The 9/11 Put Options and Insider Trading

Leading up to 9/11, there were reports of unusual “Put Options” placed on American Airlines and United Airlines prior to September 11th, 2001. These “puts” have been ignored by the mainstream media and was never fully investigated by the 9/11 Commission. There are still to this day, unidentified investors of these suspicious trades which profited millions of dollars. Let’s look more into the evidence of these put options and other connections to insider trading.


9/11 Attacks: Criminal Foreknowledge and Insider Trading lead directly to the CIA’s Highest Ranks

“Criminal Foreknowledge and Insider Trading lead directly to the CIA’s Highest Ranks. CIA Executive Director “Buzzy” Krongard managed the Firm that handled “Put Options” on United Air Lines. The firm used to place the “put options” on United Airlines stock was, until 1998, managed by the man who was placed in the number three Executive Director position at the Central Intelligence Agency. Until 1997 A.B. “Buzzy” Krongard had been Chairman of the investment bank A.B. Brown. Krongard joined the CIA in 1998 as counsel to CIA Director George Tenet. He was promoted to CIA Executive Director by President Bush March 16, 2001.”

“The uncollected money raises suspicions that the investors – whose identities and nationalities have not been made public – had advance knowledge of the strikes.” They don’t 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.”
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 & 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”


SEC: Government Destroyed Documents Regarding Pre-9/11 Put Options

“On September 19, 2001, CBS reported:

Sources tell CBS News that the afternoon before the attack, alarm bells were sounding over unusual trading in the U.S. stock options market.

An extraordinary number of trades were betting that American Airlines stock price would fall.

The trades are called “puts” and they involved at least 450,000 shares of American. But what raised the red flag is more than 80 percent of the orders were “puts”, far outnumbering “call” options, those betting the stock would rise.”
Unusual Option Market Activity and the Terrorist Attacks of September 11, 2001

“After September 11, 2001, there was a great deal of speculation that the terrorists or their associates had traded in the option market on advanced knowledge of the impending attacks. This paper generates systematic information about option market activity that can be used to assess the option trading that precedes any event of interest. Examination of the option trading leading up to September 11 reveals that there was an unusually high level of put buying. This finding is consistent with informed investors having traded options in advance of the attacks.”
Inside Trading 9/11 (Put Options)
Black 9/11: Money, Motive, Technology, and Plausible Deniability


Evidence for Informed Trading on the Attacks of September 11

Evidence for Informed Trading on the Attacks of September 11

Suppressed Details of Criminal Insider Trading Lead Directly into the CIA’s Highest Ranks
Pre-9/11 Put Options on Companies Hurt by Attack Indicates Foreknowledge
Government Destroyed Documents Regarding Pre-9/11 Put Options
Suspicious profits sit uncollected / Airline investors seem to be lying low
SEC & EEOC: Attack Delays Investigations
Put Options (911 Myth?)


9/11 WTC Hard Drives – $100 Million In Criminal Credit Transfers Before Towers Fell

German Computer Analysts Discover 9/11 Insider Trading Hard Disk Data

The Ghost in the Machines: The Mystery of the WTC Hard Drive Recoveries
Mystery of the WTC Hard Drive Recoveries

“Convar’s website features a video confirming that Convar GmbH did in fact process the WTC hard drives. http://www.datarecovery-europe.com/welcome.htm The widely disseminated claim that Kroll Associates–the powerful private-intelligence firm responsible for some elements of WTC security on 9/11–acquired Convar in June 2002 remains unsubstantiated. What can be verified is that Kroll purchased Ontrack Data Recovery, a U.S.-based rival of Convar with offices in Germany.”
“Convar (Pirmasens, Germany) a german computer company, tried to recover the data from destroyed computers in the Twin Towers. Richard Wagner, a data retrieval expert at Convar , said illegal transfers of more than $100 million might have been made immediately before and during the disaster. “There is a suspicion that some people had advance knowledge of the approximate time of the plane crashes in order to move out amounts exceeding $100 million,” Wagner said. “They thought that the records of their transactions could not be traced after the main frames were destroyed.” Since December 2001, not much has been said. Could it be that Convars department in England, Ontrack had Kroll as one of their investors? They are a subsidiary of risk consulting company Kroll O’Gara (former Kroll Associates, Inc), who is responsible for the security of all US-presidents since 1945.”

