세계 무역 센터 풋 옵션

세계 무역기구. 무역 협상. 교역 규칙의 변경은 협상의 라운드를 통해 합의에 도달해야하는 모든 WTO 회원국의 동의를 요구한다. 가장 최근의 도하 개발 의제는 2001 년에 시작되었다. 이행 및 모니터링. 다양한 WTO 협의회와위원회 WTO 협정이 제대로 이행되도록 보장 WTO 회원국은 무역 정책 및 관행에 대해 주기적으로 면밀한 조사를 실시한다. 이의 제기 합의 WTO 회원국은 무역 협정에 따른 권리가 침해 당했다고 생각하면 WTO에 분쟁을 제기한다. WTO는 개발 도상국들이 무역 역량을 키우고 무역 협정을 이행하는 데 더 많은 시간을 할애하도록 돕는 것을 목표로한다. 개발 도상국의 공무원을 위해 매년 수백 가지의 훈련 과정이 조직된다. 2012 년 3 월 20 일 Kommentare deaktiviert fr 내부자 거래 9 11 사실을 공개했습니다. 아시아 시간 온라인 EXCLU 간단한 조사 2001 년 9 월 11 일경 미국 주식 거래위원회 (US Securities and Exchange Commission)와 911위원회 (Commission)가 아무런 대답을하지 않더라도 주식 가격이 갑자기 하락할 것이라는 당사자의 풋 옵션에 대한 투기 거래는 분쟁하지 않을 수있다 그래서 몇몇 사람들은 테러 공격에 대한 사전 경고가 있었음에 틀림 없어, 수백만 달러에 현금을 들여야했다. 다음 기사는 아시아 타임스 온라인에서 처음 출판되었다. 2001 년 9 월 11 일 테러와 관련하여 금융 시장에서 막대한 이익을 창출했다. 아마도 가장 좋은 곳은 2001 년 9 월 11 일 화요일에 발생한 풋 옵션을 비정상으로 분석하는 것이다. 처음에는 PROMIS i. PROMIS와 같이 축약 된 검찰의 경영 정보 시스템 (Prosecutor 's Management Information System)이 중요한 역할을 한 소프트웨어를 통해 처음에는 거의 마기 (magi)와 맞먹는 소프트웨어 프로그램이었습니다 칼 능력 또한, 발명가 인 Bill Hamilton과 정보 기관, 군사 및 보안 컨설팅 회사와 관련된 여러 사람들의 기관과의 수십 년 간의 논쟁의 주제입니다. 1. PROMIS의 마법 능력 중 하나는, 인공 지능을 갖추고 있으며 원래의 프로그램이 작성된 언어 나 운영 체제 및 플랫폼에 상관없이 여러 컴퓨터 프로그램이나 데이터베이스를 동시에 읽고 통합 할 수 있었던 것입니다. 데이터베이스는 현재 설치되어 있습니다 2. 그리고 나서 정말 흥미 롭습니다. 당신이 생각할 수 있고, 세계의 모든 주요 언어를 이해하고, 다른 모든 사람들에게 컴퓨터 구멍 뚫기를 제공하는 소프트웨어를 가지고 있다면 어떻게 할 것입니까? 사람들의 지식이없는 컴퓨터에 데이터를 저장하고, 인간의 추론을 넘어 빈 공간을 채울 수 있으며, 또한 사람들이 당신이 그것을하기 전에 할 것입니다 아마 당신은 그것을 사용하지 않을 것입니다 3. 주어진, 이러한 능력은 거의 믿을만한 소리가 아닙니다 사실, Mike Ruppert가 그의 저서 Crossing the Rubicon을 모든 기괴한 측면에서 개발하는 PROMIS의 전체 이야기 누군가가 Philip K Dick과 William Gibson의 스타일로 소설을 개발 한 것처럼 보입니다. 그러나 Ruppert가 PROMIS에 대해 수집 한 정보는 평판이 좋고 개인 조사 결과에 기반을두고 있습니다. 개인 조사 결과에 따라 배심원 단은 PROMIS 기능에 PROMIS가 전 세계의 실시간 거래를 실시간으로 모니터링하는 것을 포함하여 정보 기관에 의해 다양한 용도로 사용되었다는 점을 PROMIS 기능에 추가하면 이는 더욱 긴급합니다. 우리의 주요 금융 시장 4. 따라서 우리는 주목받지 못한 채 컴퓨터와 통신 시스템에 침투하는 소프트웨어를 다루고있다. b 데이터를 조작 할 수있다. c. r의 글로벌 주식 시장 거래를 추적 할 수 있는가? Point C는 Deutsche Bundesbank Ernst Weltke 전 의장이 9 월 11 일 직전에 발생한 완전히 정리되지 않은 거래와 관련하여 발생한 모든 사건과 관련이 있으며, 특정 지식 6. 나는 키어 (Keiser)가 풋 옵션 거래에 대해 월 스트리트에서 주식 및 옵션 트레이더로 일해온 금융 기자 Max Keizer에게이 컨텍스트에서 많은 중개인과 이야기했다고 지적했습니다. 그 당시 세계 무역 센터 (World Trade Centre)에서 캔터 피츠 제럴드 (Cantor Fitzgerald)의 날에 브로커들로부터 무역 거래를 직접 듣기도 전에 폭발적인 문제에 관해 이야기를 나눴습니다. 루퍼트 (Rubppert)는 루비콘 교차점에서 자세하게 설명했습니다. 맥스 키이저 (Max Keizer) 아직 공개되지 않은이 옵션 구매 나는 또한 Alex Brown Sons에서 근무했습니다. ABS Deutsche Bank는 1999 년 Alex Brown Sons를 인수했습니다. 공격이 발생했을 때 d는 ABS가 Deutsche Bank의 소유였습니다. ABS의 중요한 인물은 Buzzy Krongard였습니다. 볼티모어 사무소에서 여러 번 만났습니다. Krongard는 CIA에서 전무 이사로 전근했습니다. ABS가 참여한 옵션 구매는 볼티모어에있는 ABS 사무소 뉴욕시 볼티모어와 랭글리에서 발생한 소음은 당신이 상상할 수있는 것처럼 흥미로 웠습니다. 여기서 고려해야 할 점은 도이체 방크의 자회사 인 알렉스 브라운 (Alex Brown) 9 명의 하이 잭 범인이 은행 거래를 처리했습니다. 예를 들어 모하메드 아타 (Mohammed Atta)는 시카고 보드 옵션 교환 CBOE를 통해 유나이티드 항공 회사 UAL에 대규모 풋 옵션 구매를 거래했습니다. 영국 신문 인 독립 신문 (Independent)은 7 월 12 일 보도했습니다. 도이치 뱅크의 알렉스 브라운 (Alex Brown), 메이요 (Mayo) Shattuck III는 갑자기 조용히 자신의 직위를 포기했다. 몇 백만 달러의 급여 CIA 중앙 정보국 (CIA)의 언론 대변인 인 톰 크리스 펠 (Tom Crispell)은 몇 주 후 Ruppert의 웹 사이트에 대한 보고서를 요청했을 때 모든 코멘트를 기각했다. 황야에서 재무부 또는 연방 수사 국 (FBI Federal Bureau of Investigation)이 CIA의 전무 이사 겸 도이치 뱅크 - 알렉스 브라운 최고 경영 책임자 (CEO) 인 AB Buzzy Krongard에게 PROMIS와 그의 전직을 이용한 금융 시장에 대한 CIA 모니터링에 대해 질문을 받았다. Brown의 개인 고객 관계의 감독자로서의 지위 8. CIA의 전직 CIA 책임자 인 George Tenet에 의해 개인적으로 채용되기 전에 Krongard는 주로 Alex Brown의 개인 고객 은행을 감독했습니다. 9. 어떠한 경우에도 첫 거래일 9 11 미국 주식 시장이 다시 열릴 때, UAL의 주가는 43 하락했다. 9 월 11 일에 납치 된 4 대의 항공기는 American Airlines Flight 11, Ameri 항공기 운항 77 호기와 UAL 항공기 175 호기 및 93 호기가 될 수 있습니다. 이전의 옵션 거래자였던 Keizer는 그 점에서 저에게 중요한 문제를 설명했습니다. Max Keizer Put 옵션은 투기 무역에 고용되어 있다면 기본적으로 그 주식을 베팅합니다 가격이 갑작스럽게 떨어질 것입니다. 판매자와 시간별 계약을 체결 한 구매자는 계약을 구매할 때 해당 주식을 소유 할 필요가 없습니다. Put 또는 Call 옵션을 통해 내부자 거래 문제와 관련이 있습니다. 스위스의 경제학자 인 Remo Crameri, Marc Chesney 및 Loriano Mancini의 주목할만한 정의는 주목할 만하게 옵션 거래는 정보에 입각 한 것으로 파악 될 수는 있지만 공개 이익과 거래량이 비정상적으로 크게 증가하고 큰 이익을 유도 할 때 법적으로 입증되지는 않는다. 10. 영업 이익은 거래가 끝날 때까지 행사되지 않았지만 아직 열려있는 계약을 설명한다. 주식 시장에서 위험 회피를하지 않는다는 것은 그쪽을 의미한다. 풋 또는 콜 옵션의 매수인은 기초 자산의 지분을 보유하지 않으므로, 거래가 이루어지지 않거나 상이하게 표현되면 손실을 완화하거나 보상 할 수있다. 이는 불필요하기 때문에 헤지하지 않는다. 하나는 그 내기가 하나, 용서, 확실한 것임을 압니다. 이 점에서 결과는 불확실하지는 않기 때문에 실제로는 내기가 아닙니다. 그러나 필연적 인 결론입니다. 이 경우 계산의 수단은 엄청나게 값싼 옵션입니다 만기에 시장 가격이 여전히 합의 가격보다 높으면 돈을 잃어 버리므로 매우 위험한 내기 인 현재 시장 가격보다 훨씬 낮은 가격으로 특정 주식을 팔 수있는 권리를 소유자에게 부여합니다 그러나 옵션에 명시된 판매 가격이 시장 가격보다 훨씬 높았 기 때문에 이러한 위험은 테러리스트 공격 이후 훨씬 더 깊어졌습니다. 짧은 옵션은 며칠 내에 그 주식의 시장 가격을 크게 낮추는 일이 발생할 것이라는 것을 알고있는 투자자에게 확실한 표시입니다. 11. PROMIS와 같은 소프트웨어는 실제 주식 시장을 모니터하기위한 정확한 의도와 함께 사용됩니다 의심스러운 것으로 보이는 가격 변동을 추적 할 시간. 따라서 미국 정보 기관은 9 이전에 발견 된 적이없는 유일한 것으로부터 명확한 경고를 받아야합니다. 11. 트랙과 관련하여 매우 중요합니다. 그들을 따라 가기를 심각하게 염두에두고 있습니다. 맥스 키이저 옵션 클리어링 코퍼레이션은 거래를 처리해야 할 의무가 있으며 익명으로 처리하지만 반면 브로커로 거래를 실행하는 은행은 양 당사자의 신원을 결정할 수 있습니다. 트랙이 Alvin Bernard Buzzy Krongard, Alex Brown Sons 및 t에 이르게되었을 때 규제 당국의 의도는 거의 없었다. CIA Ruppert는 가능한 한 전체 길이의 루비콘을 건너는이 사건에 대해 설명합니다 12. 또한 내부자들에게 그들의 궤도를 휘몰아 볼 수있는 방법과 수단이 있습니다 덜 분명해지기 위해서 내부자는 작은 숫자 계약 체결 단일 계정을 통한 대규모 거래량에 대한 관심을 피하기 위해 여러 계정으로 거래 될 수 있습니다. 각 계약의 소량 거래도 가능하지만 관심을 끌기 위해 더 많은 계약을 체결 할 수 있습니다. 미공개 이익이 증가하면 내부자가 지각 된 신호와 그들의 거래 활동 증가 내부자는 시장에서 겉으로보기에 중요한 거래 신호에 기초하여 더 많은 거래를 시작할 수 있습니다. 이와 관련하여 CBOE는 비 내부자로부터 내부자를 찾아 내고, 두 사람 모두 많이 거래하고 있기 때문입니다. 여기에서 설명이 필요한 문제는 일반적으로 다음과 같이 Keizer에 의해 판단됩니다. Max Keizer 제 생각에 많은 사람들이 911 년에 사망 한 사람들은 재정적 용병이었고 살해당한 모든 용병에 관해서 우리가 느끼는 것과 똑같이 느껴야합니다. 비극은이 회사들이 민간인을 용병과 혼합 시켰고 또한 살해되었다는 것입니다. 그래서 월가의 회사들이 2001 년 10 월 초에 발간 된 블룸버그 보고서에 따르면 미국 증권 거래위원회 (SEC)는 아메리칸 항공, 유나이티드 항공, 콘티넨탈 중 38 개 기업을 포함하여 특정 주식 거래에 대해 조사를 시작했다. 보잉, 록히드 마틴 사 아메리칸 익스프레스 사 미국 국제 그룹, AXA SA, 뱅크 오브 아메리카 Corp. 뱅크 오브 뉴욕 사 Bear Stearns, Citigroup, Lehman Brothers Holdings Inc Morgan Stanley, General Motors and Raytheon 14. 샌프란시스코 크로니클 (San Francisco Chronicle) 신문에 따르면 같은 달에 SEC가 전례가없는 조치를 취했다고한다. 조사를 위해 민간 부문의 수천명의 주요 이해 관계자가 아니라해도 수백 명에 달합니다. 미국의 거의 모든 상장 기업에 전달 된 성명서에서 SEC는 조사 대상 기업에게 조사를 위해 고위 직원을 배치하도록 요청했으며, 사건의 민감한 본질을 이해하고 적절한 재량권을 행사할 수 있습니다. 15. 본질적으로, 사실을 제공하고 공개하는 것이 아니라 정보를 통제하는 것이 었습니다. 이러한 행동 과정은 Ruppert의 타협과 관련이 있습니다. 누군가를 국가 안보 또는 형사 조사에서 그들이 알고있는 것을 공개적으로 공개하는 것은 불법이됩니다. 스마트 이동 사실상, 정부 요원이되어 자신의 양심보다는 정부 규정에 의해 통제됩니다. 실제로, 그들은 감옥에 투옥 될 수 있습니다 그들이 공개적으로 이야기한다면 심리도없이 연방 수사관, 정보 요원, 감옥에 대한 두려움 때문에 정부 내에서 범죄 활동을 공개 할조차 수 없다는 비밀 맹세 및 협정에 긴밀히 묶여있는 미국 의회 의원조차도. 루비콘 교차점에서 언급 된 의심스러운 내부자 거래에 관한 보고서 The Wilderness는 2001 년 9 월 21 일 이스라엘 Herzliyya 국제 테러 대테러 연구소 (The Herzliyya International Policy Institute)의 Black Tuesday (세계 최대의 내부자 거래 사기)라는 제목 아래 발행 된 목록이다. CBOE는 9 월 6 일부터 7 일까지 4,744 회의 풋 옵션 유나이티드 항공에는 396 건의 전화 옵션 만 제공됨. 임박한 공격에 대한 사전 지식이있는 사람들이 4,000 가지 옵션을 구입했다면이 내부자는 거의 500 만 달러의 이익을 얻었을 것입니다. 9 월 10 일에 아메리칸 항공의 4,516 풋 옵션이 시카고 교환, 단지 748 통화에 비해 다시, 이 불균형을 다시 정당화하기 위해 그 시점에서 아무 소식도 없었다. 