Monday, October 22, 2007

One 9/11 Theory Killed

Ever since Casino Royale put the idea out there as a line in hte movie, I've been searching for truth in the claims that people knew of 9/11 beforehand and short sold their airline stocks. I recently found this article on Newsmax explaining the short selling of Airline Stocks before 9/11.

It states that in fact there has been only one documented case where anyone has presumed prior knowledge of 9/11 in any form of legal action, and that was an "impromptu outburst" against an Egyptian broker who profited $300,000 from a sell when he predicted "the Dow would soon drop from 9,600 to 3,000."

Not only does the relatively modest action belie some daring market conspiracy by those in touch with terror plans, but the pre-Sept. 11 market history is also consistent, more or less, with business as usual. Adam Hamilton of Zeal LLC, a consulting company that does research on markets worldwide, has crunched the numbers and recently told Insight magazine:

"The market was in bad shape in the summer and early fall, and you know there were a lot of people who believed that there would be a sell-off in the market long before Sept. 11. For instance, American Airlines was at $40 in May and fell to $29 on Sept. 10; United was at $37 in May and fell to $31 on Sept. 10. These stocks were falling anyway, and it would have been a good time to short them.

The downward trend in the airline stocks was backed up in the pre-Sept. 11 trading picture.

Insight reported that there were repeated spikes in put options on American Airlines during the year before Sept. 11 (June 19 with 2,951 puts, June 15 with 1,144 puts, April 16 with 1,019 and Jan. 8 with 1,315 puts). In the same period, United Airlines had slightly more action (Aug. 8 with 1,678 puts, July 20 with 2,995, April 6 with 8,212 and March 13 with 8,072).

With United and American stock transactions, and across the board, there is an automated system called the CBOE Market Surveillance System, which automatically records information trades. The existence of this sophisticated surveillance system, designed to ferret out inside-traders, would have given federal investigators a pretty quick look at what, if anything, was untoward in the market just prior to 9-11.

All the more reason to wonder what’s going on and taking so long, say the experts.

And it is not just the SEC and FBI that is still mired in the 9-11 profiteering probe. Japan, Germany, the U.K., France, Luxembourg, Hong Kong, Switzerland and Spain have their own investigations running.

Like their U.S. counterparts, nothing has been forthcoming.

So far, the only break in the silence has been the apparent impromptu courtroom outburst of assistant U.S. attorney Kenneth Breen, who recently accused Amr Ibrahim Elgindy, an Egyptian-born stockbroker on trial in San Diego, with knowing in advance about 9-11 and capitalizing on the insider information by attempting to unload $300,000 worth of shares on Sept. 10, 2001.

In court Breen charged that on the afternoon of Sept. 10, Elgindy contacted his broker at Salomon Smith Barney and asked him to sell the stock, confiding in the broker that the Dow Jones industrial average, which at the time stood at about 9,600, would soon dive to below 3,000.

But leave this information to be "forgotten" by truthers, and people who believe that 9/11 was a giant scheme by the Jews.