“…Convar, a German firm hired to retrieve data from damaged computer systems left in the rubble of the World Trade Center, found that there was a deluge of electronic trading just minutes before the first plane struck. Quoting a December 16 report from Reuter’s, writer Kyle Henry found a compelling quotation from one of Convar’s directors: Peter Henschel, director of Convar…said, ‘not only the volume, but the size of the transactions was far higher than usual for a day like that.’ Richard Wagner, a data retrieval expert, estimated that more than $100 million in illegal transactions appeared to have rushed through the WTC computers before and during the disaster….The Reuter’s story was partially confirmed for me when I was contacted by a Deutsche Bank employee who had survived the attacks by fleeing the WTC after the first plane hit. According to the employee, about five minutes before the attack the entire Deutsche Bank computer system had been taken over by something external that no one in the office recognized and every file was downloaded at lightening speed to an unknown location.” [Crossing the Rubicon, Chapter 14, Michael Ruppert]
“How much money was involved? Andreas von Bülow, a former member of the German Parliament responsible for oversight of Germany’s intelligence services estimated the worldwide profits amount at $15 billion, according to Tagesspiegel on Jan. 13. Other experts have estimated the profit at $12 billion. CBS News gave a conservative estimate of $100 million.” [The Case for Bush Administration Advance Knowledge of 9-11 Attacks, Michael C. Ruppert, April 22, 2002]
“September 11, 2001 (C): Data recovery experts later looking at 32 hard drives salvaged from the 9/11 attacks discover a surge in credit card transactions from the WTC in the hours before and during the attacks. Unusually large sums of money were rushed through computers even as the disaster unfolded. Investigators say, “There is a suspicion that some people had advance knowledge of the approximate time of the plane crashes in order to move out amounts exceeding $100 million. They thought that the records of their transactions could not be traced after the main frames were destroyed.” [Reuters, 12/18/01, CNN, 12/20/01, more]”



Well there were other trades – extremely significant trades, mostly in financial companies! The total take on pre-September 11th and September 11th trades is estimated at 12-15 billion dollars. A great many people across the globe were aware of the September 11th attacks before they occurred and they made off with billions.

Here are the trades we knew about:
Merrill Lynch & Co: Put Options: 12,215 (Four trading days before the attacks). Of Interest: Occupied 22 floors of the WTC.
Morgan Stanley Dean Witter & Co: Put Options: 2,157 (three trading days). Of interest: Controlled 22 floors of the WTC.
United Airlines: Put Options: 4,744. (two and three trading days).
American Airlines: Put Options: 4,516. (One trading day).

Here are the ones we didn’t know about:

