911 stock put options

Ada perdagangan opsi quotput yang sangat tinggi pada American Airline dan United Airlines, tepat sebelum 911. Ini secara efektif mempertaruhkan bahwa harga saham mereka akan turun, yang tentu saja adalah apa yang terjadi begitu serangan terjadi. Ini menunjukkan bahwa pedagang harus memiliki pengetahuan awal 911. Ini adalah cerita yang kompleks, namun klaim tersebut tidak sesuai dengan kenyataan. Meskipun ada volume tinggi yang diperdagangkan pada hari-hari ini, misalnya, harganya sangat tinggi karena beberapa situs ingin mengklaimnya. Ini satu analisis. Ada alasan bagus untuk menjual saham American Airlines, karena mereka baru saja mengumumkan serangkaian berita buruk. Baca lebih lanjut di sini. Saham United Airlines juga turun harganya. Jika investor mengantisipasi mereka akan melepaskan hasil buruk maka opsi put mereka juga akan layak dibeli (walaupun perlu diingat bahwa UAL membuat volume tetap tertinggi di tahun ini). Inilah pikiran kita. Ada yang menunjuk pada cerita seperti jutaan juta dolar yang disurvei dari UAL yang dianggap memiliki penjelasan yang mengerikan, tapi kami tidak setuju. Ini alasannya. Ada banyak pembicaraan tentang kemungkinan transaksi orang dalam saham lain juga. Kami meneliti ini secara mendalam, tapi penting untuk ditunjukkan bahwa beberapa orang percaya bahwa klaim itu terlalu banyak. Bagaimana dengan sebagian besar pilihan yang diajukan melalui bank yang terhubung dengan CIA Kami yakin. Laporan Komisi 911 menyebutkan masalah ini dalam catatannya kepada Bab 5: investor institusional berbasis tunggal di AS yang tidak memiliki hubungan yang mungkin dengan Al Qaeda membeli 95 persen saham UAL pada tanggal 6 September sebagai bagian dari strategi perdagangan yang juga mencakup pembelian 115.000 saham Orang Amerika pada tanggal 10 September. Demikian pula, sebagian besar perdagangan yang tampaknya mencurigakan di Amerika pada tanggal 10 September dilacak ke buletin perdagangan berbasis opsi yang berbasis di AS, dikirim ke pelanggannya pada hari Minggu, 9 September, yang merekomendasikan tradesquot ini. Mungkin tantangan terkuat untuk kesimpulan ini berasal dari Profesor Allen M Poteshman dari University of Illinois di Urbana-Champaign. Dia memutuskan untuk menyelidiki hal ini lebih jauh, menganalisis data pasar secara statistik untuk mencoba dan menilai signifikansi perdagangan. Profesor Poteshman menunjukkan beberapa alasan untuk mempertanyakan argumen pendahuluan: Terlepas dari pandangan yang diungkapkan oleh media populer, akademisi terkemuka, dan profesional pasar opsi, ada alasan untuk mempertanyakan ketegasan bukti bahwa teroris diperdagangkan di pasar opsi menjelang bulan September 11 serangan Salah satu peristiwa yang menimbulkan keraguan pada buktinya adalah kecelakaan pesawat American Airlines di New York City pada 12 November. Menurut situs OCC, tiga hari perdagangan sebelumnya, pada tanggal 7 November, rasio put-call untuk opsi saham AMR Adalah 7,74. Berdasarkan pernyataan yang dibuat tentang hubungan antara aktivitas pasar opsi dan terorisme sesaat setelah 11 September, akan tergoda untuk menyimpulkan dari rasio put-call bahwa terorisme mungkin adalah penyebab kecelakaan 12 November. Selanjutnya, bagaimanapun, terorisme semuanya dikesampingkan. Meskipun demikian, kemungkinan rasio AMR yang tidak normal besar diamati secara kebetulan pada tanggal 7 November, acara ini tentu menimbulkan pertanyaan apakah rasio put-call sebesar 7,74 sebenarnya tidak biasa. Di luar kecelakaan pesawat 12 November, sebuah artikel yang diterbitkan di Barron8217 pada 8 Oktober (Arvedlund 2001) menawarkan beberapa alasan tambahan karena merasa skeptis terhadap klaim bahwa kemungkinan besar teroris atau rekan mereka memperdagangkan opsi AMR dan UAL menjelang serangan 11 September. Sebagai permulaan, artikel tersebut mencatat bahwa perdagangan terberat dalam opsi AMR tidak terjadi dalam harga termurah dan terpendek, yang akan memberikan keuntungan terbesar bagi seseorang yang mengetahui serangan yang akan datang. Selanjutnya, seorang analis telah mengeluarkan rekomendasi 8220sell8221 tentang AMR selama minggu sebelumnya, yang mungkin telah menyebabkan investor membeli AMR. Demikian pula, harga saham UAL baru-baru ini turun cukup untuk kekhawatiran pedagang teknis yang mungkin telah meningkatkan pembelian put mereka, dan opsi UAL banyak diperdagangkan oleh institusi yang melakukan lindung nilai terhadap posisi saham mereka. Akhirnya, para pedagang yang membuat pasar dalam pilihan tidak menaikkan harga permintaan pada saat pesanan tiba seperti yang mereka dapatkan jika mereka percaya bahwa perintah tersebut didasarkan pada informasi non publik yang merugikan: para pembuat pasar tampaknya tidak menemukan perdagangan yang akan terjadi. Biasa pada saat itu terjadi. Business. uiuc. edupoteshmaresearchpoteshman2006.pdf Namun, dia kemudian menyusun model statistik, yang menurutnya sesuai dengan ramalan sebelumnya: VI. Kesimpulan Pilihan pedagang, manajer perusahaan, analis keamanan, pejabat bursa, regulator, jaksa, pembuat kebijakan, dan waktu-waktu tertentu. Masyarakat pada umumnya memiliki ketertarikan untuk mengetahui apakah perdagangan opsi yang tidak biasa telah terjadi di sekitar peristiwa tertentu. Contoh utama dari peristiwa tersebut adalah serangan teroris 11 September, dan memang ada banyak spekulasi mengenai apakah aktivitas pasar opsi mengindikasikan bahwa teroris atau rekan mereka telah melakukan perdagangan pada hari-hari menjelang tanggal 11 September mengenai pengetahuan sebelumnya tentang Serangan yang akan datang Spekulasi ini, bagaimanapun, terjadi tanpa adanya pemahaman tentang karakteristik yang relevan dari perdagangan pasar opsi. Makalah ini dimulai dengan mengembangkan informasi yang sistematis tentang distribusi aktivitas pasar opsi. Ini membangun distribusi patokan untuk statistik volume pasar opsi yang mengukur dengan cara yang berbeda sejauh mana volume pembuat pasar non8211 menetapkan posisi pasar opsi yang akan menguntungkan jika harga saham di bawah naik atau turun nilainya. Distribusi statistik ini dihitung baik tanpa syarat maupun saat pengkondisian pada keseluruhan tingkat aktivitas opsi pada saham dasar, volume pengembalian dan perdagangan pada saham yang mendasarinya, dan tingkat pengembalian di pasar secara keseluruhan. Distribusi ini kemudian digunakan untuk menilai apakah opsi perdagangan pasar di indeks maskapai AMR, UAL, Standard and Poor8217s, dan indeks pasar SampP 500 pada hari-hari menjelang tanggal 11 September ternyata tidak biasa. Rasio volume pasar pilihan yang dianggap tidak memberikan bukti adanya perdagangan pasar opsi yang tidak biasa pada hari-hari menjelang 11 September. Rasio volume, bagaimanapun, dibangun dari volume pendek dan pendek dan volume panggilan pendek dan singkat yang hanya membeli barang akan memiliki Menjadi cara paling mudah bagi seseorang untuk melakukan perdagangan di pasar opsi untuk mengetahui perkembangan serangan tersebut. Ukuran volume putung abnormal juga diperiksa dan terlihat pada tingkat tinggi yang tidak normal pada hari-hari menjelang serangan. Akibatnya, makalah ini menyimpulkan bahwa ada bukti aktivitas pasar opsi yang tidak biasa pada hari-hari menjelang tanggal 11 September yang konsisten dengan perdagangan investor mengenai pengetahuan awal tentang serangan tersebut. Business. uiuc. edupoteshmaresearchpoteshman2006.pdf Satu masalah yang mengganggu kita tentang hal ini adalah kurangnya