이러한 옵션 거래 중 4,000 건은 내부자를 나타내며 약 4 백만의 이익을 나타냅니다. 위에 샀던 풋 옵션의 수준은 정상보다 6 배 이상 높았다. 블랙 화요일 바로 전에 시카고 거래소에서 다른 항공사의 비슷한 거래가 발생하지 않았다. 세계 무역 센터 22 층을 차지한 모건 스탠리 딘 위터 (Morgan Stanley Dean Witter Co) , 10 월 45 일 중 2,157 건이 블랙 화요일 이전에 3 거래 일 동안 매수 옵션을 매수했다. 이것은 9 월 6 일 이전에 평균 27 건의 계약과 비교된다. Morgan Stanley의 주가는 공격의 여파로 48 90에서 42 50으로 떨어졌다. 이 옵션 계약 중 2,000 건은 다가오는 공격에 대한 지식을 바탕으로 구매되었으며, 구매자는 적어도 12 백만 달러의 이익을 올릴 수있었습니다. 트윈 타워 근처에 본사를두고있는 메릴 린치 (Meerill Lynch)는 10 월 12 일에 12,215 개의 거래를보고 4 거래 공격 전 며칠 전에 그 주식의 이전 평균 거래량은 하루 252 건 계약 증가 1200이었습니다. 거래가 재개되면 메릴린주의 주식은 46 88에서 4로 하락했습니다 1 50 명의 내부 계약자가 11,000 건의 옵션 계약을 맺었다 고 가정하면, 그 이익은 약 5,500 만 달러가 될 것입니다. 유럽 규제 당국은 독일의 Munich Re, 스위스의 Swiss Re, 프랑스의 AXA 등의 거래를 조사하고 있습니다. 블랙 화요일 재앙 참고 AXA는 아메리칸 항공의 25 개가 넘는 주식을 보유하고있어 이들에게 공격을 두배로 불렀습니다. 17. 도이체 분데스 방크 에른스트 웰 테케 (Deutsche Bundesbank Ernst Welteke) 전 회장의 성명서와 관련하여 다양한 언론 보도에서의 테너는 다음과 같습니다 독일 중앙 은행 총재 Ernst Welteke는 그의 은행 조사에 의하면, 영향을 많이받는 산업 분야의 주식뿐만 아니라 필요한 전문 지식을 가지고 수행 되어져야하는 국제 금융 시장에 대한 활동이 있다는 명확한 징후가있다 항공사 및 보험 회사와 같은 회사뿐만 아니라 금과 석유에서도 사용 가능 Daily Telegraph, 9 23 2001 그의 연구원은 거의 반박 할 수없는 증거를 발견했습니다 마이너 헤럴드 (Michael Herald), 9 24 2001 공격 전후의 시장에서 움직임을 살펴보면 이마가 고조됩니다. 그러나 실제로 그것을 검증하는 것은 극히 어렵습니다. 그럼에도 불구하고 그는 한 경우 또는 다른 경우에 지난 2001 년 9 월 24 일 마이애미 헤럴드에서 발생한 유가가 근본적으로 설명 할 수없는 상승세를 보인 이후 공격 당일 하루 13 %가 상승했다. 공격 후 며칠 동안 금은 계속 논스톱으로 올라간다. 데일리 텔레그래프, 9 23 2001 18. 그 관측과 관련하여 2011 년 8 월 1 일에 Deutsche Bundesbank의 기자실에 전자 메일을 통해 요청을 보냈습니다. 이 곳에서 나는이 정보를 Bundesbank가 어떻게 처리했는지 알고 싶습니다 미국 연방 기관이 이번 조사를 요구 했는가 Bundesbank가 누구에게이 정보를 공유했는지 그리고 추가로 1 Septem에서 수행 한 9 11 내부자 거래와 관련하여 Bundesbank에 대한 그러한 연구가 있음을 확인할 수 있습니까? ber 2001 2 만약 그렇다면 제목은 무엇인가 3 만약 그렇다면 누가 저자인가? 4 그렇다면 그 연구는 대중에게 공개되었다. 8 월 2 일에 나는 귀하의 우편물이 우리에 의해 접수되었으며 번호 2011 011551 그러나 궁극적으로 도이체 연방 은행의 언론 사무소는 구두 설명을 위해서만 사용할 수있었습니다. 이 설명으로 독일 연방 재무부의 언론 사무소, Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin 어제 나는 2001 년 9 월 11 일 테러 공격과 관련된 내부자 거래와 관련하여이 전자 메일의 끝을 도이체 연방 정부의 언론 기관에 보냈다는 요청을 보냈고, Deutsche Bundesbank가 수행 한 혐의 연구와 관련이 있습니다. 이 요청서에는 201111111의 참조 번호가 있습니다. 이 보도실 또는 Peter Trautmann 씨는 구두 진찰을 위해서만 사용할 수있었습니다 국가 기관이 귀하의 사업체와 관련되어 있기 때문에 이것을 반복합니다. 더 많은 질문이 뒤따를 것입니다. 도이체 분데스 방크의 언론 기관의 구두 설명에 따르면, 내부자 거래에 대한 상세하고 공식적인 연구는 없었습니다. Bundesbank 오히려 Bundesbank 이사회의 브리핑을위한 가격 변동 차트를 이용한 임시 분석이 있었을 것입니다. 또한 Bundesbank의 언론 사무소도이 문제를 조사 할 의무가있었습니다. Bundesbank에 의한이 혐의 조사가 수년간 인터넷을 둘러 보지 않았다는 암시 후에도 Bundesbank 기자실이나 피터 트 랏트 만 (Peter Trautmann)의 구두 정보였습니다. 내 질문에 대답하십시오. 당신을 위해 1 BaFin은 911 내부자 거래를 조사한 적이 있습니까? 2 결과 어떤 결과가 공개 되었습니까? 예를 들어 손상된 기업인 Munich Re와 같은 UAL의 유치 옵션 구매자 인 유나이티드 항공 회사 Deutsche Bank Alex Brown 4와 같은 수사를 정당화 할 수있는 의심스러운 근거가있는 곳 도이체 연방 은행 (Deutsche Bundesbank)은 BaFin에 대해 Bundesbank에 대한 임시 분석 (ad-hoc analysis)을위한 9 11 내부자 거래 5 미국 연방 기관이 조사에서 BaFin이 그들과 협력 할 수 있는지 물어 본 적이 있습니까? 도이체 연방 은행과는 달리 서면으로 응답 해 주시겠습니까? 나는 그 일로 인해 매우 감사 할 것입니다. 다음날 나는 BaFin의 기자 인 Anja Engelland로부터이 주제에 관한 이메일을 받았고, 그녀는 다음과 같이 대답했습니다 .1 예전의 Bundesaufsichtsamt fur Wertpapierhandel, 증권 거래를위한 연방 감독관은 운영에 대한 포괄적 인 분석을 수행했다. 결과적으로 내부자 거래의 증거는 발견되지 않았다. 접근법과 결과는 BAWe 또는 BaFin에 의해 2001 년 연례 보고서에 실 렸습니다. 첫 번째 단락 위의 S 26 27 및 2002 cf p 156 다음은 링크입니다. 여기를 보시오. 3 연례 보고서 2001 및 2002보기 United 항공사가 독일 증권 거래소에서 거래되지 않았을 때 미국 주식에 대한 최초의 EUREX 옵션은 UAL 및 기타 미국 주식에 대한 영장이 있었지만 2001 년 9/11에 대한 공격 이후에만 도입되었지만 저품실 거래가있었습니다. 요청 또한 Bundesbank 자체는이 점에 대해 의견을 제시해야 할 것입니다. 5 BaFin은 SEC와 같은 외국 감독 당국과의 서면 합의에 근거하여 근본적으로 정보 교환의 권리가 있습니다. MoU 이해 각서 외국으로부터의 잠재적 인 문의 감독 당국, BaFin은 유감스럽게도 언급하지 않을 수 있습니다, 이것은 각각의 권한의 문제가 될 것입니다 이걸 위해 나는 이해를 요청. 그럼 또 다른 간단한 메모를 썼다. BaFin에 대한 오해를 막기 위해 독일 프랑크푸르트의 금융 시장이나 BaFin의 대답이 아니라는 것을 이해하는 한 오해를 막기 위해 대답은 독일 금융 시장 전체를 가리키는 것일뿐만 아니라 프랑크푸르트 증권 거래소 외국 금융 시장의 평가와 관련하여 관계 당국이 연락 할 수있는 권한있는 지점입니다. 제 질문에 저는 일리노이 대 (University of Illinois)의 미국 경제학자 Allen M Poteshman에 의한 과학적 연구를 언급했습니다. 유나이티드 에어 라인과 아메리칸 항공 포츠만이이 결론에 도달했다. 911에 이르는 옵션 거래를 조사한 결과, 2006 년에 풋 옵션 거래가 911 건에 달했던 어 바나 샴페인 (Urbana-Champaign) 특별하게 높은 구매 솜씨였다. 이 발견은 공격에 앞서 옵션을 거래 한 정보통 투자자와 일치한다. 19. 다른 과학적 연구 경제학자 인 Wong Wing-Keung Hong Kong Baptist University, HKBU, Howard E Thompson University of Wisconsin 및 Kweehong Teh 싱가포르 국립 대학 (NUS)이 2010 년 4 월에 SP 500에 비정상적 거래가 있었는지에 대한 연구 결과가 발표되었습니다 옵션 옵션 시장에서 911 이전에 가능한 내부자 거래에 관한 많은 언론 보도가 있었기 때문에 저자는 Standard Poor 's 500 Index SPX Index Options에서이 연구를 조사했습니다. 특히 곰 시장에서 나오는 전략, 즉 Put Put, Put Bear Spread 및 Naked ITM Call Write라는 레이블에있는 전략에 중점을두고 있습니다. 이들 각각은 일반 약세 시장에 베팅 할 것이라는 가정에 따릅니다 만약 누군가가이 사건을 예상하여 이익을 얻길 원한다면, 저자들은 2001 년 10 월 8 일 에린 알 아브 룬드 (Erin E Arvedlund)가 배론 (Barron)에서 발표 한 논문을 참조한다. 그 중 어느 쪽이 그 논문을 정확하게 제안 했는가 테러 플로터가 개별 주식보다 시장 전체의 붕괴로부터 더 많은 이익을 얻을 수 있었던 돈을 따라 가라. 기본적으로 Wong, Thompson 및 Teh는 결론을 내리고 우리의 연구 결과가 특히 공격 이전의 비정상적인 거래량 부재와 달리 9-11 공격 직전에 옵션 시장의 거래량이 증가했습니다. 구체적으로 말하자면, OTM에서 나온 우리 연구 결과는 다음과 같습니다. 현금 인출기 및 ITM SPX 지수 풋 옵션 및 ITM SPX 인덱스 콜 옵션은 9 월 11 일 이전에 이러한 계약에 비정상적인 거래가 없다는 귀무 가설을 기각합니다. 대신 비정상 거래에 대한 증거를 발견했습니다 2001 년 9 월의 OTM, ATM 및 ITM SPX 지수 풋 옵션의 볼륨 및 같은 달의 ITM-SPX 인덱스 콜 옵션 또한 2001 년 9 월 OTM에서 비정상적인 거래가 있었음을 확인했습니다. M 및 ITM SPX 지수 9-11 공격 직후 및 만료일 이전에 이것은 Put을 소유하는 것이 가치있는 투자 였고 소유 한 사람이 만료일 전에 상당한 이익을 위해 팔 수 있음을 나타냅니다. , 그들은 내부자가 시장에서 활발히 활동하고 있음을 분명히 증명할 수는 없지만 내부 결과 거래의 주장을 뒷받침 할 수있는 신뢰할 수있는 정황 증거를 제공한다는 입장을 취했다. 돈의 불확실성은 상황이 발생하여 옵션은 거래가 발생한 시점의 가격과 비교할 때 주식 또는이 경우 주가 지수와 같은 기본 자산의 시장 가격을 베팅하는 것입니다. 기본 자산은 동일하거나 거의 동일하게 유지됩니다. 그리고 out-of-the-money는 기본 자산의 가격이 올라 갔음을 의미하므로 풋 옵션의 소유자가 베팅 한 것과 반대입니다 돈 벌기에서 돈을 벌었 다 돈 손실에서. ITM, ATM 및 OTM 옵션도 있습니다. 어떤 종류의 위험을 감내 하느냐에 따라 Put 옵션과 Call 옵션이있는 거래 전략이 있습니다. 예를 들어, Wong , Thomson and Teh의 경우 기본 자산의 하락 움직임의 경우 Put-Purchase 전략은 기본 자산의 단기 매도에 비해 저렴한 대안이며 기본 자산의 가격이 기대되는 경우 수익을 내기위한 가장 간단한 방법입니다 그러나 ITM 풋 옵션에 비해 OTM 풋 옵션을 사용하면 기본 자산이 가격이 상당히 떨어지면 보상과 리스크 잠재력이 높아집니다. 그러나 기본 자산이 가격 만 적당히 낮아지면 ITM은 상대 가격 차이 때문에 더 나은 선택 인 것으로 나타납니다. 투기꾼이 ITM 풋 옵션을 사면 최고가 될 것입니다. 투기꾼이 가격의 매우 큰 하락을 예상하지 않는 한 e 기본 자산 23. 9 11과 관련하여 CBOE에서 이용 가능한 거래 데이터에 비추어 그러한 전략을 계산 한 후 3 명의 경제학자는 궁극적으로 그 결과가 주식 시장은 전반적으로 하락했고 이미 부정적인 시장 전망이 있었음 마침내 그들은 지적했다. 내부자가 실제로 시장에서 활발히 활동했다는 것을 확실하게 증명하기위한 더 많은 결정적인 증거가 필요하다. 우리는 시장이 감소함에 따라 비정상적인 물량의 가능성을 의심해 왔지만 수사 작업은 혼란스러운 거래 전략과 같은 다른 혼란스러운 요인들에 대해 매우 연루된 운동이 될 것입니다. 관심을 덜 끌기 위해 내부자에 의해 의도적으로 고용되었습니다. 그렇다면 이러한 과학적 결과를 단 한번 무효로 만들려면 SEC, FBI 및 미국 정부의 다른 정부 당국을위한 모든 업무는 기본적으로 우리는 이것을 헛되이 기다려야 할 것입니다. 나는 프랑스 금융 잡지 레 에코스 (Les Echos)가 2007 년 9 월 취리히 대학 (University of Zurich)의 두 명의 독립적 인 경제학 교수가 수행 한 연구에 대해 발표 한 기사가 적지 만, Marc Chesney와 Loriano Mancini 저널리스트 Marina Alcaraz는 Les Echos의 연구 결과를이 단어들과 Chesney 교수의 설명과 함께 요약했습니다. Chesney 교수는 처음으로 독일어로 번역하여 현재 프랑스어에서 영어로 번역하고 있습니다. 특정 주식에 대해 매우 드문 경우는 내부자 거래의 혐의로 이어질 것입니다. 세계 무역 센터에 대한 공격이 있은 지 6 년 후, 이것은 취리히 대학 (University of Zurich)의 교수 인 Marc Chesney와 Loriano Mancini의 최근 연구 결과를 방해하는 것입니다. 