Profiting From Disaster?
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On September 19,CBS reported:. Sources tell CBS News that the afternoon before the attack, alarm bells were sounding over unusual trading in the U. Normally the numbers are fairly even. At least one Wall Street firm reported their suspicions about this activity bi laden put options trading the SEC shortly after the attack.
The trader is linked to a brokerage firm. Authorities are also investigating possibly suspicious trading in Germany, Switzerland, Italy and Japan. On September 29,the San Francisco Chronicle pointed out:. There was an unusually large jump in purchases of put options on the stocks of UAL Corp. On one day, UAL put option purchases were 25 times greater than the year-to-date average.
In the month before the attacks, short sales jumped by 40 percent for UAL and 20 percent for American. Spokesmen for British bi laden put options trading regulators and the AXA Group also confirmed yesterday that investigations are continuing. The source familiar with the United trades identified Deutsche Banc Alex. Brown, the American investment banking arm of German giant Deutsche Bank, as the investment bank used to purchase at least some of the options.
On October 19,the Chronicle wrote:. Crowley declined to describe bi laden put options trading nature of the information previously shared with the government. See Afterword for additional details. I wrote in March:. Chapters 5 and 7 rely heavily on information obtained from captured al Qaeda members. Assessing the truth of statements by these witnesses-sworn enemies of the United States-is challenging.
Our access to them has been limited to the review of bi laden put options trading reports based bi laden put options trading communications received from the locations where the actual interrogations take place. We submitted questions for use in the interrogations, but had no control over whether, when, or how questions of particular interest would be asked. Nor were we allowed to talk to the interrogators so that we could better judge the credibility of the detainees and clarify ambiguities in the reporting.
Instead, they got their information third-hand. As I noted last May:. In fact, the commission demanded that the CIA carry out new rounds of interrogations in to get answers to bi laden put options trading questions. In intelligence circles, testimony obtained through torture is typically discredited; research shows that people will say anything under threat of intense physical pain.
Commission members note that they repeatedly pressed the Bush White House and CIA for direct access to the detainees, but the administration refused. But how could the commission corroborate information known only to a handful of people in a shadowy terrorist network, most of whom bi laden put options trading either dead or still at large? Former senator Bob Kerrey of Nebraska, a Democrat on the commission, bi laden put options trading me last year he had long feared that the investigation depended too heavily on the accounts of Al Qaeda detainees who were physically coerced into talking ….
Abu Zubaida was well-known to the FBI as being literally crazy. Are you trying to get information out of him or just belittle him? Looking at other evidence, including a serious head injury that Abu Zubaida had suffered years earlier, Coleman and others at the FBI believed that he had severe mental problems that called bi laden put options trading credibility into question. The interrogators made videotapes of the interrogations.
Specifically, the New York Times confirms that the government swore that it had turned over all of the relevant material regarding the statements of the people being interrogated:. Zelikow, who served as executive director of the Sept. As the Times goes on to state:. Daniel Marcus, a law professor at American University who served as general counsel for the Sept. Those who knew about those videotapes — and did not tell us about them — obstructed our investigation.
The CIA also is refusing to release any transcripts from the interrogation sessions. As I wrote a year ago:. What does the fact that the CIA destroyed numerous videotapes of Guantanamo interrogations, but has 3, pages of transcripts from those tapes really mean?
Well, the transcripts contain the identity of the interrogator. And the CIA is refusing to produce the transcripts. And since the CIA is not releasing the transcripts, it similarly could have refused to release the videos.
The fact that the CIA instead destroyed the videos shows that it has something to hide. As I wrote last May:. Many people bi laden put options trading starting to understand that top Bush administration officials not only knowingly lied about a non-existent connection between Al Qaida and Iraq, but they pushed and insisted bi laden put options trading interrogators use special torture methods aimed at extracting false bi laden put options trading to attempt to create such a false linkage.
So it tortured people to make them confess to the nonexistent link. He later said that he gave the interrogators a lot of false information — telling them what he thought they wanted to hear — in an attempt to stop the torture. The above-linked NBC news report quotes a couple of legal experts to this effect:. If their conclusions were supported by information gained from torture, therefore their conclusions are suspect. It calls bi laden put options trading question how we were willing to use these interrogations to construct the narrative.
As constitutional law expert Jonathan Turley stated:. Graham, the co-chairman of the Congressional inquiry with Representative Porter J. Goss, Republican of Florida, said an F. Some unusual trading did in fact occur, but each such trade proved to have an innocuous explanation. For example, the volume of put options- investments 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 highly suspicious trading on its face.
Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U. These examples typify the evidence examined by the investigation. The SEC and the 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. Joseph Cella interview Sept. Did the Commission have full access to information regarding put options? Was the Commission misled, as it was on other issues? Was evidence destroyed or fabricated? We bi laden put options trading never know, as the underlying documents have — according to the SEC — been destroyed. We read all emails sent to us, but are too busy to respond to many. We greatly appreciate feedback and leads.
Click here to contact us. Learn more about us here. You may reproduce our essays as long as you give proper attribution Washington's Blog and provide a link to our site at the bi laden put options trading of the post.
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For more information go to:. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. On September 19,CBS reported: An extraordinary number bi laden put options trading trades were betting that American Airlines stock price would fall. On September 29,the San Bi laden put options trading Chronicle pointed out: So the effort to track down the source of the puts was certainly quite substantial.
What were the results and details of the investigation? I wrote in March: As I pointed out in We never had full confidence in the interrogation reports as historical sources. As I noted last May: