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TOPIC: Insiderhandel

Aw: Insiderhandel 04 Dec 2009 11:09 #411

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So langsam trauen sich auch die Fachläute der Börse aus der Deckung...
Es gibt ein interessantes Beispiel, dass dafür sprechen könnte, wie und warum informierte Insider gerade den Optionsmarkt für Short Selling nutzen und nicht mit normalen gedeckten Leerverkäufen hantieren.

Die Professoren Marc Chesney und Loriano Mancini (Universität Zürich) schreiben 2007 in ihrem Manuskript "Unusual Activities on the Option Market before the Terrorist Attacks of September 11th: Evidence of Informed Trading?", dass in den Tagen vor den Anschlägen des 11.September 2001, dass Optionsvolumen als a-typisch anzusehen war. Im Falle von American Airlines beispielsweise, war das Volumen der gehandelten Put-Optionen am 10.September 2001 rund 60 mal höher als im Durchschnitt der vorangegangenen 3 Wochen.

[...]
So könnten die Beobachtungen schlichtweg auch einfach auf den Zufall zurück zu führen sein. Auf der anderen Seite wurden diese Anschläge natürlich im Voraus von einer ganzen Gruppe von Personen geplant (die natürlich nicht alle als ausführende Organe mitgewirkt haben), die in diesem Zusammenhang also durchaus als informierte Insider im Optionsmarkt aufgetreten sein könnten.

Solche informierten Insider hätten natürlich nicht gewollt, dass die Kurse bereits vor den Anschlägen reagieren. Dementsprechend hätten sie auf ein normales Short Selling verzichtet und sich stattdessen im Optionsmarkt, mittels synthetischem Short Selling, platziert.

www.investor-verlag.de/insider-und-short-selling-/


Die Autorin geht zwar in Ihrer Ausführung davon aus das Al Quaida die "gut informierten Insider" sind, aber lt. Commission Report gibt es keine Spur von den Börsenbewegungen zu Al Quaida.

War es also Zufall wie die Autorin vermutet das diese Börsengeschäfte in die Zeit rund um 9/11 vielen?
Ein ernüchternder Gedanke, daß man zur Strafverfolgung eines Ladendiebs bessere Beweise braucht als dazu, einen Weltkrieg anzufangen. Anthony Scrivener
Last Edit: 04 Dec 2009 11:24 by Bombjack.
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Aw: Insiderhandel 05 Dec 2009 07:59 #412

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Bereits direkt nach den Anschlägen schrieb Matthias Bröckers
Extreme Steigerungen bei den Volumen von Put-Optionen (Wettscheine auf fallende Kurse) bei bestimmten Fluggesellschaften und andere von den Anschlägen betroffene Firmen deuten auf einen kriminellen Insiderhandel an den Börsen hin:
Put-Optionen von United Airlines (UAL) liegen an diesen 4 Tagen 90-fach (nicht 90%) über Normalniveau und 285-fach über dem Volumen am 5.September ,Put-Optionen von American Airlines (AA) liegen an diesen Tagen 60-fach über dem Jahresdurchschnitt. (CBS News 26. September)
Keine anderen Fluggesellschaften waren von solchen Spekulationen betroffen. Warum auch - hatte doch "Reuters" am 10. September getitelt: "Luftfahrtaktien dürften bereit zum Abheben sein".
Hochgradig untypische Level von Put-Optionen gab es auch für Merrill Lynch und Morgan Stanley (Großmieter im WTC), sowie die Rückversicherungen AXA, der 25% von American Airlines gehört, und Müncher Rück - allesamt direkt von den Anschlägen betroffene Unternehmen.
www.broeckers.com/Vor.htm

Quelle:
www.911video.de/news/041209/insider.html
Ein ernüchternder Gedanke, daß man zur Strafverfolgung eines Ladendiebs bessere Beweise braucht als dazu, einen Weltkrieg anzufangen. Anthony Scrivener
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Aw: Insiderhandel 06 Dec 2009 11:08 #413

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Weitere Quellen sind natürlich auch in der "complete 9/11 Timeline" unter
historycommons.org zu finden

Link:

www.historycommons.org/timeline.jsp?time..._9/11=insiderTrading
Ein ernüchternder Gedanke, daß man zur Strafverfolgung eines Ladendiebs bessere Beweise braucht als dazu, einen Weltkrieg anzufangen. Anthony Scrivener
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Aw: Insiderhandel 12 Dec 2009 18:18 #416