그들 중 전문가는 파생 상품을, 다른 전문가는 계량 경제학의 전문가 였고, 판매 옵션의 하락에 대해 추측하는 데 사용되었습니다. 이 분석은 2001 년 9 월 6 일 ~ 10 일 사이의 거래가 대부분의 경우 장기간 10 년 동안 수집 된 평균 거래량과 비교 된 거래를 나타냅니다. 기업들 또한 두 전문가는 대량의 동일한 부문에서 다양한 옵션이 며칠 내에 거래 될 확률을 계산했습니다. 공격 직전에 특정 주식의 움직임이 정상인지 여부를 알아보기 위해 노력했습니다. American Airlines, United Airlines, Merrill Lynch, Bank of America, Citigroup, Marsh McLehnan과 같은 특정 회사는 통계적으로 볼 때 희소 하나, 특히 코카콜라 또는 HP와 같은 다른 자산에서 관찰 된 양과 비교하면 드문 경우입니다. HEC의 전 교수이자 Blanchiment et financement du terrorisme의 공동 저자 인 Marc Chesney는 다음과 같이 설명합니다. 테러, Editions Ellipses 발행 예를 들어 아메리칸 항공에 대한 1535 개의 Put 옵션 계약과 30의 파업 및 2001 년 10 월의 만료는 지난 3 주간의 일 평균 약 24 계약과는 대조적으로 9 월 10 일에 거래되었습니다. 시장은 현재 곰 시장에서이 놀라운 볼륨을 설명하기에 충분하지 않습니다. 저자는 또한 9 월 6 일과 10 일 사이에 그러한 제품을 구입 한 투자자에게 풋 옵션 및 거래의 수익성을 조사했습니다. 특정 타이틀의 경우 수익이 막대했습니다 예를 들어, 2001 년 10 월에 Citigroup에 만기일을두고 Put 옵션을 인수 한 투자자는 1,500 만 달러 이상의 이익을 올릴 수 있었다고 그는 말했다. 볼륨과 수익성 사이의 데이터 연결을 토대로 두 명의 저자는 범죄 가능성 내부자에 의한 내부자 거래는 아메리칸 항공, 유나이티드 항공, 메릴린치, 뱅크 오브 아메리카, 씨티로 JP Morgan 법적 증거는 없지만, 통계적 방법의 결과로 불규칙성의 징후를 확인합니다. Alcaraz는 Chesney Mancini의 Les Echos에 대한 연구를 계속하면서 9 11 공격과 관련된 내부자 거래에 대해 조사했습니다. 그것의 종류의 처음이 아니었다 그러나 미국 증권 거래위원회 SEC와 9 11위원회의 발견과는 현저한 대조를 이뤘다. 왜냐하면 내부자 거래를 무시할 수있는 것으로 분류했기 때문에 해당 거래가 9 11과 관련이 없었고 consistently proved innocuous. Different in the assessment is also the scientific work that Chesney and Mancini had published together with Remo Crameri in April 2010 at the University of Zurich, Detecting Informed Trading Activities in the option markets In the segment that is dedicated to the terror attacks of 9 11, the three authors come to the conclusion, that there had been notable insider trading shortly before the terrorist attacks on September 11 that was b ased on prior knowledge. 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 conclusionspanies like American Airlines, United Airlines, Boeing the latter company is a contractor of the two airlines as aircraft manufacturer and to a lesser extent, Delta Air Lines and KLM seem to have been targets for informed trading activities in the period leading up to the attacks The number of new put options issued during that period is statistically high and the total gains realized by exercising these options amount to more than 16 million These findings support the results by Poteshman 2006 who also reports unusual activities in the option market before the terrorist attacks 26.In the banking sector, Chesney, Crameri and Mancini found five informed trading activities in connection to 9 11 For example the number of new put options with underlying stock in Bank of America, Citigroup, JP Morgan and Merrill Lynch issued in the days before the terrorist attacks was at an unusually high level The realized gains from such trading strategies are around 11 million 27.For both areas, the aviation and the banking sector, the authors state that in nearly all cases the hypothesis , that the put options were not hedged, cannot be rejected 28.Regarding the options traded on EUREX, one of the world s largest trading places for derivatives, which in 1998 resulted from the merger between the 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. On the basis of EUREX trading data provided by Deutsche Bank, the three scientists detected one informed option trade related to Munich Re, which occu rred on August 30, 2001 The authors write The detected put option with underlying Munich Re matured at the end of September 2001 and had a strike of 320 the underlying asset was traded at 300, 86 on August 30th That option shows a large increment in open interest of 996 contracts at 92 2 quintile of its two-year empirical distribution on August 30th. Its price on that day was 10, 22 On the day of the terrorist attacks, the underlying stock lost more than 15 the closing price on September 10th was 261, 88 and on September 11th 220, 53 and the option price jumped to 89, 56, corresponding to a return of 776 in eight trading days The gains related to the exercise of the 996 new put options issued on August 30th correspond to more than 3 4 million Similar is true, according to the authors, for one informed option trade on Swiss Re on August 20, 2001 with a return of 4,050 in three trading weeks , or more than 8 million 29.In a new version of their study that was published on September 7, 201 1, the authors stuck to their findings from April 2010 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 30.With those results in terms of what went on at the EUREX according to Chesney, Crameri and Mancini, I again addressed the BaFin, which had written to me that for the financial centers in Germany insider trading around 9 11 could be excluded, and asked. 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. In addition, I stated. 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 Ches ney, Crameri, and Mancini were true, this would constitute illegal transactions relating to a capital crime, which has no status of limitations, or not. In case that a need for clarification had arisen at the BaFin, I added Professor Chesney to my e-mail-inquiry in the carbon copy address field, as because these were the results of his scientific work. The response that I received from BaFin employee Dominika Kula was as follows. 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 2001 As a result, no evidence of insider trading has been found 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 underst anding 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 4 Penal Code are five years These limitations are described in the statutes of limitations 78 et seq Criminal Code. In addition, I turned to the EUREX with three questions 1 How do you as EUREX comment on the findings of Messrs Chesney, Mancini and Crameri 2 Did you at EUREX perceive the particular trading in Munich Re and Swiss Re it in any way as strange 3 Have domestic eg BAWe and BaFin or foreign such as the U S Securities and Exchange Commission authorities ever inquired if there may have been evidence of insider trading via the EUR EX in connection with the 9 11 attacks. I subsequently received the following response from Heiner Seidel, the deputy head of the press office of the Deutsche Borse in Frankfurt. We do not give you a public written response on behalf of the Deutsche Brse or Eurex regarding the topics of your inquiry This is for the following reason the trade monitoring agency HSt is part of the Exchange, but it is independent and autonomous Their investigations are confidential and are carried out in close coordination with the BaFin They are never public, a request which HSt is therefore not meaningful. I leave it to the reader to draw his her conclusions from these two replies from the press offices of BaFin and Deutsche Borse Regarding the topic of option trades related to 9 11, I once more talked with Swiss historian Dr Daniele Ganser Operation Gladio , by asking him this time about the importance of those put options, which were traded shortly before the attacks of September 11, 2001.Daniele Ganser T his 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 speculat ions 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 11 Most people are unaware that money was also earned with the attacks on September 11 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. What you have is the 9 11 Commission report, and here it is pointed out that there has been insider trading, but that this insider trading cannot be traced to al-Qaeda leader Osama bin Laden, which means that it is highly unlikely that it had been Bin Laden. Question If this is not pursued any further, what does it mean. 