analisis tentang serentetan kabar buruk yang disampaikan oleh American Airlines pada tanggal 7 September, hari perdagangan sebelum tanggal 10 September, ketika perdagangan yang paling signifikan terjadi. Profesor Poteshman memberi tahu kami melalui email: Studi saya mencakup regresi quantile yang menjelaskan kondisi pasar pada saham tertentu. Makanya, setidaknya ada koreksi orde pertama untuk berita negatif yang keluar pada 7 September di AMR. Tapi bisakah Anda benar-benar memperlakukan berita tersebut begitu saja Profesor Paul Zarembka mendukung klaim tersebut, dengan mengatakan: Poteshman menemukan. Pembelian opsi saham American Airline ini. Hanya memiliki 1 persen kemungkinan terjadi secara acak. Patriotsquestion911professors. html Tapi kami tidak mengatakan mereka acak, tapi mungkin itu adalah respons rasional terhadap berita buruk yang signifikan yang disampaikan sehari sebelumnya. Poteshman pada intinya mengatakan (berkenaan dengan AMR) adalah bahwa orang membeli terlalu banyak barang untuk dijelaskan oleh 97 berita, oleh karena itu ada penjelasan lain, tapi bagaimana Anda bisa mengatakannya tanpa menganalisis berita itu sendiri Bagaimanapun, jika berita itu Sudah pasti kita bangkrut dalam enam bulan8281 maka rasio putnya mungkin akan lebih penting lagi, dan model Poteshman8217s memberi lebih banyak konfirmasi tentang aktivitas pasar pilihan biasa8221, tapi apakah itu akan membuat gagasan untuk mengetahui lebih dahulu kemungkinan kita tidak akan berpikir begitu. Jelas berita AMR kurang signifikan, tapi kami masih akan mengatakan bahwa Anda tidak dapat secara akurat menilai signifikansi dari perdagangan ini sampai Anda mempertimbangkannya. Komplikasi lain di sini datang pada fakta bahwa menaruh jilid dalam saham ini biasanya rendah, dari yang telah kita baca, dan ini jelas membuat lonjakan lebih mudah muncul. Komisi 911 mengatakan: Seorang investor institusional berbasis AS tanpa hubungan yang mungkin dengan Al Qaeda membeli 95 persen saham UAL pada tanggal 6 September sebagai bagian dari strategi perdagangan yang juga mencakup pembelian 115.000 saham Amerika pada tanggal 10 September. Demikian pula, banyak Dari perdagangan yang tampaknya mencurigakan di Amerika pada tanggal 10 September dilacak ke buletin perdagangan opsi berbasis AS yang spesifik, dikirim melalui faks ke pelanggannya pada hari Minggu, 9 September, yang merekomendasikan perdagangan ini. Peletakan UAL 6 September secara otomatis akan tampak signifikan, kemudian, meskipun hanya ada satu investor dilaporkan berada di belakang mereka. Tapi apakah itu benar-benar berarti Anda dapat secara matematis menunjukkan kemungkinan bahwa investor memiliki pengetahuan awal 911, tanpa mempertimbangkan kondisi pasar dan informasi lainnya yang tersedia pada saat itu. Ini adalah cerita serupa dengan perdagangan AMR. Newsletters dan share tipsters memang memberikan lonjakan dalam perdagangan setiap hari, setidaknya di sini di Inggris. Ada berita buruk pada hari Jumat yang mungkin telah membenarkan buletin yang menyarankan agar dibeli (dan jika berita tersebut telah bocor atau dicurigai sebelum dilepaskan maka Anda mungkin akan memiliki penjelasan untuk pembelian sebelumnya juga). Profesor Poteshman tampaknya mengatakan bahwa para pedagang lebih pesimis tentang masa depan AMR daripada seharusnya, bahwa mereka terlalu bereaksi terhadap berita tersebut dan membeli lebih banyak hasil daripada yang diharapkannya, tapi mungkin statistiknya terutama didasarkan pada perdagangan Keputusan individu (institusi atau individu pribadi memutuskan untuk membeli beberapa barang). Berita tidak selalu seperti itu. Banyak yang dibeli oleh orang-orang yang melakukan riset kecil sendiri, dan cukup ikuti rekomendasi yang diberikan. Oleh karena itu, jika penulis surat kabar mengatakan bahwa mereka tidak melakukan apa-apa, maka itulah yang akan dilakukan banyak orang, dan semakin tinggi peredaran nawala, semakin besar lonjakan yang dihasilkan dari perdagangan normal. Bagaimanapun, Screw Loose Change mengangkat isu atau dua hal yang sama yang mungkin ingin Anda pertimbangkan. Dan tolong jangan berhenti di sini: baca kertas Poteshman8217s. Hanya untuk menilai ini untuk dirimu sendiri. Jika Anda tidak hebat dalam statistik maka sebagian dari itu akan membuat mata Anda berkaca-kaca, dijamin, tapi ada juga komentar menarik yang dapat diakses oleh semua orang, jadi keseluruhannya bagus sekali untuk dibaca. Siapa Yang Membuat Opsi Put AA Hari Sebelum Untuk 911 Dapatkah Anda menguatkan pada komentar ini, mohon oleh Walter J. Burien, jr. CAFR1 12-30-3 Pertanyaan dari: John Kaminski skylaxcomcast 12-30-3 Tuan-tuan: Bisakah kita semua bersatu dalam satu tugas: mencari tahu siapa yang menempatkan Perintah untuk opsi kuputquot pada hari-hari sebelum 911 Diskusi yang saya miliki di email tertutup sepertinya menunjukkan informasi ini tersedia dan tidak dilindungi oleh batasan pengungkapan keuangan. Silakan periksa yang tertutup dan brainstorming bagaimana kita bisa mendapatkan informasi ini ke ranah publik. Bisa jadi benang untuk mengungkap misteri itu. Menemukan nama orang-orang yang tampaknya memiliki pengetahuan sebelumnya tentang 911 seperti yang ditunjukkan oleh taruhan quotsavvyquot mereka tentang keberuntungan maskapai United dan Amerika Serikat adalah langkah awal yang diperlukan untuk menginterogasi individu-individu ini untuk mencari tahu di mana mereka memperoleh informasi mereka, sesuatu yang seharusnya dilakukan oleh komunitas penegakan hukum Lakukan tapi jelas bukan. Best wishes, John Kaminski REPLY DARI Walter Burien WJBCAFR1 12-30-3 John: Lima juta dolar yang dihasilkan dari pilihan 911 American Airline yang tidak diklaim benar-benar berubah menjadi orang bodoh. Pagi hari 911, Obligasi AS bergerak dalam 3 sampai 4 menit dengan 1,5 poin bolak-balik tiga kali atau 1.500 per kontrak dalam detik tiga kali dalam waktu kurang dari 4 menit. Sebagian besar pedagang institusional berdagang di blok 500 sampai 3.000 kontrak. Transaksi harian adalah 350.000 sampai 400.000 kontrak yang diperdagangkan. Perdagangan pasar obligasi dihentikan sekitar satu setengah jam setelah serangan. Saat dibuka kembali itu bergerak dalam beberapa hari dengan 5 poin. Seseorang yang memegang 1000 kontrak akan menuai lima juta dolar dengan satu juta dolar. Indeks berjangka saham internasional dan domestik akan mencapai lebih dari lima belas juta dengan menggunakan satu juta. Tebak siapa yang melakukan pembunuhan terbesar dalam posisi indeks internasional dan domestik singkat Posisi Satu kelompok yang memegang puluhan ribu posisi pendek masuk ke 911 yang menuai sekitar 250 miliar dolar dalam sekejap mata Petunjuk dimulai dengan G dan berakhir dengan sebuah T Pengungkapan berikut sangat penting dalam memahami apa yang Anda dan telah lihat terjadi di Pasar. Saya akan memulai dengan sebuah klip dari Allen Greenspan, yang dikutip oleh Wall Street Journal pada tahun 2000, mengatakan bahwa dia adalah: quotConsep tentang pasar derivatif internasional yang bernilai delapan puluh (80) triliun dolar. Yang tidak dia katakan adalah bahwa komposit AS Dana investasi pemerintah adalah pengguna utama, pemain, manipulator, dan pencetak di pasar derivatif 80 triliun dolar. Dana investasi pemerintah adalah pemain pendek profesional yang tidak setara dalam oposisi. Derivatif memberikan kemampuan untuk menjual pasar quotshortquot di atas kertas meskipun Anda tidak memiliki saham, komoditas, mata uang, obligasi, dan lain-lain. Manajer