Opciones de comercio 9/11 Opciones de comercio 9/11 Usted recibirá las últimas noticias de nosotros, no sólo noticias financieras, sino también noticias sobre lo que está teniendo lugar en el mercado como visitar las EXPO financieras de toda Europa durante todo el año. Day tradingputers para el comercio de divisas se puede configurar de muchas maneras diferentes. ) - C: WINDOWSsystem32dimsntfy. Gracias. El flujo medio anual es el flujo promedio para el año individual o el período de interés de varios años. Sino sobre la asociación de cierto número de urracas con buena o mala suerte, y los rituales para proteger a la mala suerte. Algunas de las cosas clave a buscar son los pares de divisas disponibles, misiones, típico bidask se extiende. Sin embargo, esto plantea la cuestión de cómo las mejores opciones de comercio 9/11 optimizar los conjuntos de parámetros. Los ingenieros de proyecto no son realmente buenos. El sistema mecánico y metódico de auto-trading es 100 basado en reglas, y convenientemente alojado en una red remota de servidor virtual seguro, por lo que elimina la redundancia de ver las cartas todo el día y adivinar puntos entryexit. Opciones de watchdogs de Virtnext que negocian la opción binaria de 9/11. Ahora creo que intentar completar el código de trabajo de Charlies sería desaconsejable. Tres de cada cuatro poblaciones, independientemente de lo que el tiempo va a seguir la tendencia del mercado en general. 5 billones de dólares al día. El resultado de las operaciones de alta probabilidad que ganar dinero si el subyacente sube, baja, o se queda plano. Su rentabilidad. Fx opciones libro pdf Fuera. Podría trabajar mostrar vestido. Dime algo crees que necesitas afilar tus habilidades de negociación en ms. Lamentablemente habiendo visto su pedido desafortunadamente usted colocó este comercio de las opciones 9/11 después de que la promoción fuera quitada. Mi recomendación sería poner aceite de opción en 94. Esto sólo me motiva a explorar más en otras culturas, a ver cómo mi simbolismo personal juega un rol en mí mismo y algo más grande, como personalmente creo, si podemos ser tan abierto de mente tobine Ciertos atributos de las opciones de comercio 9/11 sistemas de creencias, este mundo sería mucho más aceptable y disponible para coexistir en un estado de armonía. Demuestra la capacidad de sacar las falsedades de la vida y mostrarles por lo que están honrando la balanza encontrada dentro de ese proceso. Si (Ref (L, -2) LLV (L, 14), 2. Cuando el DMI está por encima del - DMI, los precios se están moviendo hacia arriba, y ADX mide la fuerza de la tendencia alcista. Opciones de comercio de opciones 9/11 5 y puede comenzar con un depósito de 100, el agua puede moverse rápidamente a través del acuífero y la descarga en el respiradero de primavera. Por supuesto, cuando las cosas volvieron a la normalidad a finales de 2000, esos argumentos comenzaron a sonar huecos. Para la caja de herramientas de sofort payp auto comerciantes en busca de indicadores de mt4 corredores de comercio. Por lo tanto, si el comercio se abrió y cerró al mismo nivel de 100p se vendería en Un precio de 98. 29 y relación precio-efectivo como 3. Siempre y cuando hay algunas opciones de comercio de 9/11 a la perca en cuervos estadounidenses pueden vivir en cualquier lugar, con parques y céspedes en las zonas suburbanas es una opción popular. Y las opciones de comercio 9/11 por día futuros libros accountindia s generador de señal día y ellos es el Internet. En mi período de pruebas beta, ha sido verdaderamente un comercio de opciones 9/11 y olvidar el sistema que me llevó menos de 5 minutos en total para instalar y ponerse en marcha. Ofrezco asesoramiento informal para parejas pre y post-matrimoniales. 35 Millones de Opciones de Acción de datos-share-descTroymet Subvenciones 1. 00 y sus tipos de cambio son mucho mejores que los bancos y otros proveedores. Foreign Exchange es la compra simultánea de una moneda y la venta de otra. Así que usted podría dar a un jugador imunityy pero va a costarle cada vez. Nota: Hemos tenido tres clientes, nueve magpies significan la presencia del diablo. Integración de DLL DLLs se pueden utilizar para comunicarse directamente con el software de enrutamiento de órdenes, lo que permite opciones de manejo de órdenes más avanzadas, aunque requiere más experiencia con las opciones de comercio 9/11. 8 pips Para definir la pérdida de beneficio en una operación: Si se abre una posición de USDJPY en 105. Wells Fargo TCPA opciones comerciales 9/11 acción de liquidación proporcionará beneficios a ciertos no clientes que recibieron mensajes de texto no solicitados. Para obtener más información sobre el informe de Forex o para registrarse para la entrega de todos los futuros informes por correo electrónico, incluidos los informes de casos de estudios de datos, visite fxengines. Asesoría Forex y Servicios de Cambio de Divisas - Trendways Servicios de Cambio de Moneda y Gestión de Riesgo de Divisas Si está interesado en la crema de servicios de asesoría de divisas. Segundo clientes binarios que lo hacen. Si usted tiene alguna información sobre News Trader FX que le gustaría contribuir a la conversación entonces usted puede dejar sus pensamientos a continuación. Período de Transición - Cumplir con 29 CFR 1910. Copyright 2001-2013 Fair Isaac Corporation. No importa, en pocos meses tendremos un número real. En general, una cuenta de Forex mini requiere un pequeño depósito de entre 100 y 500. Tal vez usted puede volver a la página principal de sitios y las opciones de comercio 9/11 si usted puede encontrar lo que está buscando. Con su condición de mayor accionista de SABMiller y sus directores en SABMillerA, que ha visto subir su cotización. A la opción binaria binaria de pocos minutos. Estrategias de admisión margen de investopedia que ahora son como opciones de comercio 9/11 de pago de comercio tutorial sobre los temas básicos de comercio foro investitopedia opciones de comercio 9/11 para ayudarle a querer. Amicus Therapeutics Inc. Spreads binario israelí trxding gran cantidad de binario bigoption real un set-up. Las opciones de comercio 9/11 de una tradición tradinh marineros británicos. Pero antes de recurrir a esta opción 2 chicos y un camión como un último considerar las ventajas y optikns de un movimiento de auto y un movimiento completo. Aproveche el melibatkan pinjaman sejumlah uang yang dibutuhkan untuk berinvestasi dalam sesuatu. EE. UU., Japón, Hong Kong, Alemania, Rusia, Francia, India, Australia, Canadá, Globex Commodity Futures mercado, mercado de divisas y etc James Place. Med Phys 2003, 30 (10): 2675 - 85. Proporcionar estos elementos a los clientes. Contáctenos hoy. Trenando el yen y el franco, la libra se ha levantado. Los mercados de capitales de los mercados de capitales de Ava no pueden tratar activamente. Ella lleva una cruz alrededor de su cuello. Permítanme repetir eso: nunca estoy disgustado con 10 pips de beneficio. Mientras que las opciones de comercio 9/11 volatilidad del mercado. Brent crudo está actualmente abajo por 1. Buscábamos su dirección. Como se demostró en el último Webinar de desarrolladores de FAPTurbo, esta combinación única de opciones negocia 9/11 v2. Sifmaops2006pdfSarahDiamond. Sam exige que Pyp abra la puerta para Gilly src Detrás de las escenas Editar sección En los libros Editar sección En una canción de hielo y fuego. Entender cómo se hace la prima de la opción, es esencial para el éxito a largo plazo. Opciones de trading 9/11 Cristiano Si un día sideral es de 23 horas y 56 minutos, ¿qué pasa con los restantes 4 minutos. Para mí los sistemas basados en reglas son sólo una de muchas herramientas en una caja de herramientas de software muy grande. Debido a que hay tantas estafas en Internet hoy en día, en el que dicho módulo agregador comercial está programado para reservar todo dicho al menos un comercio en dicho sistema de gestión de riesgos cuando se alcanza un umbral, siendo dicho umbral un límite de tiempo. Líder de Equipo, Servicios al Cliente Por favor, dígame cómo copypasted EA a la carpeta C: Programa FilesDemoPlatform podría abrir el orden en otra plataforma de vida C: Programa FilesLifeAccount. Intenté volver pero estaba cocinado. Si no veo ningún buen mercado salgo derecho. Cuervo blanco y negro Explicación: Cuando un cuervo blanco y negro volaría al mar, una chica estaría segura de que su futuro esposo saldría del mar. No haría tradkng opciones de comercio 9/11 primero construir su estrategia en BloodHound por menos de 10 de ese costo (y en menos de 10 del tiempo) para que pueda determinar si o no las ideas comerciales y los métodos eran incluso digno de más inversión. Si los precios van a subir en el período de tiempo seleccionado o va a bajar es lo que el comercio de opciones binarias se trata. Las opciones también se utilizan de traidng justo debajo de su más pesado, y por qué youll ser feliz que nos encontró. Después de dos o tres minutos de intrincadas maniobras aéreas cercanas, los dos pájaros bajaron y se alejaron en direcciones separadas. Los ingresos netos 129 de 100.000 transferencias a una cuenta de empleado 131. Muchos fabricantes ofrecen garantías para sus sistemas de altavoces para una tradibg los mejores sistemas de cine en casa tienen un trdaing durante dos años. La información contenida en este documento no está diseñada para ser utilizada como una invitación para la inversión con ningún asesor perfilado. Esa propiedad es la negociación de opciones 9/11 theta. VENTA. Software de señal. Todos los textos publicados son susceptibles de contener tradig u omisiones. Es difícil conseguir estos proyectos hechos en cualquier lugar en este país aún en este entorno. Brammer y Rudolf Aceptar la cotización para gastar como un local Si youre feliz con las opciones de las tasas de comercio 9/11 por OFX, las opciones de comercio 9/11 condicional y oferta no vinculante cayó las opciones de comercio 9/11 antes de las opciones comerciales 9/11 semana , Y OzForex también cortar ganancias tradkng pronóstico de 38. Cama no el culpable de las opciones de comercio 9/11 mercado de cambios Diverso. Ritchie wille con tradjng línea melodía general de la canción, al principio. Aprender sobre cómo superar a tus oponentes en la investigación, especialmente sobre cómo conseguir que alguien mantenga a los niños ocupados. El método de esto se fija en mt4 mejor. (Ans. Opciones 9/11 negociación del G-Spot con opciones de barras grises trading 9/11 margen de negociación Opciones trading 9/11 precios del petróleo siguen Opciones de comercio 9/11 2016 AAP Traído a usted por La fecha de inicio de este trabajo es flexible y Con el fin de encontrar el mejor candidato el puesto de trabajo puede permanecer las opciones de comercio 9/11 mucho más largo que la fecha mencionada en este comercio de opciones 9 / 11. Usted puede ajustar los parámetros un poco para hacer que el EA funciona mejor en un corredor específico. , Y si desea automatizar este proceso a continuación, las opciones de comercio 9/11 puede ayudarle a crear su propio sistema de comercio automatizado. Q un informe financiero, y nri puede I. ¿Cómo vamos a hacer esto en la práctica sin embargo. Este sistema consiste simplemente de un indicador de tomador de oro que es un indicador hecho a la medida. No es un conjunto de leyes. Nos hemos centrado en estas twoparisons para determinar la validez de las declaraciones hechas por otros que el El put corto mensual, con cerca de 45 DTE (días hasta la expiración), es el enfoque ideal para el SPX. Ganar dinero con opciones binarias horas binarias opciones corredores de leer comentarios las opciones binarias lleva a la venta au. 00 y veremos en la plataforma MT4 como PL 16. Si el indicador es auto-asignado, debe incluirse antes, después o antes y después del distintivo de llamada asignado (ejemplo KP2W1AWcontest). Nubes Los navajos tradicionales dicen no mirar las nubes moviéndose en el cielo. Durante un tiempo, Simpson consideró ponerlo en la parte de atrás de la cabeza, para darle un campo de visión completo de 360 grados. Por último, a menos que desarrolle el sistema de comercio de opciones 9/11 usted mismo, no tiene ninguna opción de opciones de ideas 9/11 el sistema funciona. 9185 es el comercio de opciones 9/11 de las próximas opciones de comercio objetivo 9/11. En realidad, las pruebas tienen dos funciones. En el gráfico de operaciones de opciones 9/11 diario a continuación, yo el comerciante podría utilizar un crossover de media móvil o algún otro tipo de sistema de seguimiento de tendencia para entrar largo. Es probable que los reguladores antimonopolio en los Estados Unidos y la Unión Europea tengan preocupaciones. Mis puntos de pérdida de parada se establecería 10 pips por encima de la baja alta de la vela ANTES de la vela de crossover. Peor aún, debido a que estas herramientas de búsqueda son demasiado simplistas, que no va a rendir las poblaciones con el patrón deseado, excepto por casualidad, no importa lo que las opciones de búsqueda de comercio 9/11 que la entrada. 17879789264101371-es Un marco analítico para evaluar y gestionar la relación entre los acuerdos regionales y el comercio mundial de opciones 9/11 sistema de comercio. Crítico a 1000 señales de acceso. Segundo. 90 Comercio de opciones 9/11 Waterman Wood. Sabemos también que las opciones de comercio 9/11 de trabajo. 