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 It looks very much 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 31.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 Why 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 The SEC informed Callahan in its reply of December 23, 2009 under the number 09 07659-FOIA as follows. This letter is in response to your request seeking access to and copies of the documentary evidence referred to in footnote 130 of Chapter 5 of the S eptember 11 9 11 Commission Report We have been advised that the potentially responsive records have been destroyed 32.Therefore, we will unfortunately never know exactly how the SEC and the 9 11 Commission came to their conclusions regarding the 9 11 put options trading for their final report, because relevant documents were not only held back, but also destroyed and that in spite of an agreement between the SEC and the National Archive of the United States, in which the SEC has agreed to keep all records for at least 25 years 33.The 9 11 Commission report wrote this in footnote 130 of Chapter 5, which briefly focuses on the alleged insider trading. Highly publicized allegations of insider trading in advance of 9 11 generally rest on reports of unusual pre-9 11 trading activity in companies whose stock plummeted after the attacks Some unusual trading did in fact occur, but each such trade proved to have an innocuous explanation For example, the volume of put options investments that pa y 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. Yet, further investigation has revealed that the trading had no connection with 9 11 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 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 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 f ound that the apparently suspicious consistently proved innocuous Joseph Cella interview Sept 16, 2003 May 7, 2004 May 10-11, 2004 FBI briefing Aug 15, 2003 SEC memo, Division of Enforcement to SEC Chair and Commissioners, Pre-September 11, 2001 Trading Review, May 15, 2002 Ken Breen interview Apr 23, 2004 Ed G interview Feb 3, 2004.The author Mark H Gaffney commented on this finding of innocuousness. Notice the commission makes no mention in its footnote of the 36 other companies identified by the SEC in its insider trading probe What about the pre-9 11 surge in call options for Raytheon, for instance, or the spike in put options for the behemoth Morgan Stanley, which had offices in WTC 2 The 9 11 Commission Report offers not one word of explanation about any of this The truth, we must conclude, is to be found between the lines in the report s conspicuous avoidance of the lion s share of the insider trading issue. Indeed, if the trading was truly innocuous , as the report states, the n why did the SEC muzzle potential whistleblowers by deputizing everyone involved with its investigation 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 would explain why the SEC limited the flow of information to those with a need to know , which, of course, means that very few participants in the SEC investigation had the full picture. It would also explain why the SEC ultimately named no names All of which hints at the true and frightening extent of criminal activity on Wall Street in the days and hours before 9 11 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. 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 transact ions We know about this thanks to a 9 11 Commission memorandum declassified in May 2009 which summarizes an August 2003 meeting at which FBI agents briefed the commission on the insider trading issue The document indicates that the SEC passed the information about the suspicious trading to the FBI on September 21, 2001, just ten days after the 9 11 attacks. 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. Several days before 9 11, Walker and his wife Sally purchased 56,000 shares of stock in Stratesec , one of the companies that provided security at the World Trade Center up until the day of the attacks Notably, Stratesec also provided security at Dulles International Airport, where AA 77 took off on 9 11, and also security for United Airlines, which owned two of the other three allegedly hijacked aircraft At the time, Walker was a director of Stratesec Amazingly, Bush s brother Marvin was also on the board. Walker s investment paid off handsomely, gaining 50,000 in value in a matter of a few days Given the links to the World Trade Center and the Bush family, the SEC lead should have sparked an intensive FBI investigation Yet, incredibly, in a mind-boggling example of criminal malfeasance, the FBI concluded that because Walker and his wife had no ties to terrorism there was no reason to pursue the investigation The FBI did not conduct a single interview 34.For this translation, I asked Kevin Ryan via e-mail if he could send me a link for his nice detective work Ryan, who s in my humb le opinion one of roughly 10 people around the world who have to be taken seriously regarding 9 11, replied. You are referring to my paper Evidence for Informed Trading on the Attacks of September 11 See here The following two references from the paper are relevant to what you are describing 2 9 11 Commission memorandum entitled FBI Briefing on Trading prepared by Doug Greenburg, 18 August 2003, 22.The 9 11 Commission memorandum that summarized the FBI investigations refers to the traders involved in the Stratesec purchase 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 General , and chairman of an investment firm in Washington, DC Kuwam Corp Here are two other recent articles on Stratesec and its operators See here and here. The stock of Stratesec, I should add by myself, increased in value from 0 75 per share on September 11 to 1 49 per share when the market re-opened on September 17 As a firm that provides technology-based security for large commercial and government facilities, Stratesec benefited from the soaring demand of security companies right after 9 11.