investasi pemerintah selama 30 tahun terakhir telah menjadi sangat akrab dengan penggunaan taktik ini untuk menuai ratusan Miliaran dolar setiap tahun Pemerintah, yang mengendalikan laporan ekonomi, liputan media, dan kekayaan berada dalam posisi untuk memanipulasi di atas dan menciptakan lingkungan untuk mendapatkan pendapatan substansial sementara orang lain terbaring di bahu jalan yang berdarah sampai mati. . Selama tiga bulan sebelumnya dan masuk ke 911, dana investasi pemerintah telah meningkatkan posisi short mereka ke posisi short terdiversifikasi terbesar yang pernah mereka pegang. Lihatlah grafik untuk komoditas atau saham. Harga ambruk empat sampai lima kali lebih cepat dari kenaikan. Dengan menjual di pasar derivatif domestik dan internasional, ini membuat keuntungan kuquickquot terbesar, dan semuanya ada di atas kertas Anda tidak perlu memiliki saham fisik atau komoditas. Dengan menggunakan derivatif, dan jika Anda memiliki kemampuan untuk memanipulasi pasar seperti pada 911 Anda mengambil uang dari yang memiliki persediaan fisik atau komoditas. CONTOH: Menjual kontrak berjangka emas (di atas kertas) pada 400 oz lalu membelinya kembali pada harga 200, persyaratan margin untuk melakukannya pada 100 ounce adalah 1000. Sekarang 400 - 200 200 x 100 ounces 20.000 menggunakan 1000 Menjual opsi panggilan atau membeli Letakkan opsi pada saham Microsoft pada 100 per saham dan kemudian melikuidasi opsi di 50, Anda baru saja membuat 50 per saham pada opsi quotshortquot Anda. Jika harga bergerak ke arah posisi derivatif singkat Anda, uang besar dibuat dan Anda mencapainya tidak memiliki persediaan fisik, komoditas, atau mata uang. Monopoli (Seperti: Dana Pemerintah Komposit AS) yang mengendalikan ayunan di pasar akan menuai keuntungan yang tidak pernah terjadi pada masing-masing dan setiap ayunan dramatis. Jika tidak ada volatilitas, naik atau turun maka keuntungan menggunakan derivatif dikurangi secara substansial. Dana investasi pemerintah secara keseluruhan berada dalam triliunan dolar Kurang dari 450 manajer mengendalikan 80 dari pendapatan itu Mereka semua, dalam banyak kata, berlangganan newsletter yang sama, dan mendiskusikan strategi di klub yang sama Seperti masyarakat memiliki ratusan miliar dolar Dilikuidasi dari rencana 401k mereka karena merpati pasar lebih rendah dan lebih rendah, dengan cepat yo yo fashion, dana investasi pemerintah melalui penggunaan derivatif, mentransfer kekayaan itu ke rekening dan tangan manajemen mereka. Lihatlah intinya portofolio investasi pemerintah Mereka akan mengambil kerugian besar atas kepemilikan saham fisik mereka namun, keuntungan turunannya akan sangat mengimbangi kerugian tersebut atau kenyataannya dalam banyak kasus menunjukkan laba bersih terhadap keseluruhan hasil (Perhatikan baik-baik di Pengambilan tunai menarik transfer membuat mengimbangi keuntungan tersebut untuk memberi tampilan kerugian operasional tahunan) Masyarakat menyediakan likuiditas di pasar untuk memungkinkan monopoli terbesar yang pernah dikenal di dunia untuk mendapatkan lebih banyak kekayaan. Pemerintah Anda di tempat kerja Bandingkan sektor swasta yang menghasilkan investasi pada tahun 2001, 2002 (suram) dibandingkan dengan pemerintah yang kembali bebas kuotasi selama periode waktu yang sama. (Substansial) Dana investasi Pemerintah AS miliki dan juga melakukan hal yang sama di pasar Internasional. Melalui penggunaan derivatif, dana investasi pemerintah AS yang sekuritas mengendalikan pasar saham, harga emas, harga mata uang, dan lain-lain. Kontrol finansial mutlak oleh monopoli terbesar di Bumi Setiap, komoditas, pasar saham internasional, atau nilai kompleks perusahaan dapat ditekan dengan kuat. Atau selama bertahun-tahun oleh monopoli menggunakan derivatif. Dikendalikan oleh transaksi kertas untuk komitmen membeli atau menjual tanpa kepemilikan fisik atas apa yang dibeli atau dijual. Tidak masalah jika harga naik atau ambruk. Ketika manajer investasi Pemerintah AS bergerak bersamaan, mengendalikan kejadian dan berita, mereka menuai hasil yang tidak senonoh MELALUI PENGGUNAAN DERIVATIF Jika Anda melihat quotWHOquot memegang mayoritas posisi derivatif quotSHORTquot di pasar indeks saham domestik dan internasional sebelum 911 , Dan kemudian menuai keuntungan lebih dari satu triliun dolar dalam beberapa minggu setelah runtuhnya pasar fisik tersebut, Anda akan menemukan di kelompok yang bertanggung jawab atas 911. Ada satu masalah dalam menemukan ini. Karena itu, pemerintah mengendalikan pelepasan informasi tersebut oleh dan melalui agen Federal SEC (Securities Exchange Commission) dan CFTC (Commodity Futures Trading Commission). Konflik kecil yang menarik ada di sini, karena hasil penelitian tersebut akan menunjukkan bahwa pemerintah AS memegang mayoritas posisi penawaran saham internasional dan domestik. Saham pilihan saham pilihan saat ini dan yang didengar kebanyakan orang dipromosikan dalam berita tersebut benar-benar Perubahan orang bodoh sangat kecil dalam perbandingan. Anggota bursa memiliki akses dan menyimpan catatan arsip data dari rumah broker mereka dan semua rumah anggota lainnya dan mereka berada di bawah perjanjian nondisclosure. NAMUN, itu tidak akan mencegahnya, jika mereka ingin melakukannya, juga menabulasikan transaksi dan menerbitkan laporan quotGenericquot, laporan generik spesifik dan tertarget. Di sini, Anda perlu memiliki kontak yang signifikan dalam komunitas anggota keuangan. Meskipun laporan generik jenis ini tidak akan melanggar perjanjian nondisclosure mereka, mereka akan mati jika mereka mengeluarkan laporan berdasarkan pada apa yang akan ditunjukkan dan bukti yang kuat (dana investasi pemerintah adalah penyumbang utama), sehingga anonimitas harus disimpan saat Laporan generik temuan aliran spesifik dilepaskan. Laporan generik tersebut akan mengamanatkan pengungkapan informasi di balik laporan tersebut melalui protes publik dan internasional. Ya, pemerintah sedang mempersiapkan sebuah pemberontakan di negara ini. Jadi mereka perlu mengarahkan mata publik ke musuh yang jauh sehingga mereka bisa mengendalikan diri di sini. Keserakahan telah berkembang di kalangan pemerintah. Hasil keserakahan itu telah cabul dan kerusakan akibat moral dan kesehatan negara ini sebagai responsnya memuakkan. Hasil pengambilalihan kekayaan Amerika telah dilakukan hampir secara eksklusif di atas kertas melalui manipulasi legislatif, peradilan, dan kompleks Kejaksaan selama 60 tahun terakhir dengan kerjasama media berita dan edukasi sindikasi. Dengan penaklukan yang dilakukan dengan mentransfer kekayaan di atas kertas, konsekuensinya untuk quottakersquot hampir tidak ada. Akun perdagangan pemerintah mendorong 65 pasar di pasar ini. Dana investasi pemerintah diperlukan pengungkapan jika dikejar. CFTC dan data SEC tape pasti untuk volume dan posisi diadakan setiap detik hari. Aliran posisi umum tidak memiliki batasan pengungkapan antara anggota bursa. Mereka mengarsipkan dan membaginya secara langsung dalam komunitas keuangan anggota bursa yang memproduksi dan membersihkan data. Ketika sampai ke akun individual, pribadi bersifat rahasia namun dana investasi pemerintah yang ditangani oleh manajer swasta tidak dan tidak dapat dianggap rahasia jika dibuka dengan perintah pengadilan yang pasti dari yurisdiksi yang kompeten. Manajemen untuk semua maksud dan tujuan melancarkan penegakan peraturan nondisclosure saat menangani dana pemerintah. Penutupan yang disengaja atas setiap