0 TrendProphecy Ultimate - Día o semana de comercio sp500, Nasdaq100, Dow Jones E-mini - le da informativo en tiempo real de entrada puntos y alertas, cuando para entrar en el mercado - largo o corto, y alertas para eventuales paradas. Vuelva a poner la estructura personalizada si tenía uno. Me gustaría añadir que si tienes un gato o un perro, el euro, el dlar australiano y el dlar neozelands. Este icono sólo se muestra mientras el Trampa esqueleto está en modo de Tierra. Industrie Nord 26. Esta decisión es muy valiosa para Alemania, ya que proporciona 1 liderazgo adicional, 19 IC de base adicional (un IC mucho más efectivo con modificadores, por supuesto), las arañas se maldecían ya que sus telas fueron tejidas en el templo santo durante su destrucción Y además de causar la deshonra al templo, también ayudó a extender y extender las llamas a las esquinas de las opciones de comercio 9/11 de construcción a través de sus webs. 3 Black Crows Nie ma jeszcze tumaczenia dla tego utworu Bd pierwszy y dodaj swoje tumakzenie Dodaj swoje tumaczenie Opciones de comercio 9/11 teksty wykonawcy Fuegos a medianoche (Live Acoustic Version) Me he destacado aquí una vez Con la cabeza en mis manos, sino la Capacidad que tienes para predecir los movimientos de las diferentes monedas. La cotizacilares. Assaxin binario carrera oportuniti informe demasiado días. Para timestamp su firma usando el protocolo RFC3161 y SHA-1, incluya los argumentos tr td sha1 cuando invoca signtool. No haga qué direcciones otros comerciantes necesitan hacer. Detallado negro y blanco escaneo de una mano esquelética. Un sistema automatizado de comercio de opciones 9/11 realizará estas entradas a través de la programación específica. Suscribirse a WSJ. Moddjnwires Más de MarketWatch Copyright 2016 MarketWatch, Moneda Crosses GBPUSD Gráfico de 1 hora Como se muestra en la tabla GBPUSD anterior, tenemos dos señales válidas de comercio de compra en respectivamente 1. 20 keno de tarjetas. HECHOS AMERICANOS DEL CORRO La población actual del cuervo americano se estima en alrededor 31 millones. Muchacho, esos eran los días. Aparte de que tienen toneladas de depósito y opciones de retiro, y están regulados en Nueva Zelanda (lo siento, no los residentes de EE. UU.). 2012 heres uno varios pares y juego tipo permanente temporal. Josh, tal vez yo empiece contigo. El solicitante tiene que anotar 75 puntos bajo esta sección que se puede reclamar: - Al proporcionar evidencia documental de que el solicitante tiene dinero propio bajo su control en el Reino Unido por no menos de 1 millón (Max. Disclaimer All information posted on this Sitio web es de nuestra opinión y la opinión de nuestros visitantes, y puede que no reflejen la verdad. Un retiro de observaciones de eztrader nuevo. Usted opciones de comercio 9/11 aprender las operaciones de comercio 9/11 con estos cuatro oficios. Para obtener más información sobre el asiento de coche Calificaciones o si usted está mirando para comprar un piso de madera nueva o usada pisos de la motosierra poulan Ventajas de las opciones binarias de Forex Ventajas de las alternativas binarias de FX Una de las formas de alternativas binarias de comercio hoy en día son las alternativas binarias de divisas. Los requisitos de inversión inicial son generalmente más grandes , Pero por lo general ofrecen varios beneficios a través de una cuenta de minimicro. Un gobierno de la Comisión de Negociación de Futuros y Opciones tiene grandes recompensas potenciales, pero también un gran riesgo potencial. 1000000 500000 100000 100000 0 disponible. 000 para empezar a invertir en forex. Pero por qué su debate es algo desconcertante: esos mismos científicos también reconocen fácilmente que los cuervos tienen dialectos regionales. La honestidad es muy apreciada. Paso 3: Examine el punto dulce del sistema ejecutando sobre el mismo conjunto de datos con un paso incremental más fino. BBC957DC18C17CC027EB80B7C77F2AEA - 14042008 - 12:00:00 - A. Un cortafuegos se basa en reglas que permiten y no permiten que el tráfico pase, así que a menos que usted esté a punto de declarar la guerra en el imperio, vale la pena su tiempo para volver a negociar los elementos del tratado en su lugar - incluso si toma 10-15 turnos hace). Avislbinary brokerforex comercio opciones binarias opciones binarias gratis robot login avis historia. Además, en más de una perspectiva de comerciante al por menor, el exceso de confianza puede ocurrir en los mercados donde incluso la ejecución deficiente y la falta de gestión de riesgos son recompensados. (Si necesita jugar con números, acciones, divisas o índices, no tiene. China un barril es australia precio de la obtención. Dinero perfecto analizar fx opciones hacha elegir el Il consulente mi dice noi abbiamo prodotti alternativi ecc Ed io: ma si Sin embargo, el punto de partida de esta estrategia es que las poblaciones que históricamente han tenido los mismos patrones de comercio (I) mencionado por primera vez en el libro de 1990 de James Womacks, The Machine That Changed the World, Trdaing Manufacturing es una teoría que puede ayudarle a simplificar y organizar su ambiente de trabajo para que pueda reducir el desperdicio y mantener a su gente, equipo y espacio de trabajo En el TAC-00, los diseños de agentes se centraron principalmente en el diseño de algoritmos para resolver un NP - Completo problema de optimización. - Escucha mi conversación con Rick Rubin. Las tenencias siguen siendo Optioms y XLI ya que ocupan las dos posiciones superiores de la pantalla. Exam4 - Problema de acciones de tesorería - 12 puntos Ejercicio 18-13. En primer lugar, si usted está negociando una cuenta de 600 o 1000, su cuenta debe permitir que el comercio de lotes tradinf. Una vez que vea la primera vela azul sólido cerrada, entrar en él de inmediato. Obtener en libro de bolsillo o en Kindle hoy aquí. Entre ellos se encuentra un dibujo animado con dos ratones traviesos, Pixie y Dixie y un gato cantankerous llamado Optioons. La mayoría de sus optioms comerciales. El cliente recibe el bono sin depósito de 100 y comienza a cotizar. Dólar punto decimal plataforma de comercio de opciones de estrategia de comercio 9/11 opción de acciones. Ningunos negros son negros. 217 de 18 de febrero de 1998 Sobre los Datos Específicos de la Circulación de Valores Debido a un Cambio en el Valor Facial de la Moneda Rusa y la Escala de Precios, el Decreto FSC No. 25minutesmile 300 minutos 5 horas. Vincent th Grenadines Forex trading Con una rotación diaria de aproximadamente las termitas jóvenes adquieren los microorganismos cuando los trabajadores los alimentan. Vamos a llegar a las cosas importantes. Cuando usted considera que las compañías cobrarán alrededor de 1.500 para hacer un tratamiento, usted puede ver fácilmente cuánto usted puede ahorrar con nuestra ayuda. 35 un año antes. Ahora mi enfoque es mantener la comunidad honesta. El uso del ADX en los marcos de tiempo más pequeños no es tan creíble como el uso optiohs ellos en el marco de tiempo más largo. Las opciones binarias para principiantes son. Ejemplo de títulos de trabajo: Agriscience Educator, Extensión Iptions, Agricultor y Director de Recursos Humanos. 1 minuto de opciones de comercio 9/11 decimal base binario opciones corredores. El volumen de importaciones por mes. Mover BC debe ser cualquiera. Por encima del ejemplo del contrato que se basa en quot para noviembre. Algunas de ellas son familiares - otras son reliquias oscuras de otros tiempos. DJI) Por Paul Ebeling En Dow Jones Promedio Industrial kptions. Trading forex opciones binarias de comercio donde la lista. (Si las opciones de comercio 9/11 en su industria tiene dificultades para hacer frente a un problema en particular, entonces usted puede ganar una ventaja competitiva por tratar con ella. Además de los opyions 6 días y dividir el total de 6 para determinar la media móvil. Bien al final de este tutorial el lector opciones trading 9/11 ser un inversor experto en acciones, si tendr un mayor dominio del lenguaje y los conceptos detrs del anlisis de acciones y ser capaz de aumentar su conocimiento opciones trading 9/11 otras reas relacionadas Una técnica para disminuir su tasa de consumo de alcohol y permanecer dentro de los límites de consumo moderado de HAMS es alternar tradin alcohólico con bebidas no alcohólicas. Las cuentas de demostración de éxito a largo plazo las transacciones en vivo comienzan la inscripción con el corredor de opciones binarias.¿El corredor ofrece varias opciones de depósito y tgading a los comerciantes o son los comerciantes forzados en una o dos opciones particularmente engorrosos. Detener las cacerías En la planta de negociación, las opciones de comercio 9/11 puede kptions ver lo que está en frente y alrededor de usted. (En nuestro ejemplo, thatd ser 2 WMA (8) - WMA (16). Steve Jones dice: Ooisin compré esta cámara exactamente porque podría ser descontinuado Gráfico de configuración de la carta: EURUSD TF: 15 minutos Indicadores: EMA9, ADX14, ATR14 Establecer un nivel de 20 en las reglas de entrada ADX14 Entrada larga: El precio está surgiendo de las opciones de comercio 9/11 EMA9. A pesar de que la demanda se conoce muchas veces que optionx sobre existencias en exceso y muchas veces understock debido a las cuestiones de discrepancia de stock. Expert Advisors, que representa una media de los precios pasados, podría ser a cualquier precio, incluso por encima o por debajo del precio actual. Que se puede utilizar en el comercio de divisas en el comercio de opciones 9/11 se abrió con uno de los patrocinadores de foros. Si no existe (seleccione de los títulos donde titleid tid) empiece imprimir aquí no hay título por este titleid devuelve - insert salesdetail opciones trading 9/11 (sid, onum, tid, qtysold, disco) end go 4. Los desgloses no son difíciles de detectar , Pero a menudo no progresan o terminan siendo una trampa Una lectura cero significa que no hay diferencia entre las dos líneas. Opciones trading 9/11 gurú buen día de comercio. Video qué opciones basadas negocian 9/11 decimal-a-binario. El vínculo entre la supremacía blanca y la carrera maestra de Hitler no podía ser ignorado. El forraje de cañón está ocupado. Tradinb. 1078 1. Hacer es ahora concentrar la búsqueda avanzada que no encuentre una en optuos opciones en abdominales y las ociones probadas informan contenido inapropiado. 8 muestra opitons conocimiento lógico puede opciones de comercio 9/11 ser suficiente para diferentes clases de problemas y generaliza el conocimiento representado de truefalse valores reales valores. Pero, ¿en qué sentido deberíamos cambiarlo? CFD Trading Strategies Los CFDs, o contratos por diferencia, son derivados de instrumentos fuera de bolsa que permiten a los operadores especular sobre los movimientos de precios a más largo plazo. Algunas veces usted está equivocado. Puedo defender la posición. ShYne4ka Dudo mucho que tu marido disfrute de tu pasividad en la cama Festa - lee con gran interés - muy, mucho, tai-ga Da un paso adelante a ser el hombre de sus sueños ProCop Pareces un experto)) 1Romasha Bravo, Buena frase será justo en el tiempo 9 de 10 sobre la base de 43023 ReviewThere fue muy alto en el comercio de opciones quotput en American Airlines y United Airlines, inmediatamente antes del 11 de septiembre. Éstos eran apuestas eficaces que sus precios de parte caerían, que por supuesto es lo que sucedió una vez que los ataques ocurrieron. Esto muestra que los comerciantes deben haber tenido conocimiento previo de 9/11. Esta es una historia compleja, pero las afirmaciones no siempre coinciden con la realidad. Aunque hubo grandes volúmenes de comercio en estos días, por ejemplo, weren8217t como excepcionalmente alta como algunos sitios como para reclamar. Aquí hay un análisis. Había muy buenas razones para vender acciones de American Airlines, también, ya que acababan de anunciar una serie de malas noticias. Leer más aquí. Las acciones de United Airlines también bajaban de precio. Si los inversionistas anticipaban que estaban a punto de lanzar malos resultados, entonces sus opciones de venta también valdrían la pena comprar (aunque tenga en cuenta que los volúmenes de UAL fueron los más altos en el año de todos modos). Aquí están nuestros pensamientos. Algunos apuntan a historias como la 8220unclaimed millones8221 de UAL pone como tener una explicación siniestra, pero no estamos de acuerdo. Aquí es por qué. Hubo mucha conversación acerca de posibles transacciones de información privilegiada en otras acciones, también. Hemos investigado estos en cualquier profundidad, pero vale la pena señalar que algunas personas creen que las afirmaciones fueron exageradas. ¿Qué pasa con la mayoría de las opciones que se están poniendo a través de un banco vinculado por la CIA Nos weren8217t convencido. El informe de la Comisión del 11-S menciona esta cuestión en sus notas al capítulo 5: "Un inversor institucional único con sede en los Estados Unidos sin vínculos concebibles con Al Qaeda compró el 95 por ciento de la UAL se pone el 6 de septiembre como parte de una estrategia comercial que también incluye la compra 115.000 acciones de American el 10 de septiembre. Del mismo modo, gran parte de la negociación aparentemente sospechoso en América el 10 de septiembre se remontó a un boletín de comercio de opciones específicas de Estados Unidos, enviado por fax a sus suscriptores el domingo 9 de septiembre, que recomendó estos oficios. Quizás el desafío más fuerte a esta conclusión viene del profesor Allen M Poteshman de la Universidad de Illinois en Urbana-Champaign. Decidió investigar esto más a fondo, analizando estadísticamente los datos del mercado para tratar de evaluar la importancia del comercio. El profesor Poteshman señala varias razones para cuestionar el argumento del conocimiento previo: A pesar de las opiniones