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. Kevin Ryan In late 2005, George Tenet became a director for Viisage, which had been flagged by the SEC for 9 11 trading but never investigated Viisage was led by Roger LaPenta, formerly of Lockheed. Seven months later, in 2006, FBI director Louis Freeh also joined the Viisage board One might think that when both the CIA director on 9 11 and the FBI director from 1993 to June 2001 joined a company suspected of 9 11 insider trading, we might want to go back and actually investigate the SEC s fla gging of that company But, of course, that was not the case In 2009, Bandar Bush hired Freeh as his personal attorney. Freeh is nowadays the bankruptcy trustee of the alleged market manipulator MF Global And about his client, the former Saudi ambassador Prince Bandar, I should add that we know for sure that he bankrolled indirectly via his wife two of the alleged would-be 9 11 hijackers, Khalid Al-Mihdhar and Nawaf Al-Hazmi 35.But let s get back to the subject of destruction 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 to 13.Those and other data could have given information about the alleged 9 11 insider trading though it seems to be very unlikely that no backup existed elsewhere independent of the local computer systems In fact, some technolo gy 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 their data rescue center in the German city Pirmasens Erik Kirschbaum from the news agency Reuters reported in December 2001 that Convar had at that time successfully restored information from 32 computers, supporting suspicions that some of the 911 transactions were illegal. The suspicion is that inside information about the attack was used to send financial transaction commands and authorizations in the belief that amid all the chaos the criminals would have, at the very least, a good head start, says Convar director Peter Henschel 36 Convar received the costly orders according to Kirschbaum s report the companies had to pay between 20,000 and 30,000 per rescued computer in particular from credit card companies, because 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 could be a criminal enterprise in which case, did they get advance warning Or was it only a coincidence that more than 100 million was rushed through the computers as the disaster unfolded 37.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. Richard Wagner, a Convar employee, told Kirschbaum that illegal transfers of more than 100 million might have been made immediately before and during the disaster There is a suspicion that some people had advance knowledge of the approximate time of the plane crashes in order to move out amounts exceeding 100 million, he says The y thought that the records of their transactions could not be traced after the main frames were destroyed 38.Wagner s observation that there had been illegal financial transactions shortly before and during the WTC disaster matches an observation which Ruppert describes in Crossing the Rubicon 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 11, and he was well aware of the role which the Deutsche Bank subsidiary Alex Brown had played in insider trading 39.I was curious and wanted more information from Convar regarding their work on the WTC-computer hard drives, b ut 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 But their agency ars publicandi informed me swiftly. 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 Ontrack Data Recovery, which also has subsidiaries in Germany, was purchased in 2002 by Kroll Inc one of the nation s most powerful private investigative and security firms, which has long-standing involvement with executive protection US government officials including the president This would require close liaison with the Secret Service 40.At the time of the 9 11 attacks, a certain Jerome Hauer was one of the managing directors at Kroll Inc He had previously established the crisis center for the mayor of New York City as director of the Off ice of Emergency Management OEM , which occupied office space on the 23rd floor of the WTC Building 7 Hauer helped former FBI agent John O Neill to get the post of the head of Security Affairs at the WTC, and spent the night of September 11 with O Neill in New York before the latter lost his life on September 11 in the WTC Hauer was most likely involved in the planning of Tripod II , the war game exercise at the port of New York City 41.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 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 tw o inquiries did not help me at all 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 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 sent a new inquiry, attaching a link for Erik Kirschbaum s Reuters article and additional cinematic reports on Convar s which showed that some of the WTC disks had not been completely destroyed or vaporized I stated to KrollOntrack Your answer does not seem to match the facts, when it comes to completely destroyed or vaporized Will you still stick to your answer. KrollOntrack then replied that their previously given assessment constituted not a statement, but an opinion. I do not find this assessment worthless, because it is in line with the knowledge of the general public and can easily be refuted in argumentum in contrario by Convar s activities. One film report to whi ch I referred to in my second inquiry to KrollOntrack originated from the German television journal Heute-Journal broadcast on March 11, 2002, on ZDF, and the other from the Dutch TV documentary Zembla, broadcast on September 10, 2006.