911 WTC Planes Videos Proven To Be Fake

911 WTC Planes Videos Proven To Be Fake

Original post

http://danieltowsey.wordpress.com/2011/11/25/911-wtc-planes-videos-proven-to-be-fake/

written by A Truth Soldier

Here are my other 911 articles

http://danieltowsey.wordpress.com/2007/05/09/the-gray-plane-that-no-one-saw/
http://danieltowsey.wordpress.com/2010/09/22/halifax-nova-scotias-connection-to-911/
http://danieltowsey.wordpress.com/2010/12/19/the-911-pentagon-light-pole-props-for-the-big-show/
http://danieltowsey.wordpress.com/2011/11/25/911-wtc-planes-videos-proven-to-be-fake/

http://danieltowsey.wordpress.com/2010/04/22/how-to-rip-off-your-lease-and-make-billions/

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Here is the Halifax facebook http://www.facebook.com/911JusticeHalifax Volunteers needed
A cross-Canada tour is being planned to educate the Canadian public about the evidence

about the destruction of three skyscrapers at the World Trade Center on September 11, 2001.

This tour is envisioned to traverse the continent from the Pacific Coast to the Atlantic Provinces.
AE911Truth Eleven City Tour

http://www.facebook.com/pages/911-Justice-Canada/110478642338567

http://www.winnipegfortruthandjustice.blogspot.com/

http://911justicecanada.ca/ae911truth-tour/

here is the main site

http://911justicecanada.ca/

This video and pictures will explain how the videos shown on television were faked

First watch the video and then run the slideshow of the images below. You will be amazed at what you

did not notice when you look at the stills from the video. Then I am sure you will want to watch

the video again and see the obvious things you did not notice the first time.

If you scroll way down, you will see stills from another video shows the missile painted as a commercial

aircraft used for the Pentagon 911 show.

below the videos you can see and can download the still pictures from the video

CLICK ON FIRST IMAGE FOR FULL SIZED SLIDE-SHOW.

Further down below the pictures you will find the full original video.

Previously published related article. http://danieltowsey.wordpress.com/2007/05/09/the-gray-plane-that-no-one-saw/

and do not miss these two 911 articles.

http://danieltowsey.wordpress.com/2010/04/22/how-to-rip-off-your-lease-and-make-billions/  

http://danieltowsey.wordpress.com/2010/12/19/the-911-pentagon-light-pole-props-for-the-big-show/

http://www.youtube.com/watch?v=OvXGyhGHfOc

Here is another video that proves what was used at WTC was not an airplane.

THIS IS WHAT REALLY HAPPENED ON 9/11!!! 100% TRUTh

Part 1

http://www.youtube.com/watch?v=ZN5g5cKPxa4

PART 2

http://www.youtube.com/watch?v=tSnkRol5ghQ

911 CrashPhysics. Steel vs Planes. Deceived again 

http://www.youtube.com/watch?v=4P2EfH_EBRs

SEPTEMBER CLUES : Definitive Edition | 2008 (FULL VERSION)

http://www.youtube.com/watch?v=aWl8mUSDIwU

ACARS Confirmed – 9/11 Aircraft Airborne Long After Crash 

http://beforeitsnews.com/story/1448/244/NL/ACARS_Confirmed_-_9_11_Aircraft_Airborne_Long_After_Crash.html 

CLICK ON FIRST IMAGE for slideshow

 

I highly recommend you watch this video and follow the links to all the evidence of Nuclear Devices ( suitcase nukes) used to bring down the three WTC Buildings

Dimitri Khalezov 911 video – the most prohibited item on the web

http://www.youtube.com/watch?v=a_UsC6GvKf0

This is the intro to the most censored video on the web.
and the powers that be DO NOT want you to watch this

If you want answers to the 911 mystery watch –

” Dimitri Khalezov – WTC Nuclear demolition “


for the full video go here :

http://www.disclose.tv/forum/dimitri-khalezov-wtc-nuclear-demolition-full-playlist-t21675.html

for his Official website :

http://www.dimitri-khalezov-video.com/index.htm

Dimitri Khalezov – WTC Nuclear Demolition 1 to 26  a groundbreaking interview of an ex officer of the Soviet nuclear intelligence
exposing the truth of the 9/11 events
This Video series has been censored all through the web.

