Reply #2: 'Buzzy' is also the end of the trail of the 9/11 put options [View All]

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http://www.cooperativeresearch.org/context.jsp?item=a090601shorts

Suspicious trading occurs on American and United, the two airlines used in the 9/11 attacks. “Between 6 and 7 September, The Chicago Board Options Exchange saw purchases of 4,744 put option contracts (a speculation that the stock will go down) in UAL versus 396 call options—where a speculator bets on a price rising. Holders of the put options would have netted a profit of $5 million once the carrier's share price dived after September 11. On 10 September, more trading in Chicago saw the purchase of 4,516 put options in American Airlines, the other airline involved in the hijackings. This compares with a mere 748 call options in American purchased that day. Investigators cannot help but notice that no other airlines saw such trading in their put options.” One analyst says: “I saw put-call numbers higher than I've ever seen in 10 years of following the markets, particularly the options markets.” (Associated Press, 9/18/01, San Francisco Chronicle, 9/19/01) “To the embarrassment of investigators, it has also emerged that the firm used to buy many of the ‘put’ options … on United Airlines stock was headed until 1998 by ‘Buzzy’ Krongard, now executive director of the CIA.” Krongard was chairman of Alex Brown Inc., which was bought by Deutsche Bank. “His last post before resigning to take his senior role in the CIA was to head Bankers Trust—Alex Brown's private client business, dealing with the accounts and investments of wealthy customers around the world.” (Independent, 10/14/01)

Looks like they're still trying to keep it all in 'The Family'.