“Citigroup Inc., which has estimated that its Travelers Insurance unit may pay $500 million in claims from the World Trade Center attack. It had a jump in trading of October options that profit if shares fall below $40 apiece. Almost 14,000 of those options contracts were traded from Sept. 6 to Sept. 10 — about 45 times the previous daily average. Citigroup shares fell $2.85 that day to $39.60. ”
“Bear Stearns & Cos., where investors traded 3,979 contracts from Sept. 6 to Sept. 10 on September options that profit if shares fall below $50. The previous average volume for those options was 22 contracts. Bear Stearns shares fell $3.79 that day to $46.45. ”
“Marsh & McLennan Cos., the biggest insurance brokerage, which had 1,700 employees working in the World Trade Center. Traders on Sept. 10 exchanged 1,209 contracts on options that profit if company shares fall below $90 through the third week of September. Previously, 13 contracts had traded on an average day. Marsh & McLennan shares fell $2.50 that day to $84.50.’
“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. The article went on to quote Michael Shamosh, a bond-market strategist for Tucker Anthony Inc., who said, “If they were going to do something like this they would do it in the five-year part of the market. It’s extremely liquid, and the tracks would be hard to spot.” The SEC has been extremely tight-lipped about its probe, in which it has enlisted securities firms and government agencies in Europe, Canada and other countries. But on Tuesday the Investment Dealers Association, a trade association for the Canadian securities industry, posted on its web site a list sent by the American SEC of 38 stocks. The US agency had asked the Canadians to look into trading in these stocks between August 27 and September 11. As soon as US officials became aware of the Internet posting, they demanded that the Investment Dealers Association yank it from the web site, and the Canadian organization complied. However, reporters and others were able to copy the list before it was pulled. The list includes the parent companies of American, Continental, Delta, Northwest, Southwest, United and US Airways, as well as Carnival and Royal Caribbean cruise lines, aircraft maker Boeing and defense contractor Lockheed Martin. Several insurance companies are on the list— American International Group, Axa, Chubb, Cigna, CNA Financial, John Hancock and MetLife. The SEC list also includes several big companies that were tenants in the collapsed Twin Towers of the World Trade Center: investment firms Morgan Stanley, the complex’s largest occupant; Lehman Brothers; Bank of America; and the financial firm Marsh & McLennan. Other major companies listed include General Motors, Raytheon, LTV, WR Grace, Lone Star Technologies, American Express, Bank of New York, Bank One, Citigroup and Bear Stearns. [Suspicious trading points to advance knowledge by big investors of September 11 terror attacks, Barry Grey, October 5, 2001]
It is also fair to speculate that the breadth of the pre-attack investments trades was far broader than ever admitted to by the investigators. The general literature suggests trading in four companies, using one mentioned bank – the Deutschebank. Generally excluded from discussions of those reports is a subsequent report from a survivor of the World Trade Center.
The four stock trades usually mentioned, however, are the “unclaimed’ trades – suggesting a potentially larger number of successful trades having taken place. The reality was far greater than generally reported. Trades were placed across the globe, far in excess of the few million dollars of “unclaimed” trades. More simply, a lot of the trades were successfully claimed.
“ABC World News reported on Sept. 20, “Jonathan Winer, an ABC News consultant said, ‘it’s absolutely unprecedented to see cases of insider trading covering the entire world from Japan, to the U.S., to North America, to Europe.”
“According to Phil Erlanger, a former Senior Technical Analyst with Fidelity, and founder of a Florida firm that tracks short selling and options trading, insiders made off with billions (not mere millions) in profits by betting on the fall of stocks they knew would tumble in the aftermath of the WTC and Pentagon attacks.”
“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.”


1. Is it true that the CIA is in possession of PROMIS software?
2. What is the purpose of PROMIS?
3. Did A.B. “Buzzy” Krongard, CIA, own any stocks of United Airlines, American Airlines, Merrill Lynch,
4. Morgan Stanley, AXA Re (insurance) which owns 25% of American Airlines, and Munich Re.?
5. What is his connection to Alex Brown, Deutsche Bank?
6. Did he give any insider information about to George Tenet, CIA?
7. Who was the investor who purchased 2,000 UAL put options between August and September 11, 2001?
8. Did Deutsche Bank-Alex Brown own any stocks of UA, AA, Merrill Lynch, Morgan Stanley, AXA Re (insurance) which owns 25% of American Airlines, and Munich Re?
9. What about the 2,500 UA-contracts which were “split into 500 chunks each, directing each order to different U.S. Exchanges around the country simultaneously.” on August 10, 2001?
10. Did Deutsche purchase UAL options in August 2001?
11. Why did DB-AB purchase 4,744 put options on United Air Lines stock as opposed to only 396 call s on September 6-7? What was the purpose of doing that?
12. What is the connection to Wally Kromgaard?
13. Did Deutsche Bank or Wally Kromgaard purchase 4,516 put options on American Airlines as compared to 748 call options on September 10?
14. What was the reason of Mayo Shattuck III re-asssignment on September 15th?


SEC & EEOC: Attack Delays Investigations

“Additional details emerged Friday about the effect of the collapse of 7 World Trade Center on investigations being conducted by the New York offices of the Securities and Exchange Commission and the Equal Employment Opportunity Commission, both of which were housed in the building. The SEC has not quantified the number of active cases in which substantial files were destroyed. Reuters news service and the Los Angeles Times published reports estimating them at 3,000 to 4,000. They include the agency’s major inquiry into the manner in which investment banks divvied up hot shares of initial public offerings during the high-tech boom. The EEOC said documents from about 45 active cases were missing and could not be easily retrieved from any backup system.”
SEC: No Records Whatsoever Regarding Destroyed WTC 7 Investigation Files