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 It also reported that the private companies that employed Convar had paid between 25,000 and 50,000 per hard drive In the TV documentary Zembla, Convar essentially maintained its position as it had been reported by Erik Kirschbaum in 2001.Obviously, in connection with 9 11 there has not only been insider trading via put options, but there is additional evidence that there have been illegal financial transactions via credit cards through which more than 100 million US dollars were removed from the WTC computer systems. Those occurred shortly before and during the WTC disaster It remains unclear what the FBI did later on with the data recovered by Convar On the other hand, it may have been not very much, as can be seen from a memorandum from the 9 11 Commission, which was released in May 2009.The 9 11 Commission asked the FBI about the use of credit cards for insider dealing On the basis of the information provided by the FBI, the commission came to the conclusion that no such activity occurred because the assembled agents expressed no knowledge of the reported hard-drive recovery effort or the alleged scheme but above all everything at the WTC was pulverized to near powder, making it extremely unlikely that any hard-drives survived 42.The activities of Convar, however, prove the exact opposite. But it gets even better According to Zembla, the FBI was directly involved with the data rescue efforts of Convar And on top of it, the broadcast of Heute-Journal reported that Convar worked in that highly sensitive matter with several federal agencies of the United States gover nment. So there have been ample indications for insider trading based on foreknowledge of the attacks, but there are very few hard facts as Catherine Austin Fitts, a former managing director and member of the board of the Wall Street investment bank Dillon, Read Co, Inc now part of UBS , pointed out when I talked with her about this topic. Ms Fitts, what are your general thoughts related to the alleged 9 11-insider trading. Catherine Austin Fitts Well, I ve never been able to see concrete evidence that the insider trading has been proved There s a lot of anecdotal information from investment bankers and people in the investment community that indicate that there was significant insider trading, particularly in the currency and bond markets, but again it hasn t been documented. I think around situations like 9 11 we ve seen things that can only be explained as insider trading Therefore, it wouldn t surprise me if it turns out the allegations are true, because my suspicion is that 9 11 was a n extremely profitable covert operation and a lot of the profits came from the trading It wouldn t even surprise me if it turns out that the Exchange Stabilization Fund traded it and that some of the funding for the compensation fund for the victims came from the ESF. Insider trading happens around these kinds of events, but if you really want to produce evidence of insider trading, you need the subpoena powers of the SEC, and of course we know that they haven t exercised them If anything, right after 9 11, the government settled a significant amount of cases I presume because a lot of the documents were destroyed by the destruction of WTC building number 7, where the SEC offices and other governmental investigation offices were 43.Fitts, who had written a longer essay in 2004 related to this, replied to my question about who had benefited from 9 11.Catherine Austin Fitts 9 11 was extraordinarily profitable for Wall Street, they of course got a kind of Get Out of Jail Free card as I ve just described 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 44.A short explanation Cantor Fitzgerald s headquarters were located in the North Tower of the WTC floors 101-105 On 9 11, the company lost nearly two-thirds of its entire workforce, more than any other tenant in the WTC 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 Cui bono 9 11.Catherine Austin Fitts In addition, the federal government took the position that they couldn t produce audited financial statements after 9 11, because they said the office at the Pentagon that produced financ ial statements was destroyed Now given what I know of the federal set up of financial statements, I am skeptical of that statement. But needless to say, if you take the government on its word, you had another Get Out of Jail Free card for four trillion dollars and more missing from the federal government So if you re just looking at the financial fraud angle, there were a lot of parties that benefited from 9 11 But then of course what 9 11 did, it staged the passage of the Patriot Act and a whole series of laws and regulations that I collectively refer to as The Control on Concentration of Cash Flow Act It gave incredible powers to centralize. In addition, if you look at monetary policies right after 9 11 I remember I was over in the City of London driving around with a money manager and his phone rang and he answered it on his speaker phone It was somebody on Wall Street who he hadn t talked to since before 9 11, and he said to him Oh Harry, I am so sorry about what has happened, it mus t have been very traumatic And the guy said Don t be ridiculous We were able to borrow cheap short and invest long, we re running a huge arbitrage, we re making a fortune, this is the most profitable thing that ever happened to us 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. 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 And sure enough, 9 11 was used as a justification to go to war in 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. So I think if you ask Cui Bono on 9 11, one of the big categories was all the people who made money on engineering the popular fear they needed to engineer these wars I believe whether it was financial fraud, engineering new laws or engineering wars, it was a fantastically profitable covert operation 45.In that category of people who benefit from 9 11 are also the arms manufacturer Raytheon, whose share price gained directly from the 9 11 attacks 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 CIA , experienced an abrupt six-time increase of call option purchases on the day immediately before September 11 46.The outright purchase of call options implies the expectation that a stock price will rise In the first week after 9 11, when the New York Stock Exchange opened again, the value of Raytheon actually shot up considerably Looking at the development of the stock price, the impression is a very weak performance b efore the attacks and then, after resumption of trade, a gap at substantial volume upwards In other words just under 25 on September 10, the low in the period between August 20 to September 28, at 31, 50 on September 17 and up to 34,80 on September 27, 2001.With regards to government bonds, buyers of US Treasury securities with a maturity of five years were also winners These securities were traded in an unusually large volume shortly before the attacks 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 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 investme nts, such as shares 47.Adding to this phenomenon, the government issues these bonds that serve as a basis of money creation for funding a war such as the immediately declared war on terror , engaging the Tomahawks from Raytheon And here it may again be useful to have a quick look at the cui bono relationship. 