--- In FairfieldLife@yahoogroups.com, "authfriend" <[EMAIL PROTECTED]> wrote:
>
> --- In FairfieldLife@yahoogroups.com, anony_sleuth_ff <no_reply@> 
> wrote:
> >
> > http://www.snopes.com/rumors/putcall.asp
> > 
> > Claim:   In the days just prior to the 11 September 2001, large
> > quantities of stock in United and American Airlines were traded by
> > persons with foreknowledge of the upcoming 9/11 attacks.
> > 
> > Status:   False.
> 
> This appears to be based on the 9/11 commission's
> findings reported by Mark Meredith.  As he says, they're
> quite weak as explanations.


The National Commission on Terrorist Attacks Upon the United States
(also known as the "9/11 Commission") investigated these rumors and
found that although some unusual (and initially seemingly suspicious)
trading activity did occur in the days prior to September 11, it was
all coincidentally innocuous and not the result of insider trading by
parties with foreknowledge of the 9/11 attacks:


"Highly publicized allegations of insider trading in advance of 9/11
generally rest on reports of unusual pre-9/11 trading activity in
companies whose stock plummeted after the attacks. Some unusual
trading did in fact occur, but each such trade proved to have an
innocuous explanation. For example, the volume of put options —
instruments that pay off only when a stock drops in price — surged in
the parent companies of United Airlines on September 6 and American
Airlines on September 10 — highly suspicious trading on its face. Yet,
further investigation has revealed that the trading had no connection
with 9/11. A single U.S.-based institutional investor with no
conceivable ties to al Qaeda purchased 95 percent of the UAL puts on
September 6 as part of a trading strategy that also included buying
115,000 shares of American on September 10. Similarly, much of the
seemingly suspicious trading in American on September 10 was traced to
a specific U.S.-based options trading newsletter, faxed to its
subscribers on Sunday, September 9, which recommended these trades.
The SEC and FBI, aided by other agencies and the securities industry,
devoted enormous resources to investigating this issue, including
securing the cooperation of many foreign governments. These
investigators have found that the apparently suspicious consistently
proved innocuous."






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