Call and put options 9 11

However, we will have to wait for this in vain. In this respect it is thus not really a bet, because the result is not uncertain, but a foregone conclusion. James G Rickards: Well, the trading documents certainly look suspicious. In essence, it was about controlling information, not about provision and disclosure of facts. As you have read, the status in August of last year was slightly different. 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. 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. Granted, these capabilities sound hardly believable.

Commission Report offers not one word of explanation about any of this. Does this come as a surprise? In addition, there are also ways and means for insiders to veil their tracks. One of these companies was the English company group Convar, more precisely: their data rescue center in the German city Pirmasens. Goldmann Verlag, Munich, 2004, page 182. Have the results been made public? The fact that the market was currently in a bear market is not sufficient to explain these surprising volumes. 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.

SEC and the National Archive of the United States, in which the SEC has agreed to keep all records for at least 25 years. Now that I will come in one way or another into the focus of the FBI, any association with me would be undesirable. If Yes: has the study ever been made available to the public? 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. As a result, no evidence of insider trading has been found. But it gets even better. With whom did the Bundesbank share this information? The greater the war appropriations, the greater the profits are for bankers.

British newspaper The Independent reported. This is about demonstrating that there was insider trading on the international stock exchanges before 11 September. The companies for which Convar was active cooperated with the FBI. The tragedy is that these companies mixed civilians with mercenaries, and that they were also killed. Detecting Informed Trading Activities in the option markets. See here and here. If anything, a further question arose: why did KrollOntrack send me a response, where it was really obvious that the content did not match the facts? New Society Publishers, Gabriola Island, 2004, page 152. Commission asked the FBI about the use of credit cards for insider dealing.

BaFin to thoroughly investigate the matter again? Such evidence does not exist here. The following two references from the paper are relevant to what you are describing. 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. Commission memorandum declassified in May 2009 which summarizes an August 2003 meeting at which FBI agents briefed the commission on the insider trading issue. It remains unclear what the FBI did later on with the data recovered by Convar.

There was a sharp rise in credit card transactions moving through some computer systems at the WTC shortly before the planes hit the twin towers. This was not the case. The US Federal Reserve creates money to fund the war and lends it to the American government. The ZDF report showed that Convar received the WTC disks from the US Department of Defense and that Convar had managed until March 2002 to recover more than 400 hard drives. Six years after the attacks on the World Trade Center this is the disturbing results of a recent study by Marc Chesney and Loriano Mancini, professors at the University of Zurich. Convar director Peter Henschel. KrollOntrack, a very interesting competitor of Convar in writing.

Jerome Hauer was one of the managing directors at Kroll Inc. Could you comment on this for the public, please? New York Stock Exchange opened again, the value of Raytheon actually shot up considerably. Max Keiser the last word in order to point out the significance of the story. Here are two other recent articles on Stratesec and its operators. Do the authors, so to speak, see ghosts with no good reason? German Interview with Dr. When the attacks occurred, ABS was owned by Deutsche Bank. See annual reports 2001 and 2002.

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, 2001, on the United States? In the TV documentary Zembla, Convar essentially maintained its position as it had been reported by Erik Kirschbaum in 2001. But it is extremely difficult to really verify it. Lars Schall and Michael Leitner is a video dedicated to the topic of the alleged informed trading activities. St is therefore not meaningful. 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. City of London driving around with a money manager and his phone rang and he answered it on his speaker phone. 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.

At the end of this article, I should perhaps mention that this research ultimately led to negative consequences for me. 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 answers refer to the German financial market as a whole and not only on the Frankfurt Stock Exchange. Without elaborating on the detailed explanation of the mathematical and statistical method, which the scientific trio applied during the examination of the put option transactions on the CBOE for the period between 1996 and 2006, I summarize some of their significant conclusions. Those occurred shortly before and during the WTC disaster. Among the affected stocks were United Airlines and American Airlines, the two airlines involved in the attacks. It is disturbing that this data is not made public. Eurex regarding the topics of your inquiry.

With regards to government bonds, buyers of US Treasury securities with a maturity of five years were also winners. Exchange, but it is independent and autonomous. According to Zembla, the FBI was directly involved with the data rescue efforts of Convar. Ruppert, however, describes this case in Crossing the Rubicon in full length as far as possible. The SEC was like a surgeon who opens a patient on the operating room table to remove a tumor, only to sew him back up again after finding that the cancer has metastasized through the system. UAL and other US stocks, but those traded only in low volumes.

Now given what I know of the federal set up of financial statements, I am skeptical of that statement. Freeh as his personal attorney. Max Keiser: Put options are, if they are employed in a speculative trade, basically bets that stock prices will drop abruptly. Interview with Catherine Austin Fitts, published at LarsSchall. Pentagon that produced financial statements was destroyed. Osama bin Laden, which means that it is highly unlikely that it had been Bin Laden. For specific titles, the profits were enormous.