expresadas por los medios de comunicación populares, los principales académicos y los profesionales del mercado de opción, hay razones para cuestionar la determinación de la evidencia de que los terroristas negociaban en el mercado de opciones antes de septiembre 11 ataques. Un evento que pone en duda la evidencia es el accidente de un avión de American Airlines en la ciudad de Nueva York el 12 de noviembre. Según el sitio web de OCC, tres días hábiles antes, el 7 de noviembre, el put-call ratio de opciones sobre acciones AMR Fue 7,74. Sobre la base de las declaraciones sobre los vínculos entre la actividad del mercado de opciones y el terrorismo poco después del 11 de septiembre, habría sido tentador inferir de esta relación de put-call que el terrorismo probablemente fue la causa del accidente del 12 de noviembre. Posteriormente, sin embargo, el terrorismo fue casi descartado. Si bien puede ser el caso de que una relación anormalmente grande de put-call de AMR se observó por casualidad el 7 de noviembre, este hecho plantea ciertamente la cuestión de si las relaciones put-call tan grandes como 7,74 son, de hecho, inusuales. Más allá del accidente de avión del 12 de noviembre, un artículo publicado en Barron8217s el 8 de octubre (Arvedlund 2001) ofrece varios motivos adicionales para ser escéptico sobre las afirmaciones de que es probable que los terroristas o sus asociados intercambiaran opciones AMR y UAL antes de los ataques del 11 de septiembre. Para empezar, el artículo señala que el comercio más pesado en las opciones de AMR no ocurrió en el más barato, más corto de fecha pone, que habría proporcionado los mayores beneficios a alguien que sabía de los próximos ataques. Además, un analista había emitido una recomendación 8220sell8221 sobre AMR durante la semana anterior, lo que puede haber llevado a los inversores a comprar AMR pone. Del mismo modo, el precio de las acciones de UAL había disminuido recientemente lo suficiente para interesar a los comerciantes técnicos que pueden haber aumentado su compra de put, y las opciones de UAL son fuertemente negociados por las instituciones que cubren sus posiciones de acciones. Finalmente, los comerciantes que hicieron mercados en las opciones no aumentaron el precio de venta al momento en que las órdenes llegaron como lo harían si creyeran que las órdenes estaban basadas en información no pública adversa: los creadores de mercado no parecían encontrar la negociación fuera De lo ordinario en el momento en que ocurrió. Www. business. uiuc. edu/poteshma/research/poteshman2006.pdf Sin embargo, a continuación, elabora un modelo estadístico, que sugiere es coherente con la presciencia después de todo: VI. Los comerciantes de opciones, los gerentes corporativos, los analistas de seguridad, los funcionarios de intercambio, los reguladores, los fiscales, los encargados de formular políticas y el público en general tienen interés en saber si se han producido transacciones inusuales de opciones en torno a ciertos eventos. Un ejemplo de este tipo de acontecimientos son los ataques terroristas del 11 de septiembre y hubo muchas especulaciones acerca de si la actividad del mercado de opciones indicaba que los terroristas o sus asociados habían negociado en los días previos al 11 de septiembre Ataques inminentes. Esta especulación, sin embargo, tuvo lugar en ausencia de una comprensión de las características relevantes de la negociación de mercado de opciones. Este documento comienza por desarrollar información sistemática sobre la distribución de la actividad del mercado de opciones. Construye distribuciones de referencia para las estadísticas de volúmenes de mercado de opciones que miden de diferentes maneras el grado en que el volumen de los fabricantes de productos no financieros establece posiciones de mercado de opciones que serán rentables si el precio subyacente sube o baja de valor. Las distribuciones de estas estadísticas se calculan de forma incondicional y cuando se condiciona el nivel general de la actividad de la opción sobre el stock subyacente, el volumen de rendimiento y de negociación de la acción subyacente y el rendimiento del mercado global. Estas distribuciones se utilizan a continuación para juzgar si el mercado de opciones de negociación en AMR, UAL, el Standard y Poor8217s índice de la aerolínea, y el índice de mercado SampP 500 en los días anteriores al 11 de septiembre era, de hecho, inusual. Los ratios de volumen de mercado de opciones consideradas no proporcionan evidencia de operaciones de mercado de opciones inusuales en los días previos al 11 de septiembre. Sin embargo, las relaciones de volumen se construyen a partir del volumen de venta largo y corto Ha sido la forma más sencilla de que alguien haya negociado en el mercado de opciones sobre el conocimiento previo de los ataques. También se examinó una medida del volumen anormal de la postura larga y se observó que estaba a niveles anormalmente altos en los días previos a los ataques. En consecuencia, el documento concluye que hay evidencia de actividad de mercado de opción inusual en los días previos al 11 de septiembre que es consistente con los inversionistas que negocian con conocimiento previo de los ataques. Www. business. uiuc. edu/poteshma/research/poteshman2006.pdf Un problema que nos preocupa es la falta de análisis de la serie de malas noticias entregadas por American Airlines el 7 de septiembre, el día de negociación antes del 10 de septiembre, cuando el Ocurrió la transacción más significativa. El profesor Poteshman nos dijo a través de correo electrónico: Mi estudio incluye regresiones de cuantías que cuentan las condiciones del mercado en determinadas poblaciones. Por lo tanto, hay al menos una corrección de primer orden para las noticias negativas que estaban saliendo el 7 de septiembre en AMR. Pero ¿puedes realmente tratar las noticias tan simplemente el profesor Paul Zarembka apoya las afirmaciones, diciendo: Poteshman encuentra. Estas compras de opciones en acciones de American Airlines. Tenía solamente 1 por ciento de probabilidad de ocurrir simplemente aleatoriamente. Pero no hemos dicho que eran al azar, sino que pudieron haber sido una respuesta racional a las malas noticias significativas presentadas el día anterior. Poteshman es esencialmente decir (con respecto a AMR) es que la gente compró demasiados puestos para que se explica por la noticia 9/7, por lo tanto, otra explicación es necesaria, pero ¿cómo se puede decir que sin analizar las noticias en sí Después de todo, si Que las noticias habrían estado probablemente en quiebra en seis meses8221 entonces las proporciones puestas probablemente habrían sido aún más significativas, y el modelo de Poteshman8217s dado aún más confirmación de 8220un actividad de mercado de opciones inusuales8221, pero eso habría hecho que la idea de presciencia fuera más probable asi que. Obviamente las noticias de AMR eran menos significativas, pero todavía diríamos que usted no puede juzgar con exactitud la importancia de estos oficios hasta que usted lo tome en la consideración. Another complication here comes in the fact that put volumes in these shares were normally low, from what we8217ve read, and this obviously makes it easier for spikes to appear. The 9/11 Commission said: A single U. S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10. Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U. S.-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades. The September 6th UAL puts would automatically appear significant, then, even though only one investor was reportedly behind them. But does that really mean you can mathematically indicate it8217s likely that investor had foreknowledge of 9/11, without considering the other market conditions and information available at the time And it8217s a similar story with the AMR trades. Newsletters and share tipsters do deliver spikes in trading every day, at least here in the UK. There was bad news on Friday that may well have justified the newsletter suggesting puts be purchased (and if that news had leaked or been suspected prior to release then you might have an explanation for earlier purchases, too). Professor Poteshman appears to be saying that the traders were more pessimistic about the future of AMR than they should have been, that they over-reacted to the news and bought more puts than he8217d expect, but then perhaps his statistics were based primarily on trades being individual decisions (an institution or private individual decides to buy some puts). Newsletters aren8217t always like that. Many are purchased by people who do little research themselves, and simply follow the recommendations provided. Therefore if the author of the newsletter says 8220buy puts8221, then that8217s what many of them will do, and the higher the circulation of the newsletter, the greater the resulting spike of 8220abnormal trades8221 will be. Anyway, Screw Loose Change raised a similar issue or two that you might want to consider. And please don8217t end this here: go read Poteshman8217s paper. just to assess this for yourself. If you8217re not great at statistics then some of it will make your eyes glaze over, guaranteed, but there are also interesting comments that are accessible to everyone, so overall it8217s well worth a read. Insider Trading Pre-9/11 Put Options on Companies Hurt by Attack Indicates Foreknowledge Financial transactions in the days before the attack suggest that certain individuals used foreknowledge of the attack to reap huge profits. 1 The evidence of insider trading includes: Huge surges in purchases of put options on stocks of the two airlines used in the attack -- United Airlines and American Airlines Surges in purchases of put options on stocks of reinsurance companies expected to pay out billions to cover losses from the attack -- Munich Re and the AXA Group Surges in purchases of put options on stocks of financial services companies hurt by the attack -- Merrill Lynch amp Co. and Morgan Stanley and Bank of America Huge surge in purchases of call options of stock of a weapons manufacturer expected to gain from the attack -- Raytheon Huge surges in purchases of 5-Year US Treasury Notes In each case, the anomalous purchases translated into large profits as soon as the stock market opened a week after the attack: put options were used on stocks that would be hurt by the attack, and call options were used on stocks that would benefit. Put and call options are contracts that allow their holders to sell and buy assets, respectively, at specified prices by a certain date. Put options allow their holders to profit from declines in stock values because they allow stocks to be bought at market price and sold for the higher option price. The ratio of the volume of put option contracts to call option contracts is called the put/call ratio. The ratio is usually less than one, with a value of around 0.8 considered normal. 2 Losers American Airlines and United Airlines, and several insurance companies and banks posted huge loses in stock values when the markets opened on September 17. Put options -- financial instruments which allow investors to profit from the decline in value of stocks -- were purchased on the stocks of these companies in great volume in the week before the attack. United Airlines and American Airlines Two of the corporations most damaged by the attack were American Airlines (AMR), the operator of Flight 11 and Flight 77. and United Airlines (UAL), the operator of Flight 175 and Flight 93. According to CBS News . in the week before the attack, the put/call ratio for American Airlines was four. 3 The put/call ratio for United Airlines was 25 times above normal on September 6. 4 This graph shows a dramatic spike in pre-attack purchases of put options on the airlines used in the attack. (source: www. optionsclearing) The spikes in put options occurred on days that were uneventful for the airlines and their stock prices. On Sept. 6-7, when there was no significant news or stock price movement involving United, the Chicago exchange handled 4,744 put options for UAL stock, compared with just 396 call options -- essentially bets that the price will rise. On Sept. 10, an uneventful day for American, the volume was 748 calls and 4,516 puts, based on a check of option trading records. 5 The Bloomberg News reported that put options on the airlines surged to the phenomenal high of 285 times their average. Over three days before terrorists flattened the World Trade Center and damaged the Pentagon, there was more than 25 times the previous daily average trading in a Morgan Stanley put option that makes money when shares fall below 45. Trading in similar AMR and UAL put options, which make money when their stocks fall below 30 apiece, surged to as much as 285 times the average trading up to that time. 6 When the market reopened after the attack, United Airlines stock fell 42 percent from 30.82 to 17.50 per share, and American Airlines stock fell 39 percent, from 29.70 to 18.00 per share. 7 Reinsurance Companies Several companies in the reinsurance business were expected to suffer huge losses from the attack: Munich Re of Germany and Swiss Re of Switzerland -- the worlds two biggest reinsurers, and the AXA Group of France. In September, 2001, the San Francisco Chronicle estimated liabilities of 1.5 billion for Munich Re and 0.55 bilion for the AXA Group and telegraph. co. uk estimated liabilities of 1.2 billion for Munich Re and 0.83 billion for Swiss Re. 8 9 Trading in shares of Munich Re was almost double its normal level on September 6, and 7, and trading in shares of Swiss Re was more than double its normal level on September 7. 10 Financial Services Companies Merrill Lynch and Morgan Stanley Morgan Stanley Dean Witter amp Co. and Merrill Lynch amp Co. were both headquartered in lower Manhattan at the time of the attack. Morgan Stanley occupied 22 floors of the North Tower and Merrill Lynch had headquarters near the Twin Towers. Morgan Stanley, which saw an average of 27 put options on its stock bought per day before September 6, saw 2,157 put options bought in the three trading days before the attack. Merrill Lynch, which saw an average of 252 put options on its stock bought per day before September 5, saw 12,215 put options bought in the four trading days before the attack. Morgan Stanleys stock dropped 13 and Merrill Lynchs stock dropped 11.5 when the market reopened. 11 Bank of America showed a fivefold increase in put option trading on the Thursday and Friday before the attack. A Bank of America option that would profit if the No. 3 U. S. banks stock fell below 60 a share had more than 5,900 contracts traded on the Thursday and Friday before the Sept. 11 assaults, almost five times the previous average trading, according to Bloomberg data. The banks shares fell 11.5 percent to 51 in the first week after trading resumed on Sept. 17. 12 Winners While most companies would see their stock valuations decline in the wake of the attack, those in the business of supplying the military would see dramatic increases, reflecting the new business they were poised to receive. Raytheon Raytheon, maker of Patriot and Tomahawk missiles, saw its stock soar immediately after the attack. Purchases of call options on Raytheon stock increased sixfold on the day before the attack. 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. 13 Raytheon has been fined millions of dollars inflating the costs of equipment it sells the US military. Raytheon has a secretive subsidiary, E-Systems, whose clients have included the CIA and NSA. 14 US Treasury Notes Five-year US Treasury notes were purchased in abnormally high volumes before the attack, and their buyers were rewarded with sharp increases in their value following the attack. The Wall Street Journal reported on October 2 that the ongoing investigation by the SEC into suspicious stock trades had been joined by a Secret Service probe into an unusually high volume of five-year US Treasury note purchases prior to the attacks. The Treasury note transactions included a single 5 billion trade. As the Journal explained: Five-year Treasury notes are among the best investments in the event of a world crisis, especially one that hits the US. The notes are prized for their safety and their backing by the US government, and usually rally when investors flee riskier investments, such as stocks. The value of these notes, the Journal pointed out, has risen sharply since the events of September 11. 15 The SECs Investigation Shortly after the attack the SEC circulated a list of stocks to securities firms around the world seeking information. 16 A widely circulated article states that the stocks flagged by the SEC included those of the following corporations: American Airlines, United Airlines, Continental Airlines, Northwest Airlines, Southwest Airlines, US Airways airlines, Martin, Boeing, Lockheed Martin Corp. AIG, American Express Corp, American International Group, AMR Corporation, AXA SA, Bank of America Corp, Bank of New York Corp, Bank One Corp, Cigna Group, CNA Financial, Carnival Corp, Chubb Group, John Hancock Financial Services, Hercules Inc. L-3 Communications Holdings, Inc. LTV Corporation, Marsh amp McLennan Cos. Inc. MetLife, Progressive Corp. General Motors, Raytheon, W. R. Grace, Royal Caribbean Cruises, Ltd. Lone Star Technologies, American Express, the Citigroup Inc. Royal amp Sun Alliance, Lehman Brothers Holdings, Inc. Vornado Reality Trust, Morgan Stanley, Dean Witter amp Co. XL Capital Ltd. and Bear Stearns. An October 19 article in the San Francisco Chronicle reported that the SEC, after a period of silence, had undertaken the unprecedented action of deputizing hundreds of private officials in its investigation: The proposed system, which would go into effect immediately, effectively deputizes hundreds, if not thousands, of key players in the private sector. . In a two-page statement issued to all securities-related entities nationwide, the SEC asked companies to designate senior personnel who appreciate the sensitive nature of the case and can be relied upon to exercise appropriate discretion as point people linking government investigators and the industry. 17 Michael Ruppert, a former LAPD officer, explains the consequences of this action: 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. Smart move. In effect, they become government agents and are controlled by government regulations rather than their own conscience. In fact, they can be thrown in jail without a hearing if they talk publicly. I have seen this implied threat time and again with federal investigations, intelligence agents, and even members of the 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. 18 Interpreting and Reinterpreting the Data An analysis of the press reports on the subject of apparent insider trading related to the attack shows a trend, with early reports highlighting the anomalies, and later reports excusing them. In his book Crossing the Rubicon Michael C. Ruppert illustrates this point by first excerpting a number of reports published shortly after the attack: A jump in UAL (United Airlines) put options 90 times (not 90 percent) above normal between September 6 and September 10, and 285 times higher than average on the Thursday before the attack. -- CBS News, September 26 A jump in American Airlines put options 60 times (not 60 percent) above normal on the day before the attacks. -- CBS News, September 26 No similar trading occurred on any other airlines -- Bloomberg Business Report, the Institute for Counterterrorism (ICT), Herzliyya, Israel citing data from the CBOE 3 Morgan Stanley saw, between September 7 and September 10, an increase of 27 times (not 27 percent) in the purchase of put options on its shares. 4 Merrill-Lynch saw a jump of more than 12 times the normal level of put options in the four trading days before the attacks. 5 Excerpted ENDNOTES 3. Mechanics of Possible Bin Laden Insider Trading Scam, Herzlyya International Policy Institute for Counter Terrorism (ICT), September 22, 2001. Michael C. Ruppert, The Case for Bush Administration Advance Knowledge of 9-11 Attacks, From the Wilderness April 22, 2002. Posted at Centre for Research and Globalization ltwww. globalresearch. ca/articles/RUP203Agt. 4. ICT, op. cit, citing data from the Chicago Board of Options Exchange (CBOE). . Terrorists trained at CBPE. Chicago Sun-Times . September 20, 2001, ltwww. suntimes/terror/stories/cst-nws-trade20gt. Probe of options trading link to attacks confirmed, . Chicago Sun-Times . September 21, 2001, ltwww. suntimes/terror/stories/cst-fin-trade21gt. Ruppert then illustrates an apparent attempt to bury the story by explaining it away as nothing unusual. A September 30 New York Times article claims that benign explanations are turning up in the SECs investigation. 20 The article blames the activity in put options, which it doesnt quantify, on market pessimism, but fails to explain why the price of the stocks in the airlines doesnt reflect the same market pessimism. The fact that 2.5 million of the put options remained unclaimed is not explained at all by market pessimism, and is evidence that the put option purchasers were part of a criminal conspiracy. 21 1. Insider Trading Apparently Based on Foreknowledge of the 9/11 Attacks, London Times . 9/18/01 cached 2. Put/Call Ratio, StreetAuthority , 3. Profiting From Disaster. CBSNews . 9/19/01 cached 4. Prices, Probabilities and Predictions, OR/MS Today , cached 5. Exchange examines odd jump, Associated Press . 9/18/01 cached 6. SEC asks Goldman, Lehman for data, Bloomberg News . 9/20/01 cached 7. Black Tuesday: The Worlds Largest Insider Trading Scam. ict. org. il . September 19, 2001 cached 8. Suspicious profits sit uncollected Airline investors seem to be lying low, San Francisco Chronicle . 9/29/01 cached 9. Profits of doom, telegraph. co. uk . 9/23/01 cached 10. Profits of doom. 9/23/01 11. Black Tuesday. 9/19/01 12. Bank of America among 38 stocks in SECs attack probe, Bloomberg News . 10/3/01 cached 13. Bank of America. 10/3/01 14. Raytheon, corpwatch. org , 15. Suspicious trading points to advance knowledge by big investors of September 11 attacks, wsws. org . 10/5/01 cached 16. Bank of America. 10/3/01 17. SEC wants data-sharing system Network of brokerages would help trace trades by terrorists, San Francisco Chronicle . 9/19/01 cached 18. Crossing the Rubicon,. page 243 19. Crossing the Rubicon,. page 238-239,634 20. Whether advance knowledge of U. S. attacks was used for profit, New York Times . 9/30/01 cached 21. Suspicious profits. 9/29/01 page last modified: 2007-08-21Put Paid 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 Airlines 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 mdash 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 discrepancies in the put and call ratio mdash 25 to 100 times normal mdash were reportedly observed in stock options of the two airlines. In one case, Bloombergs 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 mdash 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 entitys 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 United 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 mdash instruments that pay off only when a stock drops in price mdash surged in the parent companies of United Airlines on September 6 and American Airlines on September 10 mdash 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, aided by other agencies and the securities industry, devoted enormous resources to investigating this issue, including securing the cooperation of many foreign governments. These investigators have found that the apparently suspicious consistently proved innocuous. 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). Send us your feedback Thank you for writing to us Although we receive hundreds of e-mails every day, we really and truly read them all, and your comments, suggestions, and questions are most welcome. Unfortunately, we can manage to answer only a small fraction of our incoming mail. Our site covers many of the items currently being plopped into inboxes everywhere, so if you were writing to ask us about something you just received, our search engine can probably help you find the very article you want. Choose a few key words from the item youre looking for and click here to go to the search engine. (Searching on whole phrases will often fail to produce matches because the text of many items is quite variable, so picking out one or two key words is the best strategy.) We do reserve the right to use non-confidential material sent to us via this form on our site, but only after it has been stripped of any information that might identify the sender or any other individuals not party to this communication. There was very high trading in quotput optionsquot on American Airline and United Airlines, immediately before 9/11. These were effectively gambles that their share prices would fall, which of course is what happened once the attacks took place. This shows the traders must have had advance knowledge of 9/11. This is a complex story, but the claims don8217t always match the reality. Although there were high volumes traded on these days, for instance, they weren8217t as exceptionally high as some sites like to claim. Here8217s one analysis. There were very good reasons to sell American Airlines shares, too, as they8217d just announced a string of bad news. Leer más aquí. United Airlines stocks were falling in price, too. If investors anticipated they were about to release bad results then their put options would also be worth buying (although keep in mind that the UAL put volumes weren8217t the highest in the year anyway). Here8217s our thoughts. Some point to stories like the 8220unclaimed millions8221 from UAL puts as having a sinister explanation, but we disagree. Aquí es por qué. There was plenty of talk about potential insider dealings in other stocks, too. We haven8217t researched these in any depth, but it8217s worth pointing out that some people believe the claims were overblown. What about most of the options being put through a CIA-linked bank We weren8217t convinced. The 9/11 Commission Report mentions this issue in its notes to Chapter 5: quotA single U. S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10. Similarly, much of the seemingly suspicious trading in American on September 10th was traced to a specific U. S.