> Only the
> delay in takeoff of UA Flight 93 and the actions of
> the alerted
> passengers on board prevented it from becoming yet
> another instrument
> of destruction resulting in an even greater loss of
> life.

Actually, that's more media hype than truth. A fighter
jet was trailing the hijacked plane with orders to
protect the White House "at any cost".  

--- anony_sleuth_ff <[EMAIL PROTECTED]> 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.
> 
> Origins:   On 11 September 2001, four planes were
> hijacked and used in
> the Attack on America: American Airlines Flight 11
> leaving Boston
> bound for Los Angeles, American Airlines Flight 77
> leaving Washington
> bound for Los Angeles, United Airlines Flight 175
> leaving Boston bound
> for Los Angeles, and United Airlines Flight 93
> leaving Newark bound
> for San Francisco. Each of these planes was
> deliberately crashed,
> killing all on board — two into the World Trade
> Center towers, one
> into the Pentagon, and one into a field in
> Pennsylvania. (Only the
> delay in takeoff of UA Flight 93 and the actions of
> the alerted
> passengers on board prevented it from becoming yet
> another instrument
> of destruction resulting in an even greater loss of
> life.)
> 
> The operation had taken years to plan, and the
> perpetrators knew well
> in advance which airlines would be affected.
> 
> In the month prior to the 11 September 2001 attacks
> on the World Trade
> Center and the Pentagon, unusual trading activity
> involving American
> and United Airlines stock was noted by market
> analysts who at the time
> had no idea what to make of it. Wildly unusual
> discrepancies in the
> put and call ratio — 25 to 100 times normal — were
> reportedly observed
> in stock options of the two airlines. In one case,
> Bloomberg's Trade
> Book electronic trading system identified option
> volume in UAL (parent
> of United Airlines) on 16 August 2001 that was 36
> times higher than usual.
> 
> (Options are wagers that the price of a 100-share
> block of a
> particular stock will rise or fall by a certain
> date. "Puts" are
> "shorts" — bets the stock price will fall. "Calls"
> are bets the price
> will rise. Thus, one who has reason to believe a
> particular company is
> about to suffer a terrible reversal of fortune would
> purchase "puts"
> against that entity's stock.)
> 
> But it was during the final few trading days (the
> market closes on
> weekends) that the most unusual variances in
> activity occurred.
> Bloomberg data showed that on 6 September 2001, the
> Thursday before
> that black Tuesday, put-option volume in UAL stock
> was nearly 100
> times higher than normal: 2,000 options versus 27 on
> the previous day.
> 
> On 6 and 7 September 2001, the Chicago Board Options
> Exchange handled
> 4,744 put options for United Airlines' stock,
> translating into 474,000
> shares, compared with just 396 call options, or
> 39,600 shares. On a
> day that the put-to-call ratio would normally have
> been expected to be
> roughly 1:1 (no negative news stories about United
> had broken), it was
> instead 12:1.
> 
> On 10 September 2001, another uneventful news day,
> American Airlines'
> option volume was 4,516 puts and 748 calls, a ratio
> of 6:1 on yet
> another day when by rights these options should have
> been trading
> even. No other airline stocks were affected; only
> United and American
> were shorted in this fashion.
> 
> Accelerated investments speculating a downturn in
> the value of Morgan
> Stanley and Merrill Lynch (two New York investment
> firms severely
> damaged by the World Trade Center attack) were also
> observed.
> 
> The National Commission on Terrorist Attacks Upon
> the United States
> (also known as the "9/11 Commission") investigated
> these rumors and
> found that although some unusual (and initially
> seemingly suspicious)
> trading activity did occur in the days prior to
> September 11, it was
> all coincidentally innocuous and not the result of
> insider trading by
> parties with foreknowledge of the 9/11 attacks:
> Highly publicized allegations of insider trading in
> advance of 9/11
> generally rest on reports of unusual pre-9/11
> trading activity in
> companies whose stock plummeted after the attacks.
> Some unusual
> trading did in fact occur, but each such trade
> proved to have an
> innocuous explanation. For example, the volume of
> put options —
> 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.
> Last updated:   11 December 2005
> 
> The URL for this page is
> http://www.snopes.com/rumors/putcall.asp
> 
> Urban Legends Reference Pages © 1995-2006
> by Barbara and David P. Mikkelson
> This material may not be reproduced without
> permission.
>     Sources Sources:
> 
>     Carpenter, Dave.   "Option Exchange Probing
> Reports of Unusual
> Trading Before Attacks."
>         The Associated Press.   18 September 2001.
> 
>     Schoolman, Judith.   "Probe of Wild Market
> Swings in Terror-Tied
> Stocks."
>         [New York] Daily News.   20 September 2001  
> (p. 6).
> 
>     Toedtman, James and Charles Zehren.   "Profiting
> from Terror?"
>         Newsday.   19 September 2001   (p. W39).
> 
> 
> 
> 
> 
> 
> 
> 
> To subscribe, send a message to:
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> 
> Or go to: 
> http://groups.yahoo.com/group/FairfieldLife/
> and click 'Join This Group!' 
> Yahoo! Groups Links
> 
> 
>     [EMAIL PROTECTED]
> 
>  
> 
> 
> 
> 



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