pengungkapan yang muncul di arena ini per keseluruhan posisi dana investasi pemerintah yang dipegang tidak lain adalah pengkhianatan tingkat terkuat, dengan warna penolakan apapun. Menunjukkan transaksi derivatif baik di front domestik maupun internasional akan membakar fasad pemerintah yang hidup. Berdasarkan pelacak dana, rekening dana pemerintah memegang posisi short short quot quotquot mereka yang masuk ke 911. Nah, penduduk asli mulai resah. Hadiahnya bagus, kepemilikan negara ini dan kontrol masa depan planet ini Hmm Homeland Security Tapi Anda harus bertanya pada diri sendiri , Quotsecurity for whoquot Apakah jawabannya menjadi jelas bagi Anda bahwa Pribumi bisa menjadi makhluk kecil yang sial ketika mereka menyadari keluarga, istri, dan anak-anak mereka telah diperkosa. Mereka bisa menjadi sangat bermusuhan saat mereka menyadari bahwa kekayaan mereka terlepas dari tangan mereka tanpa konsekuensi pada quottakers. quot Pribumi dapat memberontak saat mereka menyadari hal-hal ini, dan membuat kebencian karena quottakersquot terus mendorong untuk mengindoktrinasi mereka dan anak-anak mereka. Bahwa apa yang telah diambil dan diambil akan terus berlanjut. Ini adalah taktik usia tua yang digunakan para peminjam ketika orang-orang pribumi merasa resah: Ketika para pengambil mendengar drum perang acak mulai mengalahkan di rumah lebih kuat dan lebih kuat dari penduduk asli karena penyalahgunaan para pengambil, para pengambil akan menggunakan organisasi mereka yang terstruktur dengan baik. Untuk menciptakan kembali pukulan drum perang di rumah dengan target yang mereka pilih jauh sekarang dipasarkan ke penduduk asli. Dengan demikian, perhatian dan permusuhan pribumi dapat dikendalikan dan diarahkan dengan hati-hati dari para pengambil dan terhadap beberapa entitas quototherquot, musuh yang diciptakan jauh. Kapan dan karena ini terjadi, lihatlah Para pengambil membuat skenario kontrol absolut, dan di dalam lingkungan seperti ini, para pengambil akan menjadi kejam melampaui semua tindakan setelah memperkuat kontrol tambahan. WW1, WW2, WW3 Peperangan perang diputar secara konsisten lebih keras oleh para pengambil Penduduk pribumi tidak dapat duduk di pinggir lapangan sini Walter Burien PO Box 2112 Saint Johns, Arizona 85936 CAFR1 Video Release - 121203 - TNT (The Tea-Party Nasional) Self Sufficiency in Government quotWithoutquot Perpajakan Walter Burien (AKA: Bubien) CTA (Penasihat Perdagangan Komoditas) 14 tahun (1978-92) Manajer Penjualan Nasional: Kejuaraan Perdagangan AS Manajer Keuangan Peringkat Terverifikasi 10 tahun. (1982-1992) Penyewa Tenant - 1WTC, NY, NY 1979 - 81 Video Release - 121203 TNT (The Tea Tea Party) Self Sufficiency in Government quotWithoutquot Perpajakan SARAN DARI: Walter Burien Satu hal yang saya ingin lihat seseorang lakukan adalah: Perlihatkan di Internet video reaksi Bush ketika dia diberi tahu bahwa 1 menara WTC dipukul dan kemudian beberapa menit kemudian setelah yang kedua terkena saat dia berbicara tentang kelompok anak-anak di sekolah di FL. (Banyak yang telah melihat ini) Dia menunjukkan hampir nol (0) reaksi dan terus berbicara kepada anak-anak selama sekitar 20 - 25 menit setelah diberitahu. DAN KEMUDIAN MENUNJUKKAN VIDEO INTERNET IFWUT JUGA YANG MENUNJUKKAN: Pengaturan yang sama namun kali ini orang tersebut masuk dan mengatakan kepada Bush bahwa dua pesawat mencoba menabrak Menara WTC namun ditembak jatuh sebelum mereka melakukannya. Dan sekarang Bush berputar menjauh dari podium dan berteriak-teriak mengutip apa yang dia inginkan dan dia segera meninggalkan kelas, kesal dan terkejut saat dia segera pergi dengan bantuannya. Realitas visual berbicara banyak. Saya akan senang melihat seseorang memasangnya di atas Web, dan segera melakukannya Hit counter di halaman itu akan mulai merokok, jika tidak terbakar. Saya adalah seorang penyewa di WTC1 pada tahun 1979-81 Perhatian utama salah satu penyewa 20 tahun yang lalu adalah pesawat yang dibajak yang diterbangkan ke menara. Ini adalah quotKeyquot untuk membuka pintu: Log penerbangan ekstensif selama 20 tahun dari 3 pangkalan militer di daerah tersebut, dan Otoritas Pelabuhan yang menanggapi ancaman udara patut dicontoh. Ribuan sorties berjalan dalam menanggapi ancaman, latihan berjalan, alarm salah, dilakukan setiap minggu atau setiap hari selama 20 tahun. Kembali di akhir tahun tujuh puluhan, NY Post memuat sebuah artikel tentang Otoritas Pelabuhan yang menyombongkan bagaimana helikopter beranggotakan 247 mereka akan berada di udara dalam waktu 4 menit setelah sebuah peringatan terjadi karena kemungkinan ancaman udara ke menara WTC. Ada satu kesempatan yang saya sadari, atau kemungkinan paling banyak yang diketahui orang lain dalam catatan teladan tentang respons terhadap ancaman udara yang mencakup periode lebih dari dua puluh tahun bahwa penyadapan tidak diluncurkan dan diperintahkan untuk mundur, Setelah terjadi waspada tinggi dalam satu atau dua detik dari ancaman tersebut, bukan hanya dari satu ancaman tapi kemudian pukul dua, lalu tiga. Tanggal itu adalah 91101 Ini adalah fakta yang paling mengutuk dari mereka semua ketika catatan 20 tahun itu terungkap. Motif tersebut kemudian menjadi jelas dalam meninjau catatan respons teladan tersebut terhadap ancaman dari udara terhadap menara WTC. Tidak, tentu saja atau pesawat lalai mendekat. Mereka selalu dicegat dan disuruh mengubah jalurnya atau mereka akan meledak keluar dari langit. Itu bukan zona lalat dan ini terjadi pada banyak pilot yang sengaja atau tidak sengaja terbang mendekati menara WTC selama 20 tahun itu. QuotDont mengubah Anda kembali dan melihat ke arah lain. Tembak serigala di kandang ayam hari ini, Walter Burien CAFR1 Pada 6 September 2001, Kamis sebelum tragedi tersebut, 2.075 pilihan dilakukan di United Airlines dan pada 10 September, sehari sebelum serangan tersebut, 2.282 opsi yang dimasukkan dicatat untuk Amerika. Airlines. Dengan harga pada saat itu, ini bisa menghasilkan spekulan antara 2 juta sampai 4 juta untung. RINCIAN YANG DIPERLUKAN DARI PERDAGANGAN INSIDER TENAGA KERJA TERJEMAHAN SECARA LANGSUNG KE RENTANG CIAS TERTENTU DIREKTUR DIREKTUR EXEKUTIVE quotBUZZYquot KRONGARD MENGELOLA PERUSAHAAN YANG DIHARAPKAN PILIHAN kuotot pada UAL oleh Michael C. Ruppert COPYRIGHT, 2001, Michael C. Ruppert dan FTW Publications, copvcia. Seluruh hak cipta. Dapat dicetak ulang atau didistribusikan hanya untuk tujuan nirlaba. FTW, 9 Oktober 2001 - Meskipun secara seragam diabaikan oleh media utama A. S., ada banyak dan bukti yang jelas bahwa sejumlah transaksi di pasar keuangan menunjukkan ramalan yang spesifik (kriminal) terhadap serangan 11 September di World Trade Center dan Pentagon. Dalam kasus setidaknya satu dari perdagangan ini - yang telah menghasilkan 2,5 juta hadiah yang tidak diklaim - perusahaan yang digunakan untuk menempatkan pilihan opsi pada saham United Airlines adalah, sampai tahun 1998, dikelola oleh orang yang sekarang berada di nomor tiga Posisi Direktur Eksekutif di Central Intelligence Agency. Sampai 1997 A. B. QuotBuzzyquot Krongard pernah menjadi ketua bank investasi A. B. Coklat. A. B. Brown diakuisisi oleh Bankers Trust pada tahun 1997. Krongard kemudian menjadi, sebagai bagian dari penggabungan, Wakil Ketua Bankers Trust-AB Brown, satu dari 20 bank besar A. S. yang dinamai oleh Senator Carl Levin tahun ini karena terhubung dengan pencucian uang. Posisi Krongards terakhir di Bankers Trust (BT) adalah untuk mengawasi relasi klien