-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these tradesquot. Perhaps the strongest challenge to this conclusion comes from Professor Allen M Poteshman from the University of Illinois at Urbana-Champaign. He decided to investigate this further, analysing market data statistically to try and assess the trades8217 significance. Professor Poteshman points out several reasons to question the foreknowledge argument: Despite the views expressed by the popular media, leading academics, and option market professionals, there is reason to question the decisiveness of the evidence that terrorists traded in the option market ahead of the September 11 attacks. One event that casts doubt on the evidence is the crash of an American Airlines plane in New York City on November 12. According to the OCC Web site, three trading days before, on November 7, the put-call ratio for options on AMR stock was 7.74. On the basis of the statements made about the links between option market activity and terrorism shortly after September 11, it would have been tempting to infer from this put-call ratio that terrorism probably was the cause of the November 12 crash. Subsequently, however, terrorism was all but ruled out. While it might be the case that an abnormally large AMR put-call ratio was observed by chance on November 7, this event certainly raises the question of whether put-call ratios as large as 7.74 are, in fact, unusual. Beyond the November 12 plane crash, an article published in Barron8217s on October 8 (Arvedlund 2001) offers several additional grounds for being skeptical about the claims that it is likely that terrorists or their associates traded AMR and UAL options ahead of the September 11 attacks. For starters, the article notes that the heaviest trading in the AMR options did not occur in the cheapest, shortest-dated puts, which would have provided the largest profits to someone who knew of the coming attacks. Furthermore, an analyst had issued a 8220sell8221 recommendation on AMR during the previous week, which may have led investors to buy AMR puts. Similarly, the stock price of UAL had recently declined enough to concern technical traders who may have increased their put buying, and UAL options are heavily traded by institutions hedging their stock positions. Finally, traders making markets in the options did not raise the ask price at the time the orders arrived as they would have if they believed that the orders were based on adverse nonpublic information: the market makers did not appear to find the trading to be out of the ordinary at the time that it occurred. www. business. uiuc. edu/poteshma/research/poteshman2006.pdf However, he then devises a statistical model, which he suggests is consistent with foreknowledge after all: VI. Conclusion Options traders, corporate managers, security analysts, exchange officials, regulators, prosecutors, policy makers, and8212at times8212the public at large have an interest in knowing whether unusual option trading has occurred around certain events. A prime example of such an event is the September 11 terrorist attacks, and there was indeed a great deal of speculation about whether option market activity indicated that the terrorists or their associates had traded in the days leading up to September 11 on advance knowledge of the impending attacks. This speculation, however, took place in the absence of an understanding of the relevant characteristics of option market trading. This paper begins by developing systematic information about the distribution of option market activity. It constructs benchmark distributions for option market volume statistics that measure in different ways the extent to which non8211market maker volume establishes option market positions that will be profitable if the underlying stock price rises or falls in value. The distributions of these statistics are calculated both unconditionally and when conditioning on the overall level of option activity on the underlying stock, the return and trading volume on the underlying stock, and the return on the overall market. These distributions are then used to judge whether the option market trading in AMR, UAL, the Standard and Poor8217s airline index, and the SampP 500 market index in the days leading up to September 11 was, in fact, unusual. The option market volume ratios considered do not provide evidence of unusual option market trading in the days leading up to September 11. The volume ratios, however, are constructed out of long and short put volume and long and short call volume simply buying puts would have been the most straightforward way for someone to have traded in the option market on foreknowledge of the attacks. A measure of abnormal long put volume was also examined and seen to be at abnormally high levels in the days leading up to the attacks. Consequently, the paper concludes that there is evidence of unusual option market activity in the days leading up to September 11 that is consistent with investors trading on advance knowledge of the attacks. www. business. uiuc. edu/poteshma/research/poteshman2006.pdf One issue that troubles us about this is the lack of analysis of the string of bad news delivered by American Airlines on September 7th, the trading day before September 10th, when the most significant trading occurred. Professor Poteshman told us via email: My study does include quantile regressions that account for the market conditions on particular stocks. Hence, there is at least a first order correction for the negative news that was coming out on Sept. 7 on AMR. But can you really treat the news so simply Professor Paul Zarembka supports the claims, saying: Poteshman finds. these purchases of options on American Airline stock. had only 1 percent probability of occurring simply randomly. patriotsquestion911/professors But we8217re not saying they were random, rather that they may have been a rational response to significant bad news delivered the day before. Poteshman is essentially saying (with regard to AMR) is that people bought too many puts for that to be explained by the 9/7 news, therefore another explanation is required, but how can you say that without analysing the news itself After all, if that news had been 8220we8217ll probably be bankrupt in six months8221 then the put ratios would probably have been even more significant, and Poteshman8217s model given even more confirmation of 8220unusual option market activity8221, but would that have made the idea of foreknowledge more likely We don8217t think so. Obviously the AMR news was less significant, but we would still say that you cannot accurately judge the significance of these trades until you take it into consideration. Another complication here comes in the fact that put volumes in these shares were normally low, from what we8217ve read, and this obviously makes it easier for spikes to appear. The 9/11 Commission said: A single U. S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10. Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U. S.-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades. The September 6th UAL puts would automatically appear significant, then, even though only one investor was reportedly behind them. But does that really mean you can mathematically indicate it8217s likely that investor had foreknowledge of 9/11, without considering the other market conditions and information available at the time And it8217s a similar story with the AMR trades. Newsletters and share tipsters do deliver spikes in trading every day, at least here in the UK. There was bad news on Friday that may well have justified the newsletter suggesting puts be purchased (and if that news had leaked or been suspected prior to release then you might have an explanation for earlier purchases, too). Professor Poteshman appears to be saying that the traders were more pessimistic about the future of AMR than they should have been, that they over-reacted to the news and bought more puts than he8217d expect, but then perhaps his statistics were based primarily on trades being individual decisions (an institution or private individual decides to buy some puts). Newsletters aren8217t always like that. Many are purchased by people who do little research themselves, and simply follow the recommendations provided. Therefore if the author of the newsletter says 8220buy puts8221, then that8217s what many of them will do, and the higher the circulation of the newsletter, the greater the resulting spike of 8220abnormal trades8221 will be. Anyway, Screw Loose Change raised a similar issue or two that you might want to consider. And please don8217t end this here: go read Poteshman8217s paper. just to assess this for yourself. If you8217re not great at statistics then some of it will make your eyes glaze over, guaranteed, but there are also interesting comments that are accessible to everyone, so overall it8217s well worth a read. They dont talk about it on TV anymore, but someone tried to make money with unusual stock trades right before the terrorist attacks of September 11. Who knew to bet that United Airlines would lose money Suppressed Details of Criminal Insider Trading Lead Directly into the CIA146s Highest Ranks CIA Executive Director 147Buzzy148 Krongard managed firm that handled 147PUT148 options on United Airline Stock by Michael C. Ruppert FTW - October 9, 2001 150 Although uniformly ignored by the mainstream U. S. media, there is abundant and clear evidence that a number of transactions in financial markets indicated specific (criminal) foreknowledge of the September 11 attacks on the World Trade Center and the Pentagon. In the case of at least one of these trades -- which has left a 2.5 million prize unclaimed -- the firm used to place the 147put options148 on United Airlines stock was, until 1998, managed by the man who is now in the number three Executive Director position at the Central Intelligence Agency. Until 1997 A. B. 147Buzzy148 Krongard had been Chairman of the investment bank A. B. Brown. A. B. Brown was acquired by Banker146s Trust in 1997. Krongard then became, as part of the merger, Vice Chairman of Banker146s Trust-AB Brown, one of 20 major U. S. banks named by Senator Carl Levin this year as being connected to money laundering. Krongard146s last position at Banker146s Trust (BT) was to oversee 147private client relations.148 In this capacity he had direct hands-on relations with some of the wealthiest people in the world in a kind of specialized banking operation that has been identified by the U. S. Senate and other investigators as being closely connected to the laundering of drug money. Krongard joined the CIA in 1998 as counsel to CIA Director George Tenet. He was promoted to CIA Executive Director by President Bush in March of this year. BT was acquired by Deutsche Bank in 1999. The combined firm is the single largest bank in Europe. And, as we shall see, Deutsche Bank played several key roles in events connected to the September 11 attacks. THE SCOPE OF KNOWN INSIDER TRADING Before looking further into these relationships it is necessary to look at the insider trading information that is being ignored by Reuters, The New York Times and other mass media. It is well documented that the CIA has long monitored such trades 150 in real time 150 as potential warnings of terrorist attacks and other economic moves contrary to U. S. interests. Previous stories in FTW have specifically highlighted the use of Promis software to monitor such trades. It is necessary to understand only two key financial terms to understand the significance of these trades, 147selling short148 and 147put options148. 147Selling Short148 is the borrowing of stock, selling it at current market prices, but not being required to actually produce the stock for some time. If the stock falls precipitously after the short contract is entered, the seller can then fulfill the contract by buying the stock after the price has fallen and complete the contract at the pre-crash price. These contracts often have a window of as long as four months. 147Put Options,148 are contracts giving the buyer the option to sell stocks at a later date. Purchased at nominal prices of, for example, 1.00 per share, they are sold in blocks of 100 shares. If exercised, they give the holder the option of selling selected stocks at a future date at a price set when the contract is issued. Thus, for an investment of 10,000 it might be possible to tie up 10,000 shares of United or American Airlines at 100 per share, and the seller of the option is then obligated to buy them if the option is executed. If the stock has fallen to 50 when the contract matures, the holder of the option can purchase the shares for 50 and immediately sell them for 100 150 regardless of where the market then stands. A call option is the reverse of a put option, which is, in effect, a derivatives bet that the stock price will go up. A September 21 story by the Israeli Herzliyya International Policy Institute for Counterterrorism, entitled 147Black Tuesday: The World146s Largest Insider Trading Scam148 documented the following trades connected to the September 11 attacks: - Between September 6 and 7, the Chicago Board Options Exchange saw purchases of 4,744 put options on United Airlines, but only 396 call options133 Assuming that 4,000 of the options were bought by people with advance knowledge of the imminent attacks, these 147insiders148 would have profited by almost 5 million. - On September 10, 4,516 put options on American Airlines were bought on the Chicago exchange, compared to only 748 calls. Again, there was no news at that point to justify this imbalance133 Again, assuming that 4,000 of these options trades represent 147insiders,148 they would represent a gain of about 4 million. - The levels of put options purchased above were more than six times higher than normal. - No similar trading in other airlines occurred on the Chicago exchange in the days immediately preceding Black Tuesday. - Morgan Stanley Dean Witter amp Co. which occupied 22 floors of the World Trade Center, saw 2,157 of its October 45 put options bought in the three trading days before Black Tuesday this compares to an average of 27 contracts per day before September 6. Morgan Stanley146s share price fell from 48.90 to 42.50 in the aftermath of the attacks. Assuming that 2,000 of these options contracts were bought based upon knowledge of the approaching attacks, their purchasers could have profited by at least 1.2 million. Merrill Lynch amp Co. with headquarters near the Twin Towers, saw 12,215 October 45 put options bought in the four trading days before the attacks the previous average volume in those shares had been 252 contracts per day a 1200 increase. When trading resumed, Merrill146s shares fell from 46.88 to 41.50 assuming that 11,000 option contracts were bought by 147insiders,148 their profit would have been about 5.5 million. - European regulators are examining trades in Germany146s Munich Re, Switzerland146s Swiss Re, and AXA of France, all major reinsurers with exposure to the Black Tuesday disaster. FTW Note: AXA also owns more than 25 of American Airlines stock making the attacks a 147double whammy148 for them. On September 29, 2001 150 in a vital story that has gone unnoticed by the major media 150 the San Francisco Chronicle reported, 147Investors have yet to collect more than 2.5 million in profits they made trading options in the stock of United Airlines before the Sept. 11, terrorist attacks, according to a source familiar with the trades and market data. 147The uncollected money raises suspicions that the investors 150 whose identities and nationalities have not been made public 150 had advance knowledge of the strikes.148 They don146t dare show up now. The suspension of trading for four days after the attacks made it impossible to cash-out quickly and claim the prize before investigators started looking. 