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SUPPRESSED DETAILS OF CRIMINAL INSIDER TRADING LEAD DIRECTLY INTO THE CIA's HIGHEST RANKS
CIA EXECUTIVE DIRECTOR "BUZZY" KRONGARD MANAGED FIRM THAT HANDLED "PUT" OPTIONS ON UAL

by
Michael C. Ruppert
A September 21 story by the Israeli Herzliyya International Policy Institute for Counterterrorism, entitled "Black Tuesday: The World's Largest Insider Trading Scam?" documented the following trades connected to the September 11 attacks:

- Between September 6 and 7, the Chicago Board Options Exchange saw purchases of 4,744 put options on United Airlines, but only 396 call options. Assuming that 4,000 of the options were bought by people with advance knowledge of the imminent attacks, these "insiders" would have profited by almost $5 million.

- On September 10, 4,516 put options on American Airlines were bought on the Chicago exchange, compared to only 748 calls. Again, there was no news at that point to justify this imbalance; Again, assuming that 4,000 of these options trades represent "insiders," they would represent a gain of about $4 million.

- [The levels of put options purchased above were more than six times higher than normal.]

- No similar trading in other airlines occurred on the Chicago exchange in the days immediately preceding Black Tuesday.

- Morgan Stanley Dean Witter & Co., which occupied 22 floors of the World Trade Center, saw 2,157 of its October $45 put options bought in the three trading days before Black Tuesday; this compares to an average of 27 contracts per day before September 6. Morgan Stanley's share price fell from $48.90 to $42.50 in the aftermath of the attacks. Assuming that 2,000 of these options contracts were bought based upon knowledge of the approaching attacks, their purchasers could have profited by at least $1.2 million.

- Merrill Lynch & Co., with headquarters near the Twin Towers, saw 12,215 October $45 put options bought in the four trading days before the attacks; the previous average volume in those shares had been 252 contracts per day [a 1200% increase!]. When trading resumed, Merrill's shares fell from $46.88 to $41.50; assuming that 11,000 option contracts were bought by "insiders," their profit would have been about $5.5 million.

- European regulators are examining trades in Germany's Munich Re, Switzerland's Swiss Re, and AXA of France, all major reinsurers with exposure to the Black Tuesday disaster. [FTW Note: AXA also owns more than 25% of American Airlines stock making the attacks a "double whammy" for them.]

On September 29, 2001 - in a vital story that has gone unnoticed by the major media - the San Francisco Chronicle reported, "Investors have yet to collect more than $2.5 million in profits they made trading options in the stock of United Airlines before the Sept. 11, terrorist attacks, according to a source familiar with the trades and market data.

"The uncollected money raises suspicions that the investors - whose identities and nationalities have not been made public - had advance knowledge of the strikes." They don't dare show up now. The suspension of trading for four days after the attacks made it impossible to cash-out quickly and claim the prize before investigators started looking.

"October series options for UAL Corp. were purchased in highly unusual volumes three trading days before the terrorist attacks for a total outlay of $2,070; investors bought the option contracts, each representing 100 shares, for 90 cents each. [This represents 230,000 shares]. Those options are now selling at more than $12 each. There are still 2,313 so-called "put" options outstanding [valued at $2.77 million and representing 231,300 shares] according to the Options Clearinghouse Corp."

"The source familiar with the United trades identified Deutsche Bank Alex Brown, the American investment banking arm of German giant Deutsche Bank, as the investment bank used to purchase at least some of these options." This was the operation managed by Krongard until as recently as 1998.

As reported in other news stories, Deutsche Bank was also the hub of insider trading activity connected to Munich Re. just before the attacks.

www.fromthewilderness.com/free/ww3/10_09_01_krongard.html
Ein ernüchternder Gedanke, daß man zur Strafverfolgung eines Ladendiebs bessere Beweise braucht als dazu, einen Weltkrieg anzufangen. Anthony Scrivener
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Aw: Insiderhandel 15 Jan 2010 18:36 #428

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New discoveries about 911 insider trading

www.dailymotion.com/video/xbirwk_les-ini...u-11septembre-y_news


THE 911 initiates ?

A KEY to decipher the mystery

Eight years after the attacks on the World Trade Center, the shadow of a massive insider trading still hangs over the event. Speculators, for the less informed, have made significant gains following the terrorist attacks, having bet luckily just before. Weird ...
Who knew what and when? Beyond the controversy over the causes of the collapse of the towers or the deficiencies of the formal investigation, the suspicion of insider trading relating to September 11 is also an inescapable conundrum about the attacks.

