> 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: > [EMAIL PROTECTED] > > Or go to: > http://groups.yahoo.com/group/FairfieldLife/ > and click 'Join This Group!' > Yahoo! Groups Links > > > [EMAIL PROTECTED] > > > > > > __________________________________________________ Do You Yahoo!? Tired of spam? Yahoo! Mail has the best spam protection around http://mail.yahoo.com ------------------------ Yahoo! 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