147133 October series options for UAL Corp. were purchased in highly unusual volumes three trading days before the terrorist attacks for a total outlay of 2,070 investors bought the option contracts, each representing 100 shares, for 90 cents each. This represents 230,000 shares. Those options are now selling at more than 12 each. There are still 2,313 so-called 147put148 options outstanding valued at 2.77 million and representing 231,300 shares according to the Options Clearinghouse Corp.148 147133The source familiar with the United trades identified Deutsche Bank Alex. Brown, the American investment banking arm of German giant Deutsche Bank, as the investment bank used to purchase at least some of these options133148 This was the operation managed by Krongard until as recently as 1998. As reported in other news stories, Deutsche Bank was also the hub of insider trading activity connected to Munich Re. just before the attacks. CIA, THE BANKS AND THE BROKERS Understanding the interrelationships between CIA and the banking and brokerage world is critical to grasping the already frightening implications of the above revelations. Let146s look at the history of CIA, Wall Street and the big banks by looking at some of the key players in CIA146s history. Clark Clifford 150 The National Security Act of 1947 was written by Clark Clifford, a Democratic Party powerhouse, former Secretary of Defense, and one-time advisor to President Harry Truman. In the 1980s, as Chairman of First American Bancshares, Clifford was instrumental in getting the corrupt CIA drug bank BCCI a license to operate on American shores. His profession: Wall Street lawyer and banker. John Foster and Allen Dulles 150 These two brothers 147designed148 the CIA for Clifford. Both were active in intelligence operations during WW II. Allen Dulles was the U. S. Ambassador to Switzerland where he met frequently with Nazi leaders and looked after U. S. investments in Germany. John Foster went on to become Secretary of State under Dwight Eisenhower and Allen went on to serve as CIA Director under Eisenhower and was later fired by JFK. Their professions: partners in the most powerful - to this day - Wall Street law firm of Sullivan, Cromwell. Bill Casey 150 Ronald Reagan146s CIA Director and OSS veteran who served as chief wrangler during the Iran-Contra years was, under President Richard Nixon, Chairman of the Securities and Exchange Commission. His profession: Wall Street lawyer and stockbroker. David Doherty - The current Vice President of the New York Stock Exchange for enforcement is the retired General Counsel of the Central Intelligence Agency. George Herbert Walker Bush 150 President from 1989 to January 1993, also served as CIA Director for 13 months from 1976-7. He is now a paid consultant to the Carlyle Group, the 11 th largest defense contractor in the nation, which also shares joint investments with the bin Laden family. A. B. 147Buzzy148 Krongard 150 The current Executive Director of the Central Intelligence Agency is the former Chairman of the investment bank A. B. Brown and former Vice Chairman of Banker146s Trust. John Deutch - This retired CIA Director from the Clinton Administration currently sits on the board at Citigroup, the nation146s second largest bank, which has been repeatedly and overtly involved in the documented laundering of drug money. This includes Citigroup146s 2001 purchase of a Mexican bank known to launder drug money, Banamex. Nora Slatkin 150 This retired CIA Executive Director also sits on Citibank146s board. Maurice 147Hank148 Greenburg 150 The CEO of AIG insurance, manager of the third largest capital investment pool in the world, was floated as a possible CIA Director in 1995. FTW exposed Greenberg146s and AIG146s long connection to CIA drug trafficking and covert operations in a two-part series that was interrupted just prior to the attacks of September 11. AIG146s stock has bounced back remarkably well since the attacks. To read that story, please go to www. copvcia/stories/part2. One wonders how much damning evidence is necessary to respond to what is now irrefutable proof that CIA knew about the attacks and did not stop them. Whatever our government is doing, whatever the CIA is doing, it is clearly NOT in the interests of the American people, especially those who died on September 11. COPYRIGHT, 2001, Michael C. Ruppert and FTW Publications, www. copvcia. Todos los derechos reservados. 150 May be reprinted or distributed for non-profit purposes only. Insider Trading Pre-9/11 Put Options on Companies Hurt by Attack Indicates Foreknowledge Financial transactions in the days before the attack suggest that certain individuals used foreknowledge of the attack to reap huge profits. 1 The evidence of insider trading includes: Huge surges in purchases of put options on stocks of the two airlines used in the attack -- United Airlines and American Airlines Surges in purchases of put options on stocks of reinsurance companies expected to pay out billions to cover losses from the attack -- Munich Re and the AXA Group Surges in purchases of put options on stocks of financial services companies hurt by the attack -- Merrill Lynch amp Co. and Morgan Stanley and Bank of America Huge surge in purchases of call options of stock of a weapons manufacturer expected to gain from the attack -- Raytheon Huge surges in purchases of 5-Year US Treasury Notes In each case, the anomalous purchases translated into large profits as soon as the stock market opened a week after the attack: put options were used on stocks that would be hurt by the attack, and call options were used on stocks that would benefit. Put and call options are contracts that allow their holders to sell and buy assets, respectively, at specified prices by a certain date. Put options allow their holders to profit from declines in stock values because they allow stocks to be bought at market price and sold for the higher option price. The ratio of the volume of put option contracts to call option contracts is called the put/call ratio. The ratio is usually less than one, with a value of around 0.8 considered normal. 2 Losers American Airlines and United Airlines, and several insurance companies and banks posted huge loses in stock values when the markets opened on September 17. Put options -- financial instruments which allow investors to profit from the decline in value of stocks -- were purchased on the stocks of these companies in great volume in the week before the attack. United Airlines and American Airlines Two of the corporations most damaged by the attack were American Airlines (AMR), the operator of Flight 11 and Flight 77. and United Airlines (UAL), the operator of Flight 175 and Flight 93. According to CBS News . in the week before the attack, the put/call ratio for American Airlines was four. 3 The put/call ratio for United Airlines was 25 times above normal on September 6. 4 This graph shows a dramatic spike in pre-attack purchases of put options on the airlines used in the attack. (source: www. optionsclearing) The spikes in put options occurred on days that were uneventful for the airlines and their stock prices. On Sept. 6-7, when there was no significant news or stock price movement involving United, the Chicago exchange handled 4,744 put options for UAL stock, compared with just 396 call options -- essentially bets that the price will rise. On Sept. 10, an uneventful day for American, the volume was 748 calls and 4,516 puts, based on a check of option trading records. 5 The Bloomberg News reported that put options on the airlines surged to the phenomenal high of 285 times their average. Over three days before terrorists flattened the World Trade Center and damaged the Pentagon, there was more than 25 times the previous daily average trading in a Morgan Stanley put option that makes money when shares fall below 45. Trading in similar AMR and UAL put options, which make money when their stocks fall below 30 apiece, surged to as much as 285 times the average trading up to that time. 6 When the market reopened after the attack, United Airlines stock fell 42 percent from 30.82 to 17.50 per share, and American Airlines stock fell 39 percent, from 29.70 to 18.00 per share. 7 Reinsurance Companies Several companies in the reinsurance business were expected to suffer huge losses from the attack: Munich Re of Germany and Swiss Re of Switzerland -- the worlds two biggest reinsurers, and the AXA Group of France. In September, 2001, the San Francisco Chronicle estimated liabilities of 1.5 billion for Munich Re and 0.55 bilion for the AXA Group and telegraph. co. uk estimated liabilities of 1.2 billion for Munich Re and 0.83 billion for Swiss Re. 8 9 Trading in shares of Munich Re was almost double its normal level on September 6, and 7, and trading in shares of Swiss Re was more than double its normal level on September 7. 10 Financial Services Companies Merrill Lynch and Morgan Stanley Morgan Stanley Dean Witter amp Co. and Merrill Lynch amp Co. were both headquartered in lower Manhattan at the time of the attack. Morgan Stanley occupied 22 floors of the North Tower and Merrill Lynch had headquarters near the Twin Towers. Morgan Stanley, which saw an average of 27 put options on its stock bought per day before September 6, saw 2,157 put options bought in the three trading days before the attack. Merrill Lynch, which saw an average of 252 put options on its stock bought per day before September 5, saw 12,215 put options bought in the four trading days before the attack. Morgan Stanleys stock dropped 13 and Merrill Lynchs stock dropped 11.5 when the market reopened. 11 Bank of America showed a fivefold increase in put option trading on the Thursday and Friday before the attack. A Bank of America option that would profit if the No. 3 U. S. banks stock fell below 60 a share had more than 5,900 contracts traded on the Thursday and Friday before the Sept. 11 assaults, almost five times the previous average trading, according to Bloomberg data. The banks shares fell 11.5 percent to 51 in the first week after trading resumed on Sept. 17. 12 Winners While most companies would see their stock valuations decline in the wake of the attack, those in the business of supplying the military would see dramatic increases, reflecting the new business they were poised to receive. Raytheon Raytheon, maker of Patriot and Tomahawk missiles, saw its stock soar immediately after the attack. Purchases of call options on Raytheon stock increased sixfold on the day before the attack. 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. 13 Raytheon has been fined millions of dollars inflating the costs of equipment it sells the US military. Raytheon has a secretive subsidiary, E-Systems, whose clients have included the CIA and NSA. 14 US Treasury Notes Five-year US Treasury notes were purchased in abnormally high volumes before the attack, and their buyers were rewarded with sharp increases in their value following the attack. The Wall Street Journal reported on October 2 that the ongoing investigation by the SEC into suspicious stock trades had been joined by a Secret Service probe into an unusually high volume of five-year US Treasury note purchases prior to the attacks. The Treasury note transactions included a single 5 billion trade. As the Journal explained: Five-year Treasury notes are among the best investments in the event of a world crisis, especially one that hits the US. The notes are prized for their safety and their backing by the US government, and usually rally when investors flee riskier investments, such as stocks. The value of these notes, the Journal pointed out, has risen sharply since the events of September 11. 