that is.

eagleye13 Loc: Fl

the true story
https://youtu.be/PGm6vcR2g-k

okie don

GREAT VIDEO BB. Funny how kerosene aka( jet fuel) can do that kinda damage. Lol's
Say:' Pull it" and bldg#7 collapses into it's own footprint . Amazing, hub!

okie don

WTC's were Contaminated with asbestos. Job to clean 'um up was prohibitively expensive.
Larry Silverstein made a k**l'in.(:

ACP45 Loc: Rhode Island

[quote=badbob85037]There was some guy on youtube saying 9/11 happened just like the government told us. I finally made a video to show just what it takes to believe what the government told us https://www.youtube.com/watch?v=PGm6vcR2g-k If you believe the laws of science and nature you can't believe what our government told us and you can't have it both ways.
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Great video BB 👍