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 48.A multi-layered combination, one could say. I also talked about the topic of 9 11 insider trading with one of the world s leading practitioners at the interface between the international capital markets, the national security policy of the US as well as geopolitics, James G Rickards He gave me some answers in a personal discussion, which I am allowed to repeat here with his expressed approval. Question D id suspicious trading activities of uncovered put options on futures markets occur shortly before 9 11.James G Rickards 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. Question Do you think that the intelligence agencies could have got a warning signal based on this information. James G Rickards Theoretically that is possible, if are you are looking and watching out for this But there was far more significant information, which was ignored. Question Do you also think that some people with foreknowledge operated speculatively in the option markets. James G Rickards Based on the documentation of the trading session it seems that this has been the case, yes. Let s sum up a bit at the e nd We have, among other things. The nice detective work by Kevin Ryan related to Stratesec Wirt Walker III. Some highly inconsistent information vis-a-vis Convar illegal credit card transactions. Scientific papers supporting the allegations that there were indeed unusual trading activities in the option market before the terrorist attacks of 9 11, although the 9 11 Commission based on the investigation of the SEC and the FBI ruled that possibility out. As it became clear that I would publish this article here at Asia Times Online, I contacted the US Federal Bureau of Investigation via its press spokesman Paul Bresson in order to give the FBI the opportunity to give a public statement with regards to three specific issues Those three specific issues were the ones I have just highlighted Related to each of them I ve asked Mr Bresson the FBI Could you comment on this for the public, please Up to this moment, Mr Bresson the FBI did not respond to my inquiry in any way whatsoever Does this come as a surprise. I ve also got back in touch with ars publicandi , the firm that does public relations for Convar in Germany The response said Unfortunately I have to inform you that the status has not changed, and that Convar considers the issue of 9 11 as dead in general. As you have read, the status in August of last year was slightly different. 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 work , that 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. Well, you know the rules. As far as the abnormal option trades around 9 11 are concerned, I want to give Max Keiser the last word in order to point out the significance of the story. Max Keiser Reg ardless of who did it, we can know that more than a few had advance warning the trading in the option market makes that clear. 1 Compare Michael C Ruppert Crossing the Rubicon The Decline of the American Empire at the End of the Age Of Oil , New Society Publishers, Gabriola Island, 2004, page 152. 2 Ibid page 153. 3 Ibid page 154 155. 4 Ibid page 170. 5 Ibid page 238 253 9 11 Insider Trading, or You Didn t Really See That, Even Though We Saw It. 6 Ibid page 239. 7 Compare Chris Blackhurst Mystery of terror insider dealers , published at The Independent on October 4, 2001 under. 8 Compare Profits of Death , published at From the Wilderness on December 6, 2001 under. 9 For the fact, that it was George Tenet who recruited Krongard, compare George Tenet At the Center of the Storm , Harper Collins, New York, 2007, page 19. 10 Compare Marc Chesney, Remo Crameri and Loriano Mancini Detecting Informed Trading Activities in the Option Markets , University of Zurich, April 2010, online at. 11 Nafeez M Ahmed Geheimsache 09 11 Hintergrnde ber den 11 September und die Logik amerikanischer Machtpolitik , Goldmann Verlag, Munich, 2004, page 182 Translated back into English from German. 12 Compare Michael C Ruppert Crossing the Rubicon , page 244 247. 13 Wing-Keung Wong, Howard E Thompson und Kweehong Teh Was there Abnormal Trading in the S P 500 Index Options Prior to the September 11 Attacks , published at Social Sciences Research Network, April 2010, under. 14 Compare Bank of America among 38 stocks in SEC s attack probe , published at Bloomberg News on October 3, 2001, archived under. 15 Michael C Ruppert Crossing the Rubicon , page 243. 17 Suppressed Details of Criminal Insider Trading Lead Directly into the CIA s Highest Ranks , published at From the Wilderness on October 9, 2001 under. 18 Compare Early September 2001 Almost Irrefutable Proof of Insider Trading in Germany , published at History Commons under. 19 Allen M Poteshman Unusual Option Market Activity and the Terrorist Attacks of September 11, 2001 , published in The Journal of Business, University of Chicago Press, 2006, Vol 79, Edition 4, page 1703-1726. 20 Wing-Keung Wong, Howard E Thompson und Kweehong Teh Was there Abnormal Trading in the S P 500 Index Options Prior to the September 11 Attacks , see endnote 13. 21 Ibid The authors refer to Erin E Arvedlund Follow the money terrorist conspirators could have profited more from fall of entire market than single stocks , published in Barron s on October 8, 2001. 22 Wong, Thompson, Teh Was there Abnormal Trading in the S P 500 Index Options Prior to the September 11 Attacks. 25 Marina Alcaraz 11 septembre 2001 des volumes inhabituels sur les options peu avant l attentat , published in Les Echos, page 34, September 10, 2001, online at. 26 Marc Chesney, Remo Crameri and Loriano Mancini Detecting Informed Trading Activities in the Option Markets , see endnote 10. 30 Compare Marc Chesney, Remo Crameri and Loriano Mancini Detecting Informed Trading Activities in the Option Markets , published at the University of Zurich on September 7, 2011 under. 31 Vgl Lars Schall Sapere Aude , German Interview with Dr Daniele Ganser, published at on August 18, 2011 under. 32 Compare a copy of the letter by the SEC on under. 33 Compare related to this agreement Matt Taibbi Is the SEC Covering Up Wall Street Crimes , published at Rolling Stone on August 17, 2011 under. 34 Mark H Gaffney Black 9 11 A Walk on the Dark Side , published at Foreign Policy Journal on March 2, 2011 under. 