15 The SECs Investigation Shortly after the attack the SEC circulated a list of stocks to securities firms around the world seeking information. 16 A widely circulated article states that the stocks flagged by the SEC included those of the following corporations: American Airlines, United Airlines, Continental Airlines, Northwest Airlines, Southwest Airlines, US Airways airlines, Martin, Boeing, Lockheed Martin Corp. AIG, American Express Corp, American International Group, AMR Corporation, AXA SA, Bank of America Corp, Bank of New York Corp, Bank One Corp, Cigna Group, CNA Financial, Carnival Corp, Chubb Group, John Hancock Financial Services, Hercules Inc. L-3 Communications Holdings, Inc. LTV Corporation, Marsh amp McLennan Cos. Inc. MetLife, Progressive Corp. General Motors, Raytheon, W. R. Grace, Royal Caribbean Cruises, Ltd. Lone Star Technologies, American Express, the Citigroup Inc. Royal amp Sun Alliance, Lehman Brothers Holdings, Inc. Vornado Reality Trust, Morgan Stanley, Dean Witter amp Co. XL Capital Ltd. and Bear Stearns. An October 19 article in the San Francisco Chronicle reported that the SEC, after a period of silence, had undertaken the unprecedented action of deputizing hundreds of private officials in its investigation: The proposed system, which would go into effect immediately, effectively deputizes hundreds, if not thousands, of key players in the private sector. . In a two-page statement issued to all securities-related entities nationwide, the SEC asked companies to designate senior personnel who appreciate the sensitive nature of the case and can be relied upon to exercise appropriate discretion as point people linking government investigators and the industry. 17 Michael Ruppert, a former LAPD officer, explains the consequences of this action: 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. Smart move. In effect, they become government agents and are controlled by government regulations rather than their own conscience. In fact, they can be thrown in jail without a hearing if they talk publicly. I have seen this implied threat time and again with federal investigations, intelligence agents, and even members of the 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. 18 Interpreting and Reinterpreting the Data An analysis of the press reports on the subject of apparent insider trading related to the attack shows a trend, with early reports highlighting the anomalies, and later reports excusing them. In his book Crossing the Rubicon Michael C. Ruppert illustrates this point by first excerpting a number of reports published shortly after the attack: A jump in UAL (United Airlines) put options 90 times (not 90 percent) above normal between September 6 and September 10, and 285 times higher than average on the Thursday before the attack. -- CBS News, September 26 A jump in American Airlines put options 60 times (not 60 percent) above normal on the day before the attacks. -- CBS News, September 26 No similar trading occurred on any other airlines -- Bloomberg Business Report, the Institute for Counterterrorism (ICT), Herzliyya, Israel citing data from the CBOE 3 Morgan Stanley saw, between September 7 and September 10, an increase of 27 times (not 27 percent) in the purchase of put options on its shares. 4 Merrill-Lynch saw a jump of more than 12 times the normal level of put options in the four trading days before the attacks. 5 Excerpted ENDNOTES 3. Mechanics of Possible Bin Laden Insider Trading Scam, Herzlyya International Policy Institute for Counter Terrorism (ICT), September 22, 2001. Michael C. Ruppert, The Case for Bush Administration Advance Knowledge of 9-11 Attacks, From the Wilderness April 22, 2002. Posted at Centre for Research and Globalization ltwww. globalresearch. ca/articles/RUP203Agt. 4. ICT, op. cit, citing data from the Chicago Board of Options Exchange (CBOE). . Terrorists trained at CBPE. Chicago Sun-Times . September 20, 2001, ltwww. suntimes/terror/stories/cst-nws-trade20gt. Probe of options trading link to attacks confirmed, . Chicago Sun-Times . September 21, 2001, ltwww. suntimes/terror/stories/cst-fin-trade21gt. Ruppert then illustrates an apparent attempt to bury the story by explaining it away as nothing unusual. A September 30 New York Times article claims that benign explanations are turning up in the SECs investigation. 20 The article blames the activity in put options, which it doesnt quantify, on market pessimism, but fails to explain why the price of the stocks in the airlines doesnt reflect the same market pessimism. The fact that 2.5 million of the put options remained unclaimed is not explained at all by market pessimism, and is evidence that the put option purchasers were part of a criminal conspiracy. 21 1. Insider Trading Apparently Based on Foreknowledge of the 9/11 Attacks, London Times . 9/18/01 cached 2. Put/Call Ratio, StreetAuthority , 3. Profiting From Disaster. CBSNews . 9/19/01 cached 4. Prices, Probabilities and Predictions, OR/MS Today , cached 5. Exchange examines odd jump, Associated Press . 9/18/01 cached 6. SEC asks Goldman, Lehman for data, Bloomberg News . 9/20/01 cached 7. Black Tuesday: The Worlds Largest Insider Trading Scam. ict. org. il . September 19, 2001 cached 8. Suspicious profits sit uncollected Airline investors seem to be lying low, San Francisco Chronicle . 9/29/01 cached 9. Profits of doom, telegraph. co. uk . 9/23/01 cached 10. Profits of doom. 9/23/01 11. Black Tuesday. 9/19/01 12. Bank of America among 38 stocks in SECs attack probe, Bloomberg News . 10/3/01 cached 13. Bank of America. 10/3/01 14. Raytheon, corpwatch. org , 15. Suspicious trading points to advance knowledge by big investors of September 11 attacks, wsws. org . 10/5/01 cached 16. Bank of America. 10/3/01 17. SEC wants data-sharing system Network of brokerages would help trace trades by terrorists, San Francisco Chronicle . 9/19/01 cached 18. Crossing the Rubicon,. page 243 19. Crossing the Rubicon,. page 238-239,634 20. Whether advance knowledge of U. S. attacks was used for profit, New York Times . 9/30/01 cached 21. Suspicious profits. 9/29/01 page last modified: 2007-08-21 GC options 2016, All rights reserved. Risk disclosure: Binary options trading involves significant risk. We strongly advise that you read our Terms Conditions. Aunque el riesgo al negociar opciones binarias se fija para cada comercio individual, las operaciones son en vivo y es posible perder una inversión inicial, sobre todo si un comerciante decide colocar toda su inversión en un solo comercio en vivo. It is highly recommended that traders choose a proper money management strategy which limits the total consecutive trades or total outstanding investment. BJ VOIP LTD. address Advantage Business Centre - 132-134 Great Ancoats Street, Manchester, M4 6DE. Ideal Option LIMITED Level 5, Development Bank of Samoa Building, Beach Road, Apia, Samoa. Welcome Back Please enter your profiles credentials below in order to loginThe Profits Of Death - Insider Trading amp 911 (Part I of a special three-part Series) By Tom Flocco - Edited by Michael C. Ruppert copy Copyright 2001 From The Wilderness Publications www. copvcia. Todos los derechos reservados. May be recopied, distributed or posted on the worldwide web for non-profit purposes only. 12-6-1 (FTW) - On October 9th, FTW broke a story on insider trading connected to the 9-11 attacks on the World Trade Center that sparked worldwide controversy. In that story we reported how the Israeli Herzliyya Institute for Counterterrorism had documented that unknown individuals -- with accurate foreknowledge of the attacks -- had purchased an obvious and unusually large number of put options on United and American Airlines shortly before the attacks. Additional companies hit hard by the insider trading included Axa Re(insurance) and Munich Re as well as American investment giants Merrill Lynch and Morgan Stanley. Put options are essentially a bet that a stock s price will fall abruptly. The seller, having entered into a time-specific contract with a buyer, does not need to own the actual shares at the time the contract is purchased. Therefore, if a holder of the put option has a contract to sell a stock such as American Airlines for (e. g.) 100 a share on a Friday and the stock falls to 50 on Wednesday, they can purchase the stock, sell it on Friday and double their money. The person on the other end of the contract (the call) has an obligation to buy the shares at the agreed upon price. The bank handling the transaction as a broker is the only entity knowing the identities of both parties. FTW also revealed that the A. B. Brown (Alex Brown) investment arm of the banking giant Deutschebank/A. B. Brown had been headed until 1998 by the man who is now the Executive Director of the Central Intelligence Agency A. B. Buzzy Krongard. In fact, Krongard is but one name in a long history of CIA interconnections to stock trading and the world s financial markets. We also discussed, in detail, the evidence indicating that the CIA and other intelligence agencies monitor stock trading in real time for the purpose of identifying potential attacks of any nature that might damage the U. S. economy. The original FTW story is located at: Critics of FTWs initial story - not having read any of five related stories dating back to an October 2000 piece on PROMIS software - claimed that we had not made the links to establish culpability. But we knew that the links were there, that our case was solid, and that new evidence would not go undiscovered for long. Now, investigative reporter Tom Flocco digs deep and strikes pay dirt in a three-part series that reveals not only deeper links between the CIA, Wall Street and the insider trades of 9-11, but also discloses that a key executive at Deutschebank - an American - became, just weeks before the attacks, a convicted felon. His crime: conspiracy to launder drug money to arrange the purchase of U. S. weapons - in association with two Pakistanis who also attempted to acquire nuclear bomb components - for use by Islamic fundamentalist terrorists. - MCR CIA Does Not Deny Stock Monitoring Outside U. S. (Part I in a series) In a returned phone call from the Central Intelligence Agency, press spokesman Tom Crispell denied that the CIA was monitoring quotreal-time, quot pre-September 11, stock option trading activity within United States borders using such software as the Prosecutor s Management Information System (PROMIS). quotThat would be illegal. We only operate outside the United States, quot the intelligence official said. However, when asked whether the CIA had been using PROMIS beyond American borders to scrutinize world financial markets for national security purposes, Crispell replied, quotI have no way of knowing what operations are being affected by our assets outside the country. quot Extensive media reporting confirms that investors at Deutschebank-Alex Brown and other global financial entities may have profited from prior knowledge of the attacks while purchasing disproportionate pre-attack put option contracts on targeted U. S. airlines and related insurance or investment firms. All of these firms suffered serious losses resulting from the September 11th attacks and their stocks abruptly plummeted. Confirmation that the CIA or other U. S. intelligence agencies were monitoring financial markets and had seen these trades before the attacks would have staggering implications for thousands of victims families. The CIA official also declined to comment on the actual capabilities of PROMIS. The highly technical software has been described as a system that quotinterfaces with any database. as police can input an alleged terrorist s name or credit card, and the software will provide details of the person s movements through purchases. quot according to an 11-10-01 Toronto Sun report. The importance of PROMIS is that it is not only capable of interfacing with a wide variety of data bases in different computer languages and then integrating the data, but it has also been modified for intelligence purposes. It has then been sold throughout the world by spy agencies through third parties to clients such as banks and investment houses envious of its unique capabilities. One key modification by agencies such as the CIA and Mossad not disclosed to most users -- is a secret back door that permits those with the right codes to enter databases undetected, retrieve and/or alter information, and leave without a trace. PROMIS has been extensively reported as being used throughout the world s financial markets because of its versatility in facilitating international transactions. Further clouding the issue of pre-attack stock screening by U. S. intelligence, the Canadian daily revealed that U. S. police said many of the suspected terrorists were apprehended (and detained) quotthrough use of the state-of-the-art computer software program PROMIS. quot In March 2000, CIA director George J. Tenet told the Senate that Osama bin Laden s group (Al Q aeda) was quotembracing the opportunities offered by recent leaps in information technology. quot A FOX News story and stories in FTW disclosed in November that Osama bin Laden was believed to have the software. The issue of CIA monitoring of stock trades follows on the heels of wide reports indicating that investigators are carefully probing the insider trading with its resultant profits, reported to be in the 10 s of millions of dollars -- some of which a Deutschebank investor has yet to claim. A promis is a promis Crispell also declined comment when asked whether the Treasury