There were a series of seven actions undertaken by the Federal Reserve during the days and weeks that followed the attack on the WTC which served the purpose of covering-up the settlement and refinancing the fraudulent 10 year Durham/Brady Bonds which came due on September 11. Those actions include:

1. the Commission for the first time invoked its emergency powers under
Securities Exchange Act Section 12(k);
2. SEC lifted “Rule 15c3-3 – Customer Protection–Reserves and Custody of Securities” which allowed them to suspend all reporting and identity security controls;
3. The SEC temporarily injected $300 Billion into the US money supply while
settling the fraudulent securities;
4. Government Securities Clearing Corporation sent a memo to banks encouraging them to make security ‘substitutions’ on “immediately maturing collateral;”
5. Government Securities Clearing Corporation treated the ‘fails’ as two separate groups, suggesting there was a large group of trades that required ‘special treatment’ for “other” problems;
6. GSCC issued another memo allowing blind broker settlements. A “blind broker” is a mechanism for inter-dealer transactions that maintains the anonymity of both parties to the trade;
7. SEC held an unusual “snap” auction of new ten-year securities to facilitate sale of government securities probably used to refinance the fraudulent Durham/Brady Bonds.
“Experts Urging Broader Inquiry in Towers’ Fall”

The New York Times revealed in November 2001 that Building 7 was the location for a secret CIA office and Sensitive Compartmentalized Intelligence Facility (SCIF). SCIFs are where the most sensitive intelligence information is stored. These facilities are routinely swept for electronic listening devices. They may even have bullet proof windows, air filtration, and independent water supply. Operatives would routinely meet following a classified operation in a SCIF to debrief and identify loose ends to maintain program integrity.
Enron and 9-11; Connecting the Dots

Enron and 9-11; Connecting the Dots

“The SEC has not quantified the number of active cases in which substantial files were destroyed. Reuters news service and the Los Angeles Times published reports estimating them at 3,000 to 4,000. They include the agency’s major inquiry into the manner in which investment banks divvied up hot shares of initial public offerings during the high-tech boom. The EEOC said documents from about 45 active cases were missing and could not be easily retrieved from any backup system.”
Bush Administration Undermines Global Anti-money Laundering Efforts, Protects a Shadowy Criminal Financial Network

“Lack of crackdown leaves drug traffickers with freer reign Unfortunately, on closer analysis this link to the Enron scandal may be part of another serious problem, but in a different and far more dire sense. In withdrawing U.S. participation from an aggressive campaign against the money laundering system, the Bush administration may have not only effectively protected Enron’s use of offshore havens, but worse, protected the far more heinous crimes of drug traffickers who exploit the same financial system.”
“Experts Accuse U.S. Agencies of Footdragging Before Sept. 11th. WASHINGTON — Money-laundering experts say that the U.S. effort to deny funds to terrorists by freezing their assets lacked a sense of urgency before Sept. 11, reflecting a failure to appreciate the extent of the terrorist threat.”


WTC 7 was intentionally demolished so that all the evidence against the corporate elite would be destroyed and could not be used against them in a court of law. The destruction of Building 7 meant the destruction of evidence. Which housed 1000’s of documents relating to numerous SEC investigations. It may have been the command post to which 9/11 was planned.


Black Eagle Trust Fund
The 9/11 Attacks and the Black Eagle Trust Fund

“On that fateful day, the Securities and Exchange Commission declared a national emergency, and for the first time in U.S. history, invoked its emergency powers under Securities Exchange Act Section 12(k) easing regulatory restrictions for clearing and settling security trades for the next 15 days. These changes would allow an estimated $240 billion in covert government securities to be cleared upon maturity without the standard regulatory controls around identification of ownership.”

Collateral Damage: U.S. Covert Operations and the Terrorist Attacks on 9/11

“The September 11th attacks were likely meant as a cover-up for financial crimes being investigated by the Office of Naval Intelligence (ONI), whose offices in the Pentagon were destroyed on September 11th. [1] The attacks … were intended to cover-up the clearing of $240 billion dollars in securities covertly created in September 1991 to fund a covert economic war against the Soviet Union, during which ‘unknown’ western investors bought up much of the Soviet industry, with a focus on oil and gas.”
9/11, WTC7 and the Black Eagle Trust: How Bank of New York may have laundered $240 billion
9/11, WTC7 and the Black Eagle Trust: How Bank of New York may have laundered $240 billion
Operation Golden Lily, The Black Eagle Trust, 9/11, The Dragon Family, the $1 trillion dollar Keenan federal lawsuit, and the Global Collateral Accounts/World Global Settlements
Black Eagle Fund and the events of Sept. 11, 2001 related to the Dark Legacy?
9/11: The Inside Story


“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.