quotprivate. Dalam kapasitas ini, dia langsung berhubungan langsung dengan beberapa orang terkaya di dunia dalam semacam operasi perbankan khusus yang telah diidentifikasi oleh Senat A. S. dan penyelidik lainnya terkait erat dengan pencucian uang obat. Krongard bergabung kembali dengan CIA pada tahun 1998 sebagai penasihat Direktur CIA George Tenet. Dia dipromosikan menjadi Direktur Eksekutif CIA oleh Presiden Bush pada bulan Maret tahun ini. BT diakuisisi oleh Deutsche Bank pada tahun 1999. Perusahaan gabungan adalah bank tunggal terbesar di Eropa. Dan, seperti yang akan kita lihat, Deutsche Bank memainkan beberapa peran penting dalam peristiwa yang terkait dengan serangan 11 September. LINGKUP PERDAGANGAN INSIDER YANG DIKETAHUI Sebelum melihat lebih jauh ke dalam hubungan ini, perlu melihat informasi insider trading yang diabaikan oleh Reuters, The New York Times dan media massa lainnya. Didokumentasikan dengan baik bahwa CIA telah lama memantau perdagangan semacam itu - secara real time - sebagai peringatan potensial atas serangan teroris dan pergerakan ekonomi lainnya yang bertentangan dengan kepentingan A. S. Cerita sebelumnya di FTW telah secara khusus menyoroti penggunaan perangkat lunak Promis untuk memantau perdagangan semacam itu. Hal ini diperlukan untuk memahami hanya dua istilah keuangan utama untuk memahami pentingnya perdagangan ini, quotselling shortquot dan quotput optionsquot. QuotSelling Shortquot adalah peminjaman saham, menjualnya pada harga pasar saat ini, namun tidak diminta untuk benar-benar menghasilkan saham tersebut untuk beberapa lama. Jika saham jatuh drastis setelah kontrak pendek masuk, penjual kemudian dapat memenuhi kontrak dengan membeli saham setelah harga turun dan menyelesaikan kontrak pada harga sebelum kecelakaan. Kontrak ini sering memiliki jendela sepanjang empat bulan. QuotPut Optionsquot adalah kontrak yang memberi pembeli pilihan untuk menjual saham di kemudian hari. Dibeli dengan harga nominal, misalnya 1,00 per saham, dijual di blok 100 saham. Jika dieksekusi, mereka memberi pemegang opsi untuk menjual saham terpilih pada tanggal yang akan datang dengan harga yang ditetapkan saat kontrak diterbitkan. Dengan demikian, untuk investasi 10.000, dimungkinkan untuk mengikat 10.000 saham United atau American Airlines dengan harga 100 per saham, dan penjual opsi tersebut kemudian diwajibkan untuk membelinya jika opsi tersebut dijalankan. Jika saham telah jatuh sampai 50 saat kontrak jatuh tempo, pemegang opsi dapat membeli saham tersebut seharga 50 dan segera menjualnya seharga 100 - terlepas dari mana pasar tersebut berada. Opsi panggilan adalah kebalikan dari opsi put, yang pada dasarnya, derivatif bertaruh bahwa harga saham akan naik. Sebuah cerita 21 September oleh Institut Kebijakan Internasional Herzliyya untuk Kontra Terorisme yang berjudul quotBlack Selasa: Scamquot Perdagangan Orang Terkotor Dunia Terbesar mendokumentasikan perdagangan berikut yang terkait dengan serangan 11 September: - Antara tanggal 6 dan 7 September, Chicago Board Options Exchange melihat pembelian Dari 4.744 pilihan di United Airlines, namun hanya 396 pilihan panggilan. Assuming that 4,000 of the options were bought by people with advance knowledge of the imminent attacks, these quotinsidersquot 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 imbalance Again, assuming that 4,000 of these options trades represent quotinsidersquot, 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 Stanleys 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. which occupied 22 floors of the World Trade Center, 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, Merrills shares fell from 46.88 to 41.50 assuming that 11,000 option contracts were bought by quotinsidersquot, their profit would have been about 5.5 million . - European regulators are examining trades in Germanys Munich Re, Switzerlands 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 quotdouble whammyquot for them. On September 29, 2001 - in a vital story that has gone unnoticed by the major media - the San Francisco Chronicle reported, quot Investors 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 quot. quot The uncollected money raises suspicions that the investors - whose identities and nationalities have not been made public - had advance knowledge of the strikes quot. They dont 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. quotOctober 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 quotputquot options outstanding valued at 2.77 million and representing 231,300 shares according to the Options Clearinghouse Corpquot. quotThe 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 optionsquot 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. Lets look at the history of CIA, Wall Street and the big banks by looking at some of the key players in CIAs history. Clark Clifford - 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 - These two brothers quotdesignedquot 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 - Ronald Reagans 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 - 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 11th largest defense contractor in the nation, which also shares joint investments with the bin Laden family. A. B. quotBuzzyquot Krongard - 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 Bankers Trust. John Deutch - This retired CIA Director from the Clinton Administration currently sits on the board at Citigroup, the nations second largest bank, which has been repeatedly and overtly involved in the documented laundering of drug money. This includes Citigroups 2001 purchase of a Mexican bank known to launder drug money, Banamex. Nora Slatkin - This retired CIA Executive Director also sits on Citibanks board. Maurice quotHankquot Greenburg - 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 Greenbergs and AIGs 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. AIGs stock has bounced back remarkably well since the attacks. To read that story, please go to fromthewildernessfreeciadrugspart2.html . 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. On this particular night the crowd looked promising. I introduced myself to two women there, and after a short while, one of the women told me she worked for the CBOE. The CBOE is the Chicago Board Options Exchange. It is the exchange that handles trading in, among other things, stock options. I half-jokingly asked her, quotWhatever happened to the CBOE investigation of all the profits made by those who bought put options on airlines stocks before 9-11quot (You make money on put options when a stock goes down in price.) Her answered floored me. She said, quotIt probably would have been easy for us to find out who was behind the trades, but the government came in and told the CBOE president to stop the investigation. quot Just to make sure I heard her right, I said to her, quotThe government came in and told the CBOE president not to investigatequot She said, quotYeah, it was really strange. quot The conversation changed for a minute, but I wanted to get back to the government not wanting an investigation. I said to her again, a third time, making sure I heard right, quotThe government didnt want you to investigatequot She looked at me said quotYes, thats right. quot Then she looked at me a little longer, she knew I had interest in this topic, she looked a little nervous and then blurted out to me, quotWe erased the data. Our data on the trades is gone. quot Strike The Root There was very high trading in quotput optionsquot on American Airline and United Airlines, immediately before 911. 