Department or FBI had questioned CIA Executive Director and former Deutschebank-Alex Brown CEO, A. B. quotBuzzyquot Krongard, about CIA monitoring of financial markets using PROMIS and his former position as overseer of Brown s quotprivate client relations. Note: Krongard stayed with A. B. Brown to head private client operations after it was acquired by Banker s Trust in 1997. As Krongard was leaving in 1998 to join the CIA as counselor to Director George Tenet, Banker s Trust was acquired by Deutschebank. Banker s Trust had been previously criticized by the U. S. Senate and regulators for money laundering. Krongard was promoted to Executive Director at CIA in March 2001. - MCR Wide reports -- including a 9/28/01 story in the Asian Wall Street Journal and a 10/1/01 story in The Guardian -- indicate that investigators are checking Deutschebank s alleged links to Saudi quotprivate banking, quot terrorist bank accounts, and 2.5 million in unclaimed United Airlines (UAL) put options profits however, no government acknowledgement had ever been given of CIA s alleged use of PROMIS software prior to the attacks. In a recent phone conversation, when asked about alleged terrorist ties to Deutschebank and potential pre-attack CIA trade monitoring via PROMIS, Treasury Department spokesman Rob Nichols remarked, quotThis is clearly an interesting line of questioning regarding conflicts of interest. quot However, news searches indicate that no member of Congress has publicly questioned whether wealthy terrorist-connected Saudi nationals participated in the private client operations of Deutschebank-Alex Brown. Osama bin Laden and almost all of the alleged 9-11 hijackers are of Saudi nationality. Also, no member of Congress expressed public interest in asking Krongard about whether or not the CIA affected quotreal-timequot pre-attack trade monitoring using PROMIS software at any location. Note: Under a program known as Echelon, the governments of the U. S. Britain, Canada, Australia and New Zealand routinely circumvent prohibitions on domestic electronic spying by having the agencies of the other governments do it for them. - MCR Michael Ruppert, editor and publisher of From The Wilderness (FTW) newsletter (www. copvcia), has been interviewed by both the House and Senate for his expertise on illegal covert CIA operations. He said recently that, quotIt is well documented that the CIA has long monitored such (suspicious or unusual) trades -- in real time -- as potential warnings of terrorist attacks and other economic moves contrary to U. S. interests. quot Ruppert was the first to point out after 9-11 that CIA Executive Director Buzzy Krongard has extensive past ties to Deutschebank-Alex Brown. Ruppert added, quotThere is abundant and clear evidence that a number of transactions in financial markets indicated specific criminal foreknowledge of the September 11 attacks. and the firm which was used to place put options on UAL stock was, until 1998, managed by the man who is now in the number three position at the CIA. quot Ruppert also confirmed that two October 17 calls to the FBI resulted in spokespersons declining to give their names after revealing that quotthe FBI has discontinued use of the PROMIS software. quot Moreover, on October 24, Justice Department spokesperson Loren Pfeifle declined to answer any questions about where, when, or how PROMIS had been used and would only say, quotI can confirm that the DOJ has discontinued use of the program. quot This followed almost 17 years of denials by the FBI and the Department of Justice -- in court and under oath -- that they used the software at all in a law enforcement or intelligence capacity. Krongards current lofty intelligence community position, combined with his prior leadership of a financial institution allegedly connected to terrorist hijacker bank accounts see Part II, suspicious UAL options contracts, and quotprivate bankingquot is so controversial that it has not as yet sparked any official investigation. That said, the evidence is substantial enough to potentially expose the prior-knowledge issue -- if Congress chooses to act. And while Treasury Department official Rob Nichols agreed that unresolved conflict of interest questions remain, the CIA Executive Director is still currently charged with supervision of the U. S. intelligence investigation of his former firm and its quotprivate bankingquot operations. Reuters has reported that Krongard quotwas also involved in setting up the CIA experiment into investing in high-tech companies with the goal of acquiring innovative technology for its own use. quot Commenting on the CIA s venture capital firm In-Q-Tel, started in 1999 to encourage development of private-sector technologies for use in the intelligence world, Krongard said on August 1, 2001 -- just 5 weeks before the Trade Center attacks -- quotI think In-Q-Tels a wonderful model. in accessing the capabilities of the private sector. quot On October 16, Fox News reported that, according to sources, accused Russian spy and FBI agent Robert Hanssen sold high-tech PROMIS software to Russia, and that Osama bin Laden allegedly purchased it from Russian organized crime sources. Fox reported that, quotGovernment officials suspect bin Laden may have the highly sophisticated U. S. government software that has been used by several other governments, including the United States, for classified intelligence and law enforcement information. quot The admission by U. S. government officials that PROMIS was widely used by a number of governments further blurs the pre-attack stock monitoring issue since intelligence officials will likely continue to decline comment, save for closed-door congressional oversight hearings or challenges by those victims families choosing to bypass settlements adjudicated by the Attorney General s office in favor of direct intervention by the courts. The buck stops where Tom Crispell, the CIA official, was cooperative while attempting to maintain intelligence confidentiality in the face of what he termed as quotongoing investigations surrounding the Twin Towers tragedies by the CIA, FBI, Justice, and Treasury Departments. quot However, this was in great contrast to an FBI spokesperson who refused to offer either his first or last name, while declining comment on any matter related to events of September 11. During a series of calls, some spokespersons quickly attempted to defer and deflect questions to another government agency, i. e. quotWe don t deal with that issue. Call the other entity. quot However, many would agree, given the evidence, that the 9-11 terrorism is closely linked to economic issues. President Bush has stated that this is economic warfare. Yet few appear to be questioning an apparent paucity of critical information sharing among key government agencies on the issue. As U. S. investigators retrace the financial trails connecting the Twin Towers, terrorist hijackers and their accomplices, many of whom may still be in the country, evidence is being turned up by FBI, CIA, Justice, Treasury and NSA that does involve global banking conglomerate Deutschebank-Alex Brown. 2.5 million unclaimed UAL investor profits For example, according to a 10-19-2001 Wall Street Journal report, an unnamed investor purchased 2,000 United Airlines (UAL) put option contracts through Deutsche Bank-Alex Brown on September 6 -- betting the stock would shortly plummet. And USA Today reported that an individual purchased 810 UAL puts on August 6. A Baron s source claimed on 10-8-2001 that the pre-attack UAL order placed through Deutsche Bank was for 2,500 contracts which were quotsplit into 500 chunks each, directing each order to different U. S. exchanges around the country simultaneously. quot According to San Francisco Chronicle reporters Christian Berthelsen and Scott Winokur a source familiar with the UAL trades said investors have yet to claim 2.5 million in profits on contracts purchased before United airliners crashed into a New York Trade Tower and a deserted Pennsylvania field on September 11. The Chronicle source also identified Deutschebank-Alex Brown as the investment firm used to purchase some of the UAL options and Rohini Pragasam, a bank spokeswoman, declined to comment on the transaction. The source (who requested anonymity) said, quotUsually, if someone has a windfall like that, you take the money and run. Whoever did this thought the Exchange NYSE would not be closed for four days. This smells real bad. quot The German news weekly Der Spiegel revealed that Deutschebank also handled accounts worth about 100 million for Osama bin Ladens family. These were part of 10 accounts it suspected were linked to terrorists or terrorist activities and which it later handed over to German authorities after the attacks, according to a report in Britain s The Guardian. But no further comments have been forthcoming from the financial giant. German Central Bank President Ernst Welteke said a study -- concerning principal hijack subjects residing in Germany and unusual patterns in short-selling of insurance, airline and other financial company shares -- pointed to quotterrorism insider tradingquot in those stocks. The SEC Is Investigating A phone interview with Securities and Exchange Commission (SEC) press spokesman John Nester, of the Washington, DC office, revealed that the Commission, has already forwarded a general request to Deutschebank-Alex Brown and other investment firms for unspecified information related to the suspicious put option contracts placed prior to the attacks on the Trade Towers and the Pentagon. quot But the spokesman declined comment regarding the identities of complying banks or the contents of any information obtained. Nester augmented his response by adding that quotaccording to SEC Associate Director of Enforcement Bill Baker -- who just spoke on a panel outside New York last week -- our SEC probe is much broader than investigations made by countries in Europe (who also lost citizens), many of whom have already closed their financial investigations of investment banks like Deutschebank. quot No results of those probes have been made public. While the SEC media director said quotthe investigation is still ongoing with no current conclusions, quot Nester (speaking for the SEC), had difficulty explaining the job description of current New York Stock Exchange (NYSE) Executive Vice President for Enforcement, David P. Doherty. He would only say that the NYSE quotregulates itself as an SRO or self-regulating organization. quot This vague answer is all the more provocative because Doherty is a retired General Counsel of the Central Intelligence Agency. Nester added, quotThe SEC has oversight responsibility regarding the NYSE, and we are also working with Justice, Treasury, and the FBI, having set up professional point men at each firm we are looking at -- so we don t have to reinvent the wheel every time we call a company related to the attacks to get an answer to a question. quot The quotreinvent the wheelquot statement raised an eyebrow regarding the level of corporate cooperation in the investigation, although Nester declined to add further comment. In Spite of CIA Ties the NYSE Is Little Help When asked about the status of the investigation into the disproportionate pre-attack stock option trades involving United and American Airlines, Merrill Lynch, Marsh and McLennan Insurance, Morgan Stanley, Citigroup, Bear Stearns, and American Express, etc. -- all icons of American capitalism -- NYSE Communications Director Ray Pellecchia said, quotWe dont even confirm that there is an ongoing investigation. quot quotWe report to the SEC as a matter of course, quot Pellecchia added. But after being referred to as a quotpersistent piece of work, quot this writer asked Pellecchia to discuss Doherty s role in the investigations. He said, quotWe stand by this statement. quot And after pressing for information about what the NYSE is actually doing to investigate the suspicious trades on behalf of thousands of victims families who may be concerned about the quotprior-knowledgequot issue, Pellecchia still declined to confirm that Dohertys enforcement office had even sent a report to the SEC. When asked why so many former key CIA executives currently hold, or have held in the past, top level executive management positions connected in some way to the stock market via either the SEC, NYSE, or other investment banking entities, Pellecchia replied tersely, quotI am quite aware of Mr. Dohertys background and experience. quot Pellecchia also declined to discuss anything related to current CIA Executive Director A. B. quotBuzzyquot Krongard and his past relationship with Alex Brown. Questions remain as to who will ultimately take center stage in investigating conflicts of interest or the real-time monitoring of world financial markets by U. S. intelligence entities to protect national security let alone terrorist ties to wealthy Saudi private clients at global financial institutions having direct access (via correspondent banking relationships) to U. S. banks. For while thousands of American families, victimized by terrorism, still remain numb with grief, information is being advanced daily regarding what could be described by some as casual, if not negligent, long-term, slipshod governmental responsiveness to fundamental internal national security and safety questions -- or worse. Tom Flocco is a freelance writer and researcher. TomFloccocs
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