35 Compare Peter Dale Scott Launching the U S Terror War the CIA, 9 11, Afghanistan, and Central Asia , The Asia-Pacific Journal, Vol 10, Issue 12, No 3, March 19, 2012, online at. 35 Erik Kirschbaum German Firm Probes Last-Minute World Trade Center Transactions , published at Reuters on December 19, 2001, online at. 38 Michael C Ruppert Crossing the Rubicon , page 244. 39 Ibid page 423. 40 Ibid page 423 426. 41 Commission Memorandum FBI Briefing on Trading , dated August 18, 2003, page 12, online at. 42 Lars Schall 9 11 Was A Fantastically Profitable Covert Operation , Interview with Catherine Austin Fitts, published at on September 3, 2011 under. 43 Ibid Compare further related to the cui bono topic Catherine Austin Fitts 9-11 Profiteering A Framework for Building the Cui Bono , published at GlobalResearch on March 22, 2004 under. 44 Lars Schall 9 11 Was A Fantastically Profitable Covert Operation , see endnote 42. 45 Compare Bank of America among 38 stocks in SEC s attack probe , see endnote 14 A Raytheon option that makes money if shares are more than 25 each had 232 options contracts traded on the day before the attacks, almost six times the total number of trades that had occurred before that day A contract represents options on 100 shares Raytheon shares soared almost 37 percent to 34 04 during the first week of post-attack U S trading. 46 Compare Barry Grey Suspicious trading points to advance knowledge by big investors of September 11 attacks , published at World Socialist Web Site on October 5, 2001 under. 47 J S Kim Inside the Illusory Empire of the Banking Commodity Con Game , published at The Underground Investor on October 19, 2010 under. Related posts. Re Deutsche Bank Alex Brown and 9 11 Insider Trading I had the feeling that there was one final thing left for me to do regarding my research of informed trading activities.9-11 Insider Trading and Germany s Elusive Gold Reserves Keiser Report Selective Amnesia for Brokers Murderers In the second half of the show Max talks to independent journalist, Lars Schall. Terror Trading 9 11 Terror Trading 9 11 by Lars Schall and Michael Leitner is a video dedicated to the topic of the alleged informed trading activities. Posted in Allgemein. September 11 Put Call. Claim In the days just prior to the 11 September 2001, large quantities of stock in United and American Airlines were traded by persons with foreknowledge of the upcoming 9 11 attacks. Origins On 11 September 2001, four planes were hijacked and used in the Attack on America American Airline s Flight 11 leaving Boston bound for Los Angeles, American Airlines Flight 77 leaving Washington bound for Los Angeles, United Airlines Flight 175 leaving Boston bound for Los Angeles, and United Airlines Flight 93 leaving Newark bound for San Francisco Each of these planes was deliberately crashed, killing all on board two into the World Trade Center towers, one into the Pentagon, and one into a field in Pennsylvania Only the delay in takeoff of UA Flight 93 and the actions of the alerted passengers on board prevented it from becoming yet another instrument of destruction resulting in an even greater loss of life. The operation had taken years to plan, and the perpetrators knew well in advance which airlines would be affected. In the month prior to the 11 September 2001 attacks on the World Trade Center and the Pentagon, unusual trading activity involving American and United Airlines stock was noted by market analysts who at the time had no idea what to make of it Wildly unusual discrep ancies in the put and call ratio 25 to 100 times normal were reportedly observed in stock options of the two airlines In one case, Bloomberg s Trade Book electronic trading system identified option volume in UAL parent of United Airlines on 16 August 2001 that was 36 times higher than usual. Options are wagers that the price of a 100-share block of a particular stock will rise or fall by a certain date Puts are shorts bets the stock price will fall Calls are bets the price will rise Thus, one who has reason to believe a particular company is about to suffer a terrible reversal of fortune would purchase puts against that entity s stock. But it was during the final few trading days the market closes on weekends that the most unusual variances in activity occurred Bloomberg data showed that on 6 September 2001, the Thursday before that black Tuesday, put-option volume in UAL stock was nearly 100 times higher than normal 2,000 options versus 27 on the previous. On 6 and 7 September 2001, the Chicago Board Options Exchange handled 4,744 put options for United Airlines stock, translating into 474,000 shares, compared with just 396 call options, or 39,600 shares On a day that the put-to-call ratio would normally have been expected to be roughly 1 1 no negative news stories about Un ited had broken , it was instead 12 1.On 10 September 2001, another uneventful news day, American Airlines option volume was 4,516 puts and 748 calls, a ratio of 6 1 on yet another day when by rights these options should have been trading even No other airline stocks were affected only United and American were shorted in this fashion. Accelerated investments speculating a downturn in the value of Morgan Stanley and Merrill Lynch two New York investment firms severely damaged by the World Trade Center attack were also observed. The National Commission on Terrorist Attacks Upon the United States also known as the 9 11 Commission investigated these rumors and found that although some unusual and initially seemingly suspicious trading activity did occur in the days prior to September 11, it was all coincidentally innocuous and not the result of insider trading by parties with foreknowledge of the 9 11 attacks. Highly publicized allegations of insider trading in advance of 9 11 generally rest on reports of unusual pre-9 11 trading activity in companies whose stock plummeted after the attacks Some unusual trading did in fact occur, but each such trade proved to have an innocuous explanation For example, the volume of put options instruments 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 Yet, further investigation has revealed that the trading had no connection 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 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 SEC and FBI, aide d 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. Last updated 11 December 2005.Sources Carpenter, Dave Option Exchange Probing Reports of Unusual Trading Before Attacks The Associated Press 18 September 2001.Schoolman, Judith Probe of Wild Market Swings in Terror-Tied Stocks New York Daily News 20 September 2001 p 6.Toedtman, James and Charles Zehren Profiting from Terror Newsday 19 September 2001 p W39.