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 911. 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. Read more here. 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. Here8217s why. 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 911 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. business. uiuc. edupoteshmaresearchpoteshman2006.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. business. uiuc. edupoteshmaresearchpoteshman2006.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. patriotsquestion911professors. html 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 97 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 911 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 911, 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. On Sept. 6, 2001, the Thursday before the tragedy, 2,075 put options were made on United Airlines and on Sept. 10, the day before the attacks, 2,282 put options were recorded for American Airlines. Given the prices at the time, this could have yielded speculators between 2 million and 4 million in profit. SUPPRESSED DETAILS OF CRIMINAL INSIDER TRADING LEAD DIRECTLY INTO THE CIAS HIGHEST RANKS CIA EXECUTIVE DIRECTOR quotBUZZYquot KRONGARD MANAGED FIRM THAT HANDLED quotPUTquot OPTIONS ON UAL by Michael C. Ruppert COPYRIGHT, 2001, Michael C. Ruppert and FTW Publications, copvcia. Seluruh hak cipta. May be reprinted or distributed for non-profit purposes only. FTW, October 9, 2001 - 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 quotput optionsquot 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. quotBuzzyquot Krongard had been Chairman of the investment bank A. B. Brown. A. B. Brown was acquired by Bankers Trust in 1997. Krongard then became, as part of the merger, Vice Chairman of Bankers Trust-AB Brown, one of 20 major U. S. banks named by Senator Carl Levin this year as being connected to money laundering. Krongards last position at Bankers Trust (BT) was to oversee quotprivate client relationsquot. 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 (re) 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 - in real time - 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, quotselling shortquot and quotput optionsquot. quotSelling Shortquot 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. quotPut Optionsquot 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 - 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 Counter terrorism, entitled quotBlack Tuesday: The Worlds Largest Insider Trading Scamquot 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 options. Assuming that 4,000 of the options were bought by people with advance knowledge of the imminent attacks, these quotinsidersquot 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 imbalance Again, assuming that 4,000 of these options trades represent quotinsidersquot, 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 Stanleys 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. which occupied 22 floors of the World Trade Center, 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, Merrills shares fell from 46.88 to 41.50 assuming that 11,000 option contracts were bought by quotinsidersquot, their profit would have been about 5.5 million . - European regulators are examining trades in Germanys Munich Re, Switzerlands 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 quotdouble whammyquot for them. On September 29, 2001 - in a vital story that has gone unnoticed by the major media - the San Francisco Chronicle reported, quot Investors 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 quot. quot The uncollected money raises suspicions that the investors - whose identities and nationalities have not been made public - had advance knowledge of the strikes quot. They dont 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. quotOctober 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 quotputquot options outstanding valued at 2.77 million and representing 231,300 shares according to the Options Clearinghouse Corpquot. quotThe 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 optionsquot 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. Lets look at the history of CIA, Wall Street and the big banks by looking at some of the key players in CIAs history. Clark Clifford - 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 - These two brothers quotdesignedquot 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 - Ronald Reagans 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 - 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 11th largest defense contractor in the nation, which also shares joint investments with the bin Laden family. A. B. quotBuzzyquot Krongard - 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 Bankers Trust. John Deutch - This retired CIA Director from the Clinton Administration currently sits on the board at Citigroup, the nations second largest bank, which has been repeatedly and overtly involved in the documented laundering of drug money. This includes Citigroups 2001 purchase of a Mexican bank known to launder drug money, Banamex. Nora Slatkin - This retired CIA Executive Director also sits on Citibanks board. Maurice quotHankquot Greenburg - 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 Greenbergs and AIGs 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. AIGs stock has bounced back remarkably well since the attacks. To read that story, please go to fromthewildernessfreeciadrugspart2.html . 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. On this particular night the crowd looked promising. I introduced myself to two women there, and after a short while, one of the women told me she worked for the CBOE. The CBOE is the Chicago Board Options Exchange. It is the exchange that handles trading in, among other things, stock options. I half-jokingly asked her, quotWhatever happened to the CBOE investigation of all the profits made by those who bought put options on airlines stocks before 9-11quot (You make money on put options when a stock goes down in price.) Her answered floored me. She said, quotIt probably would have been easy for us to find out who was behind the trades, but the government came in and told the CBOE president to stop the investigation. quot Just to make sure I heard her right, I said to her, quotThe government came in and told the CBOE president not to investigatequot She said, quotYeah, it was really strange. quot The conversation changed for a minute, but I wanted to get back to the government not wanting an investigation. I said to her again, a third time, making sure I heard right, quotThe government didnt want you to investigatequot She looked at me said quotYes, thats right. quot Then she looked at me a little longer, she knew I had interest in this topic, she looked a little nervous and then blurted out to me, quotWe erased the data. Our data on the trades is gone. quot Strike The Root Rense Who Made The AA Put Options The Days Prior To 911 Can You Amplify On This Comment, Please By Walter J. Burien, Jr. CAFR1 12-30-3 Question from: John Kaminski skylaxcomcast 12-30-3 Gentlemen: Can we all unite on a single task: finding out who placed the orders for the