by Lars Schall
February 23, 2013
Foreign Policy Journal

I had the feeling that there was one final thing left for me to do regarding my research of informed trading activities in connection to the terror attacks of September 11, 2001 in order to close that chapter of my journalistic work once and for all. And so I went back to the 9/11 stories involving Deutsche Bank Alex Brown. I considered it a journalistic obligation to exercise diligence.

With regard to the research that I’ve done on the topic of “9/11 Insider Trading” there was one thing that I hadn’t gone after sufficiently enough: so far I had not asked the German Bank for a statement on two particular issues. I also noticed that no one else had asked the Deutsche Bank for it – at least I could not find anything that suggested otherwise.

What those two issues were should become evident if I just cite some various e-mails. Moreover, they will give you all relevant links/sources to follow up on the whole story if you want to. I am aware that the format is a bit unusual and a bit hard to follow, but I am confident that you will understand it in the end.

On December 31, 2012, I wrote this e-mail to the press department at the headquarters of Deutsche Bank in Frankfurt, Germany (, which included two relevant excerpts from my research.

Media Request re Deutsche Bank – Alex Brown – 9/11 Informed Trading

Dear Ladies and Gentlemen,

My name is Lars Schall, I am a freelance journalist for finance. Earlier this year I’ve published an article at Asia Times Online, the biggest English news website in Asia, on the topic of alleged informed trading activities prior to the terror attacks of September 11, 2001:

In this article I’ve mentioned that something strange occurred related to Deutsche Bank’s computer systems in New York City.* The source for this, the investigative journalist Michael C. Ruppert, repeated this story again on record in this video of mine:

Since I have never seen that the Deutsche Bank was officially asked about this, I would like to ask you for a comment on this specific story.

I would also like to ask for a comment from you on the fact that Alex Brown, a subsidiary of Deutsche Bank, traded massive put options purchases on United Airlines Company UAL through the Chicago Board Option Exchange (CBOE).**

Kind regards,

Lars Schall.

* Excerpt:

But let’s get back to the subject of destruction. On September 11, not only human life, aircraft and buildings were destroyed in New York City, but also data on computers and in archives. For example, several federal agencies occupied space in Building 7 of the World Trade Center, including the Securities and Exchange Commission on floors 11 to 13.

Those and other data could have given information about the alleged 9/11 insider trading (though it seems to be very unlikely that no backup existed elsewhere independent of the local computer systems). In fact, some technology companies were commissioned to recover damaged hard disks, which had been recovered from the debris and dust of Ground Zero.

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