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.”
Black 9/11: A Walk on the Dark Side

Black 9/11: A Walk on the Dark Side

“The biggest winner, though, was Raytheon, which manufactures Tomahawk missiles. During the week following the 9/11 attacks, Raytheon stock climbed by an astounding 37%.[8] Prior to 9/11, the purchase of call options (a contract to buy a stock at a certain price) for Raytheon had suspiciously surged by 600%.”
Bush’s War on Terrorism: Who Will Pay and Who Will Benefit?
“Among the top gainers for the week of September 17-21 were major military and space contractors like Raytheon (+37%), L-3 Communications (+35.8%), EDO (+24.8%), Alliant Tech Systems (+23.5%), and Northrop Grumman (+21.2%).”


Raytheon Honors the Memory of Our Friends and Colleagues on 9/11

“On the 11th anniversary of the attacks of 9/11, we honor the memory of our Raytheon colleagues Peter Gay, Stanley Hall, David Kovalcin and Kenneth Waldie — and the other nearly 3,000 individuals who perished that day. Today and always, our thoughts are with them, their families, friends and colleagues.”
Context of ‘September 25, 2001: Several 9/11 Passengers Have Possible Connections to Pilotless Aircraft Program’

1) Stanley Hall (Flight 77) was director of program management for Raytheon Electronics Warfare. One Raytheon colleague calls him “our dean of electronic warfare.” [AP, 9/25/01]

2) Peter Gay (Flight 11) was Raytheon’s Vice President of Operations for Electronic Systems and had been on special assignment to a company office in El Segundo, Calif. [AP, 9/25/01] Raytheon’s El Segundo’s Electronic Systems division is one of two divisions making the remote controlled Global Hawk. [ISR Journal, 3/02]

3) Kenneth Waldie (Flight 11) was a senior quality control engineer for Raytheon’s electronic systems.

4) David Kovalcin (Flight 11) was a senior mechanical engineer for Raytheon’s electronic systems. [CNN, 9/01]

5) Herbert Homer (Flight 175) was a corporate executive working with the Department of Defense. [CNN, 9/01, Northeastern University Voice, 12/11/01]
Family Members Of Doomed 911 Flights ‘Strangely Silent’ About Irregularities &
Inconsistencies Of Official Government Story
“Gay lost her husband, Peter, 54, a vice president of Raytheon Co. on 9/11. Four years later, she still lives in Tewksbury, Mass., claiming as she did right after the tragic event, she is satisfied with her government’s efforts at getting at the truth behind 9/11, satisfied with the money she received from the victim’s compensation fund and satisfied with not pursuing her husband’s death any further.”
Surprising number of passengers on Flight AA77 that allegedly hit the Pentagon had military connections


Why Bush Sr. chose 9-11-01 as WTC hit date: no payback on bond billions for terrorism fund
Even More On 911 And Fortuitous Events

Reportedly the Zero Coupon Brady Bonds were secured by bogus gold collateral certificates and for that to have happened someone inside of our government had to have given bogus documents the color of authenticity. I think Americans deserve to know who would do such a thing and why they thought felony conduct was OK with Americans. That same Brady Bond scam that was to have closed in late September and early October 2001 and the bonds were reportedly at Cantor Fitzgerald, WTC 1. Fortuitously they were destroyed on September 11, 2001. Odds are the SEC records in WTC 7 that were fortuitously destroyed when that building was “pulled” included this apparently bogus Brady Bond deal too.”
****The Brady Bond Provided The Recipe For Credit Enhancement*****

“Cantor Fitzgerald’s headquarters were on the top floors of the north tower, which was struck by American Airlines Flight 11. The firm accused American of negligence in allowing hijackers to board the plane and crash it into the tower. American responded that it couldn’t have predicted such an attack and that it followed federal security regulations.”



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