We now know that the Bush administration had been warned of impending terrorist attacks, it is a fact. Similarly, many intelligence services around the world were aware of the threat. We can therefore infer that certain players in finance, nearby places of power, could benefit from these ultra-sensitive information. It is not excluded that the terrorists themselves were able to share the information with some of their sponsors. That's where we are. To date, about these speculators, there is nothing to designate any inside job or financial network of Al Qaeda. And therein lies the problem: eight years later, doubts persist about the nature and origin of these transactions.

A new study published December 11 by the University of Zurich and led by finance professor, Marc Chesney, confirmed the bad feeling of economic analysts, expressed a week after the tragedy, when the markets reopened. Speculators unidentified operating from different stock exchanges around the world have acquired, before September 11, the right to sell at a predetermined price the assets of the major airlines and insurance that would be affected by the terrorist attacks, and whose shares on the stock market would collapse. The actual sale just after the fall in market value has allowed some to reap huge profits.

Coincidence or extraordinary decision knowingly? Only a thorough investigation, international and transparent, would decide the issue. In case of premeditation, an "insider trading"; a financial operation consisting in illicit gains on the sale or redemption of shares due to confidential information, would be constituted.

Who are the speculators?

Thorny issue, both technical and political, but fundamental to understand the genesis and context of the attacks. Identifying these speculators, some of which have operated from prestigious financial institutions such as Deutsche Bank, is crucial. It is ultimately up to the winding circuit of information, more or less detailed, circulating during the summer of 2001 about the targets, methods, and the date of execution of a large terrorist act scale. In case of a judicial investigation, trace the transmission of this precious secret would allow to get more closer to its source, upstream, around the criminal network established by the sponsors of the attacks, their performers and their accomplices. The identity of "insiders" is a missing link, among many others, of September 11.

I went to interview the players who tried to alert public opinion, those who have raised some light on this political-financial scandal, ignored or rejected by most of the "stockmarket watchdogs". Besides the analysis of Professor Marc Chesney, I also heard the testimony, among others, of Eric Laurent, reporter and author of "the hidden side of September 11, and Max Keiser, a former trader on Wall Street now converted into the editorial on the economy for news channels and director of an upcoming documentary about this insider trading.

Finally, although he decided not to publicly address the controversial subject of Sept. 11, a renowned American investigative journalist, Michael C. Ruppert, who is currently the subject of a movie and was among the first to investigate this enigma, accepted for La Télé Libre to break the silence to give us his personal conclusion.

These exchanges with various experts have strengthened my initial willingness to explore a unique track: that of identifying groups and individuals who would be loaned to these fruitful speculation from Paris. According to the investigation report of the Commission des Operations de Bourse, published in 2002, "the evidence gathered did not highlight that financial groups related to the instigators of the attacks have been able to use the Bourse of Paris to conduct market operations. " An investigation concluded at least sufficient, together with a curious argument: since the people identified had no proven link with the financial structures close to al Qaeda, they are therefore supposed to be unsuspected.
However, some evidence "from within", a statement of the former trader at Société Générale, Jérôme Kerviel, or the revelation of an unknown German banker, speaking on September 20, 2001, under anonymously, with the correspondent of Reuters, indeed suggest the likelihood of people "knowledgeable", of insiders among the French operators. If these special confidences are not the beginning of a proof, they do at least encourage further investigation of the Paris runway.

Investigations are like travelling: it must sometimes improvise route or get lost, to make some discoveries. I had not suspected, starting my research that the problem of insider trading around September 11 is as rich in revelations. Among others, these two unexpected findings: first, the astonishing "globalization" of suspicious transactions documented in North America, Europe and Southeast Asia ; on the other hand, the existence of a unusual disagreement between the various authorities, quick to bury the matter formally through opacity, and most financial experts who consider likely the insider trading around the attacks.

It is those who question the significance of this phenomenon we have today given the floor.

In intent to the subject by La Télé Libre, it is clear : to point out inconsistencies, and continue to look with you to understand September 11. Given its myriad consequences, as the French military presence in Afghanistan, it is more important than ever to place the entire frame. The challenge, civic as well as journalistic, is always to demystify 911. From all sides.

Investigation and report by Hicham Hamza

www.911blogger.com/node/22311
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Aw: Insiderhandel 16 Jun 2010 01:01 #647

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SEC: Government Destroyed Documents Regarding Pre-9/11 Put Options

www.washingtonsblog.com/2010/06/sec-gove...royed-documents.html
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