quotputquot options in the days immediately before 911 Discussions Ive had in the enclosed e-mail seem to indicate this information is available and not protected by financial disclosure restrictions. Please examine the enclosed and brainstorm how we can get this information into the public sphere. It could be the thread to unravel the mystery. Discovering the names of those who apparently had prior knowledge of 911 as indicated by their quotsavvyquot bets on the fortunes of United and American airlines are a necessary first step toward interrogating these individuals to find out where they got their information, something the law enforcement community should be doing but obviously isnt. Best wishes, John Kaminski REPLY FROM Walter Burien WJBCAFR1 12-30-3 John: The five million dollars generated from the unclaimed 911 American Airline put option is truly chump change. The morning of 911, US Bonds moved in 3 to 4 minutes by 1.5 points back and forth three times or 1,500 per contract in seconds three times in less than 4 minutes. Most institutional traders trade in blocks of 500 to 3,000 contracts. Daily transactions are 350,000 to 400,000 contracts traded. The bond market trading was suspended about one half hour after the attack. When it reopened it moved in several days by 5 points. Someone holding 1000 contracts would have reaped five million dollars using one million. International and domestic stock index futures would have reaped over fifteen million using one million. Guess who made the biggest killing on short international and domestic stock index positions What one group was holding tens of thousands of short positions going into 911 that reaped about 250 billion dollars in the blink of an eye Hint Begins with a G and ends with a T. The following disclosures are critical in understanding what you are and have seen taking place in the Markets. I will start off with a clip from Allen Greenspan, who was quoted in the Wall Street Journal in 2000 as saying he was: quotConcerned about the eighty (80) trillion dollar international derivative market. quot What he did not say was that the composite US Government investment funds were the primary user, player, manipulator, and profiteers within that 80 trillion dollar derivative market. The government investment funds are professional short players with no equal in opposition. A derivative gives the ability for selling the market quotshortquot on paper even if you do not own the stock, commodity, currency, bonds, etc. The government investment managers over the last 30 years have become VERY familiar with using this tactic to reap in hundreds of billions of dollars each year The government, who controls the economic reports, media coverage, and wealth is in a position to manipulate the above and create an environment to secure substantial revenue while everyone else is lying on the shoulder of the road bleeding to death. For three months prior and going into 911 the government investment funds had increased their short positions to the largest diversified short positions ever held by them. Look at any chart for a commodity or stock. Prices collapse four to five times faster than they rise. By selling on the domestic and international derivative markets, this makes the largest quotquickquot profits, and it is all on paper You do not have to own the physical stock or commodity. By using derivatives, and if you have the ability to manipulate the market as was the case on 911 you take the money from those that do own the physical stock or commodity. EXAMPLES: Sell a gold futures contract (on paper) at 400 oz then buy it back at 200, margin requirement to do so on 100 ounces is 1000. Now 400 - 200 200 x 100 ounces 20,000 using 1000 Sell a call option or buy a put option on Microsoft stock at 100 per share and then liquidate the option at 50, you just made 50 per share on your quotshortquot option. If the price moves in the direction of your short derivative position substantial moneys are made and you accomplish this not owning the physical stock, commodity, or currency. A monopoly (Such as: US Composite Government Funds) controlling the swings in the markets will reap unheard of profits on each and every dramatic swing. If there is no volatility, up or down then profits using derivatives are substantially reduced. The OVERALL government investment funds are in the trillions of dollars Less than 450 managers control 80 of that revenue They all, in so many words, subscribe to the same newsletter, and discuss strategy at the same club As the public had hundreds of billions of dollars liquidated from their 401k plans as the market dove lower and lower, in a quick yo yo fashion, the government investment funds through the use of derivatives, transfers that wealth into their management accounts and hands. Look at the bottom line on the government investment portfolios They will have taken substantial losses on their physical stock holdings but, their derivative profits will greatly offset those losses or in fact in many a case show a net profit towards the overall results (Look carefully at cash withdraws transfers made offsetting those profits to give the appearance of an annual operating loss) The public provides liquidity in the market place to allow the biggest monopoly the world has ever known to secure more wealth. Your government at work Compare the private sectors return on investments over 2001, 2002 (dismal) compared to governments quotNETquot return over the same period of time. (Substantial) US Government investment funds have and are doing the same on the International markets as well. Through the use of derivatives, the quotsubstantialquot US Government investment funds control the stock market, gold prices, currency prices, etc. Absolute financial control by the largest monopoly on Earth Any, commodity, International Stock market, or corporate complexs value can be strongly suppressed or over inflated for years by a monopoly using derivatives. Controlled by paper transactions for commitments to buy or sell without physical ownership of what is bought or sold. It does not matter if prices go up or collapses. When the US Government investment managers are moving in tandem, controlling the events and news, they reap obscene returns THROUGH THE USE OF DERIVATIVES If you look at quotWHOquot was holding the majority of quotSHORTquot derivative positions on the domestic and international stock index markets prior to 911, and then reaped over a trillion dollars in profits within weeks from the ensuing collapse of those physical markets, you will find in that group who was responsible for 911. There is one problem in finding this out. That being, government controls the release of that information by and through the Federal agencies of the SEC (Securities Exchange Commission) and CFTC (Commodities Futures Trading Commission). A small conflict of interest exists here, being that the results of that study would show US government was holding the majority of the international and domestic quotSHORTquot positions The airline stock option transaction at issue and that most people have heard about promoted in the news is truly minuscule chump change in comparison. Exchange members have access to and keep archive records of the data from their brokerage houses and all other member houses and they are under a nondisclosure agreement. BUT, it would not prevent them, if they wished to do so, too tabulate the transactions and issue a quotGenericquot report, a specific and targeted generic report. Here, you would need to have a significant contact in the financial community of members. Even though this type of generic report would not violate their nondisclosure agreement, they would be dead if they issued the report based on what it would show and strongly evidence (government investment funds were the primary benefactor), so anonymity would have to be kept when the generic report of the specific stream findings was released. The generic report would mandate disclosure of the specifics behind the report by public and international outcry. Yes, government is preparing for an uprising in this country. So they needed to direct the public eye to a far away enemy so that they can secure control here. Greed has thrived within government circles. The results of that greed have been obscene and the resulting damage to the morals and health of this country in response is sickening. The results of the takeover of the American wealth has been done almost exclusively on paper through manipulation of legislature, the judiciary, and Attorney complex over the last 60 years with the cooperation of the syndicated news media and education. With the conquest being done by transferring the wealth on paper, the consequences for the quottakersquot was virtually nonexistent The government trading accounts push 65 of the paper in these markets. Government investment funds are required disclosure if pursued. The CFTC and SEC data tape is definitive for volume and positions held every second of the day. The general position streams have no restrictions from disclosure between exchange members. They archive and share it live within the financial community of exchange members who are producing and clearing the data. When it comes down to individual accounts, private are confidential but government investment funds handled by private managers are not and cannot be held confidential if pried open by any definitive court order from a competent jurisdiction. Management for all intents and purposes waves enforcement of nondisclosure rules when handling government funds. An intentional cover-up on any disclosure coming forth in this arena per overall government investment funds positions held would be nothing other than treason of the strongest degree, under any color of refusal. The showing of derivative transactions both on the domestic and international fronts would burn the governments facade alive. Based on the fund trackers, government fund accounts were holding their largest short positions quoteverquot going into 911. Well, the natives are getting restless The prize is great, ownership of this country and future control of the planet Hmm Homeland Security But you must ask yourself, quotsecurity for whomquot Is the answer becoming obvious to you yet Natives can be pesky little creatures when they realize their families, wives, and children have been raped. They can become very hostile when they realize that their wealth was slipped right out of their hands with no consequence to the quottakers. quot Natives can revolt when they realize these things, and take resentment for the quottakersquot continued push to indoctrinate them and their children so that what has been taken and is being taken will continue unabated. Here is an age old tactic the takers use when the natives get restless: When the takers hear the random war drums starting to beat at home stronger and stronger from the natives due to the abuses of the takers, the takers will use their well structured organization to re-create the pounding of the war drums at home with their selected target afar now being marketed to the natives. By doing so the natives attention and hostility can be carefully controlled and directed away from the takers and towards some quototherquot entity, the created enemy afar. When, and as this happens, look out The takers create a scenario of absolute control, and within this type of environment, the takers will become ruthless beyond all measures after solidifying additional control. WW1, WW2, WW3 The war drums are being played consistently louder by the takers The natives cannot afford to sit on the sidelines here Walter Burien P. O. Box 2112 Saint Johns, Arizona 85936 CAFR1 Video Release - 121203 - TNT (The National Tea-Party) Self Sufficiency in Government quotWithoutquot Taxation Walter Burien (AKA: Bubien) CTA (Commodity Trading Advisor) of 14 years (1978-92) National Sales Manager: US Trading Championship Money Managers Verified Ratings 10 years. (1982-1992) Tenant - 1WTC, NY, NY 1979 - 81 Video Release - 121203 TNT (The National Tea-Party) Self Sufficiency in Government quotWithoutquot Taxation SUGESTION FROM: Walter Burien The one thing I would love to see someone do is: Show on the Internet the video of Bushs reactions when he was told 1 WTC tower was hit and then a few minutes later after the second was hit as he addressed that group of kids at school in FL. (Many have seen this) He showed almost zero (0) reaction and continued addressing the kids for some 20 - 25 minutes after being told. AND THEN SHOW A quotWHAT IFquot INTERNET VIDEO THAT SHOWS: The same setting but this time the person comes in and tells Bush two planes attempted to hit the WTC Towers but were shot down before they did. And now Bush spins away from the podium and yells quotWhatquot and he immediately leaves the classroom, being upset and startled as he immediately leaves with his aids. Visual reality speaks tons. I would LOVE to see someone put the above up on the Web, and do it soon The hit counter on that page would start smoking, if not burst into flames. I was a tenant at WTC1 in 1979-81 The primary concern any of the tenants had 20 years ago was a hijacked plane being flown into the towers. Here is the quotKeyquot to unlock the door: The extensive flight logs for 20 years from the 3 military bases in the area, and Port Authority responding to air threats is exemplary. Thousands of sorties run in response to threats, practice runs, false alarms, done weekly or daily over 20 years. Back in the late seventies the NY Post ran an article about the Port Authority bragging how their manned 247 response helicopter would be in the air within 4 minutes of an alert call going out per possible air threats to the WTC towers. There is one occasion that I am aware of, or in most probabilities that any one else is aware of in this exemplary record of response to air threats covering a period of over twenty years that the intercepts did not launch and were told to stand down, after going on high alert within a minute or two of the threat, not from just one threat but then by two, then three. That date was 91101 This in itself is the most condemning fact of them all when that 20-year record is brought to light. The motive then becomes crystal clear in review of that exemplary response record to threats from the air against the WTC towers. No, off course or negligent aircraft came close. They were always intercepted and told to change their course or they would be blown out of the sky. It was a no fly zone and this happened to many pilots that intentionally or unintentionally flew to close to the WTC towers over those 20 years. quotDont turn you back and look the other way. Shoot a wolf in the chicken coop todayquot Walter Burien CAFR1