Insider Trading
The 9/11 Financial Anomalies
Forensic analysis of the trading days leading up to 9/11 reveals three distinct targets. The data suggests these were not random bets, but calculated moves by sophisticated investors.
September 6, 2001
Target 1: United Airlines (UAL)
Trade Placed: Over 2,000 put options were purchased.
Anomaly: This volume was roughly 25 to 90 times the daily average.
Result: The stock dropped 40% after the attacks.
September 6, 2001
Target 2: Boeing (The Manufacturer)
Trade Placed: A massive purchase of 7,105 put option contracts.
Anomaly: Highly suspicious trades were flagged on August 29, September 5, and September 6.
September 10, 2001 (The Day Before)
Target 3: American Airlines (AMR)
Trade Placed: 4,516 put options purchased.
Anomaly: This was approximately 285 times the daily average volume. It falls into the
98.5% QUANTILE OF RARITY,
making it statistically nearly impossible to be random.
Ratio: On this same day, only 748 “Call” options (bets the stock would go up) were bought. The market sentiment was overwhelmingly negative.
Clear Mathematical Proof
Was this just luck? The math suggests otherwise.
Probability:
A study by Allen Poteshman (University of Chicago) calculated that the volume of put options purchased on these airlines in the days before 9/11 had a probability of occurring by chance of LESS THAN 1%.
“Hedging” Theory Debunked:
A common explanation is that these were just big companies “hedging” (buying insurance) to protect stocks they already owned. Forensic testing proves these specific trades were unhedged. The traders were not protecting assets; they were purely betting that the stocks would crash.
Official Narrative vs. Reality
The government acknowledges the trades happened but dismisses them.
Yes, the SEC and FBI identified exactly who placed the trades.
No, the names were never released to the public.
The Explanations Given:
- For United (Sept 6): The 9/11 Commission Report claims the trades were placed by “A single U.S.-based institutional investor with no conceivable ties to al Qaeda,” dismissing it as a “trading strategy.” They did not name the institution.
- For American (Sept 10): The Report claims these trades resulted from a newsletter (The Options Hotline) faxed to subscribers on Sept 9th recommending the trade.
Main Flaw in Office Narrative:
Researchers argue it is mathematically impossible for a standard newsletter to generate a 285x spike in volume on a single day.
Conclusion
Implication:
To place this volume of trades without triggering an immediate fraud freeze requires a sophisticated account. These were likely Institutional Investors (Hedge funds, banks, large firms) with high-level clearance, not average retail traders.
The Real Kicker:
No other airlines saw this anomaly. The specific betting occurred only against the two airlines involved in the attacks and the manufacturer of the planes. The trail for the traders who profited millions went cold because they had “no ties to al-Qaeda.”
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