Such a course of action involves compromising consequences. He then talked with me about an explosive issue, on which Ruppert elaborated in detail in Crossing the Rubicon. In effect, they become government agents and are controlled by government regulations rather than their own conscience. French financial magazine Les Echos published in September 2007 about a study conducted by two independent economics professors from the University of Zurich, Marc Chesney and Loriano Mancini. Specifically put options, ie speculation on falling stock prices were traded. Oh Harry, I am so sorry about what has happened, it must have been very traumatic.

James G Rickards: Based on the documentation of the trading session it seems that this has been the case, yes. American Airlines, United Airlines, Merrill Lynch, Bank of America, Citigroup and JP Morgan. SEC investigation had the full picture. FBI did not respond to my inquiry in any way whatsoever. The activities of Convar, however, prove the exact opposite. Daniele Ganser, published at LarsSchall. He gave me some answers in a personal discussion, which I am allowed to repeat here with his expressed approval. US government officials including the president.

Peter Henschel and Richard Wagner. Will you still stick to your answer? Really See That, Even Though We Saw It. It would also explain why the SEC ultimately named no names. 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. American International Group, AXA SA, Bank of America Corp. Seven months later, in 2006, FBI director Louis Freeh also joined the Viisage board.

Neill in New York before the latter lost his life on September 11 in the WTC. BaFin and Deutsche Borse. After all, I had written in my inquiry that Convar had received orders to restore damaged computer hard drives from the World Trade Center. In terms of the assessment of foreign financial markets, the relevant authorities are the competent points of contact. 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. This will be followed by my further questions. Ruppert describes in Crossing the Rubicon.

An important person at ABS was Buzzy Krongard. United Airlines, which owned two of the other three allegedly hijacked aircraft. Have the US federal agencies ever inquired if the BaFin could cooperate with them in an investigation? 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. Bear Stearns, Citigroup, Lehman Brothers Holdings Inc. The four aircraft hijacked on September 11 were American Airlines Flight 11, American Airlines Flight 77 and UAL flights 175 and 93. Insiders can then come back to enter into more transactions based on a seemingly significant trade signal from the market.

But, of course, that was not the case. Henschel was optimistic at the time that the sources for the transactions would come to light. Furthermore, the Bundesbank itself would have to comment on this. Compare a copy of the letter by the SEC on MaxKeiser. Cantor Fitzgerald days before. Their investigations are confidential and are carried out in close coordination with the BaFin. Marvin was also on the board. 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.

Harper Collins, New York, 2007, page 19. Afghanistan, to go to war in Iraq, and commit a huge number of actions, and now much of the challenges about the budget are the result of extraordinary expenditures on war including in Afghanistan and Iraq and the costs of moving the army abroad and engaging in this kind of empire building with ground military force. But this does not only apply to the put options. SEC was referring to. 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. Stratesec, one of the companies that provided security at the World Trade Center up until the day of the attacks. 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. 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. Treasury bills are the best investments in the event of a global crisis, in particular one like this which has hit the United States.

Krongard had transferred to become executive director at the CIA. Journal broadcast on March 11, 2002, on ZDF, and the other from the Dutch TV documentary Zembla, broadcast on September 10, 2006. 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. The American government in turn must pay interest on the money they borrow from the Central Bank to fund the war. Heiner Seidel, the deputy head of the press office of the Deutsche Borse in Frankfurt. How did the Bundesbank deal with this information? Max Keiser: There are many aspects concerning these option purchases that have not been disclosed yet. If Yes: who were the authors?

For this I ask for understanding. You could see that the country was being prepared to go to war. Exchange Stabilization Fund traded it and that some of the funding for the compensation fund for the victims came from the ESF. Evidence for Informed Trading on the Attacks of September 11. We have tried to see if the movements of specific stocks shortly before the attacks were normal. From the references in the document, we can make out that the two people had the same last name and were related. More conclusive evidence is needed to prove definitively that insiders were indeed active in the market. 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. US dollars were removed from the WTC computer systems.

American Airlines, United Airlines, Continental Airlines, Northwest Airlines, Southwest Airlines, Boeing, Lockheed Martin Corp. This fits the description of Wirt and Sally Walker, who were known to be stock holders in Stratesec. 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. Follow the money: Terror plotters could have benefited more from the fall of the entire market than from individual stocks. 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, 2001. Those three specific issues were the ones I have just highlighted. Commission, which was released in May 2009. The likely answer is that so many players on Wall Street were involved that the SEC could not risk an open process, for fear of exposing the unthinkable. This is a mere fact, no speculation, no guessing around.

Freeh is nowadays the bankruptcy trustee of the alleged market manipulator MF Global. 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. SEC, the FBI and other governmental authorities of the United States. These could be traded under multiple accounts to avoid drawing attention to large trading volumes going through one single large account. Max Keiser, who for years had worked on Wall Street as a stock and options trader, about the put option trades. It gave incredible powers to centralize. Regarding potential inquiries from foreign supervisory authorities, the BaFin can unfortunately not comment, this would be a matter of respective authority.

The outright purchase of call options implies the expectation that a stock price will rise. SEC in its insider trading probe. 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. United Airlines and American Airlines. World Trade Center around that time. This would require close liaison with the Secret Service. Sons and the CIA. Question: Do you think that the intelligence agencies could have got a warning signal based on this information? 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.

