Editor’s Note: This is what’s called a limited hangout. Rickards claims he doesn’t believe the US Govt. was involved in 9/11 while at the same time acknowledging there was insider trading and Buzzy Krongard was head of the CIA. Krongard was previously with Alex. Brown & Sons. Deutsche Bank bought Alex Brown & Sons in 1999. When the attacks occurred, ABS was owned by Deutsche Bank, the bank linked to the insider trading. See this article. Also see this article.

September 5 2015,
By James Corbet
The International Forecaster

These foreign leaders were not alone in their conviction that insider trading had taken place… (O)ther academics as well as well-known options traders like Jon Najarian all expressed their belief that investors had traded on advance knowledge of the attacks.

On September 12, 2001, before the dust had even settled on Ground Zero, the Securities and Exchange Commission opened an investigation into a chilling proposition: that an unknown group of traders with advance knowledge of the 9/11 plot had made millions betting against the companies involved in the attacks.

As Antonio Mora of ABC News explained on September 20, 2001:
“What many Wall Street analysts believe is that the terrorists made bets that a number of stocks would see their prices fall. They did so by buying what they call ‘puts.’ If you bet right the rewards can be huge. The risks are also huge unless you know something bad is going to happen to the company you’re betting against.

“One example, United Airlines. The Thursday before the attack more than two thousand contracts betting that the stock would go down were purchased. Ninety times more in one day than in three weeks. When the markets reopened, United’s stock dropped, the price of the contracts soared and someone may have made a lot of money, fast.”

Although the put options on American and United Airlines are usually cited in reference to the 9/11 insider trading, these trades only represent a fraction of the suspicious trades leading up to the attack. Between August 20th and September 10th, abnormally large spikes in put option activity appeared in trades involving dozens of different companies whose stocks plunged after the attack including Boeing, Merrill Lynch, J.P. Morgan, Citigroup, Bank of America, Morgan Stanley, Munich Re and the AXA Group.

Traders weren’t just betting against the companies whose stocks dove after 9/11, however. There was also a six-fold increase in call options on the stock of defence contractor Raytheon on the day before 9/11. The options allowed the traders to buy Raytheon stock at $25. Within a week of the attack, as the American military began deploying the Raytheon-supplied Tomohawk missiles they would eventually use in the invasion of Afghanistan, the company’s share price had shot up 37% to over $34.

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