Therefore, I found it appealing to uncover some more details of this aspect, or, more accurately to find out if Ontrack or KrollOntrack had received an order in 2001 or after to rescue computer hard drives from the WTC. Well, you know the rules. On September 11, not only human life, aircraft and buildings were destroyed in New York City, but also data on computers and in archives. In essence, these two inquiries did not help me at all. That was the oral information from the Bundesbank press office, or respectively from Mr Peter Trautmann. Now you need to look further in order to see who actually bought the put options, because that would be the insider who made millions on September 11. Did US federal agencies ask to see the study? Most people are unaware that money was also earned with the attacks on September 11. Question: Do you also think that some people with foreknowledge operated speculatively in the option markets?

Marc Chesney, professor at the Institute of banking at the University of Zurich, has examined these put options. 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. Did you at EUREX perceive the particular trading in Munich Re and Swiss Re it in any way as strange? If you look at movements in markets before and after the attack, it makes your brow furrow. Gold rises nonstop for days after the attacks. James G Rickards: Theoretically that is possible, if are you are looking and watching out for this. With his background as a former options trader, Keiser explained an important issue to me in that regard.

Just before he was recruited personally by former CIA chief George Tenet for the CIA, Krongard supervised mainly private client banking at Alex Brown. In fact, some technology companies were commissioned to recover damaged hard disks, which had been recovered from the debris and dust of Ground Zero. The noise which occurred between Baltimore, New York City and Langley was interesting, as you can imagine, to say the least. Daniele Ganser: This means that the investigation of the terrorist attacks was incomplete, and always at the point where there are contradictions to the SURPRISE story, no further investigations are made. Germany and Frankfurt, or not? The FBI did not conduct a single interview.

October 2001 were traded on September 10th, in contrast to a daily average of around 24 contracts over the previous three weeks. They could also trade small volumes in each contract but trade more contracts to avoid drawing attention. Could you reply to me in writing, unlike the Deutsche Bundesbank, please? The Journal of Business, University of Chicago Press, 2006, Vol. The atypical volumes, which are very rare for specific stocks lead to the suspicion of insider trading. 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. German and Swiss futures exchanges DTB and SOFFEX, Chesney, Mancini and Crameri focused on two reinsurance companies, which incurred costs in terms of billions of dollars in connection with the World Trade Center catastrophe: Munich Re and Swiss Re. For example, several federal agencies occupied space in Building 7 of the World Trade Center, including the Securities and Exchange Commission on floors 11 to 13. These securities were traded in an unusually large volume shortly before the attacks.

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. SEC muzzle potential whistleblowers by deputizing everyone involved with its investigation? Given the links to the World Trade Center and the Bush family, the SEC lead should have sparked an intensive FBI investigation. 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. Also two other government bonds brokers, Garbon Inter Capital and Eurobrokers, occupied office space in the WTC towers that were destroyed. 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. Management Information System, abbreviated as PROMIS.

In addition, it would have been the duty of the Bundesfinanzaufsicht to investigate this matter. Bank of New York Corp. At the time, Walker was a director of Stratesec. Ultimately, however, the press office of the Deutsche Bundesbank was only available for an oral explanation on the phone. So have companies on Wall Street used civilians as human shields maybe? If Yes: what is the title? Daniele Ganser: This is an important point.

The Wall Street Journal reported at least in early October 2001 that the Secret Service had started an investigation into a suspiciously high volume of US government bond purchases before the attacks. The employee, afraid for his life, lost many of his friends on September 11, and he was well aware of the role which the Deutsche Bank subsidiary Alex Brown had played in insider trading. There is no legal evidence, but these are the results of statistical methods, confirming the signs of irregularities. WTC building number 7, where the SEC offices and other governmental investigation offices were. 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. US as well as geopolitics, James G Rickards. Thus, I contacted the agency which represents Convar for press matters, with a written request.

And that is also not the case. Is capable to track the global stock market trade in real time. Morgan Stanley, General Motors and Raytheon. The option purchases, in which ABS was involved, occurred in the offices of ABS in Baltimore. But there was far more significant information, which was ignored. This is clearly obvious from the documents of the trading sessions on the derivatives exchanges. Twin Towers have been completely destroyed or vaporized.

Deutsche Bundesbank relating to insider trading connected to the terrorist attacks on September 11, 2001, and respectively relating to an alleged study carried by the Deutsche Bundesbank. The Control on Concentration of Cash Flow Act. So you could tell the monetary policies and sort of insider games were just pumping profits into the bank at that time, so that was very profitable. Infiltrates computer and communication systems without being noticed. Viisage was led by Roger LaPenta, formerly of Lockheed. Is the SEC Covering Up Wall Street Crimes? 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.

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. How do you as EUREX comment on the findings of Messrs Chesney, Mancini and Crameri? Commission memorandum that summarized the FBI investigations refers to the traders involved in the Stratesec purchase. Very significant put option trades were only transacted for these two airlines involved in the attacks. Question: If this is not pursued any further, what does it mean? 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? There were only significant put options and only significant transactions for United Airlines and American Airlines. Here are the links.