* A synopsis of each part is posted on the 1st reply to this post

9/11: The Third Truth – Dimitri Khalezov (1of2 Full)
http://www.youtube.com/watch?v=vNuKAdGlxFo


(Part 1 of 2 Full)

Amazing interview with Dimitri Khalezov, former Nuclear Intelligence officer of the Soviet Union. Because of the Peaceful Nuclear Explosions Treaty of 1976 between the USA and the former USSR and Dimitri’s military role in the USSR’s Nuclear Intelligence division, Dimitri had certain knowledge of the WTC demolition schema, which was required to obtain the original WTC building permit in New York (i.e. NY did not issue a building permit without submitting a demolition schema). Dimitri uses his insider information combined with his military background to explain the events of 911 in depth. He leaves no 911 question unanswered.

In Part 1, Dimitri explains:
– Dimitri Khalezov background
– Planes and explosions
– Pentagon mentioned (explained fully in Part 2)
– Nuclear detonations explained
– WTC1 & WTC2 nuclear demolition

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Support Evidence for Dimitri’s Testimony
http://ac31.blogspot.com/2011/09/support-ing-evidence-for-dimitri.html

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9/11 – Who did it? – Dimitri Khalezov

1) Dimitri interview where he identifies the perpetrator:
http://www.bibliotecapleyades.net/sociopolitica/esp_sociopol_911_154.htm

“The man who planned 9/11, his name is Mike Harari (now 82 or 83 years old) who is a retired counterintelligence specialist and former Deputy Chief of the Mossad ….”

2) Excellent interview with Jim Fetzer where Dimitri discusses Mike Harari and why Mike wanted to meet Dimitri:
http://www.youtube.com/watch?v=1H4Vig_snwQ

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Part 2 of 2 is here: http://www.youtube.com/anthonyc31?v=c39O-ftZboU

http://www.youtube.com/anthonyc31?v=c39O-ftZboU  

Discussion on Alex Jones/Prison Planet that got me BANNED:
http://www.scribd.com/doc/55786486

——————————————————
Edits to original interview include:
– combined 26 parts into 2 parts (2 hours each)
– sped up the video by 20% (kept it slow where you have to read)
– increased the volume
– changed the background music
– chopped off the bumper music between clips
– Content: added 10 minutes of support material from: 911 Coincidences regarding WTC7 (lady commentator), Alex Jones/Mancow discussing Rumsfeld interview and his denial of knowing anything about WTC7, support material about 900+ rescue workers (out of 10,000) getting sick with cancer, and an interview with the chopper cameraman that filmed “Nose Out” video claiming he did not see a plane himself
– Content: removed the FBI section at the beginning because it delayed getting to the good information

Original 26 part interview can be found here along with all evidence presented:
http://www.911-truth.net

9/11: The Third Truth – Dimitri Khalezov (2of2 Full)
http://www.youtube.com/watch?v=c39O-ftZboU


Uploaded by anthonyc31 on May 6, 2011

(Part 2 of 2 Full)

Amazing interview with Dimitri Khalezov, former Nuclear Intelligence officer of the Soviet Union. Because of the Peaceful Nuclear Explosions Treaty of 1976 between the USA and the former USSR and Dimitri’s military role in the USSR’s Nuclear Intelligence division, Dimitri had certain knowledge of the WTC demolition schema, which was required to obtain the original WTC building permit in New York (i.e. NY did not issue a building permit without submitting a demolition schema). Dimitri uses this insider information combined with his military background to explain the events of 911 in depth. He leaves no 911 question unanswered.

In this Part 2, Dimitri explains:
– WTC 7
– Ground Zero definition
– Pentagon missile attack in detail
– Seismic readings
– 911 media manipulation
– F93 crash in Shanksville, PA
– Cell phone calls
– Hijackers
– 911 rescue workers and illness
– Ground Zero cleanup

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Support Evidence for Dimitri’s Testimony
http://ac31.blogspot.com/2011/09/support-ing-evidence-for-dimitri.html
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Part 1 of 2 is here:
http://www.youtube.com/anthonyc31?v=vNuKAdGlxFo

http://www.youtube.com/anthonyc31?v=vNuKAdGlxFo

——————————————————
Discussion on Alex Jones/Prison Planet that got me BANNED:
http://www.scribd.com/doc/55786486

——————————————————
Edits to the original interview include:
– combined 26 parts into 2 parts (2 hours each)
– sped up the video by 20% (kept it slow where you have to read)
– increased the volume
– changed the background music
– chopped off the bumper music between clips
– Content: added 10 minutes of support material from: 911 Coincidences regarding WTC7 (lady commentator), Alex Jones/Mancow discussing Rumsfeld interview and his denial of knowing anything about WTC7, support material about 900+ rescue workers (out of 10,000) getting sick with cancer, and an interview with the chopper cameraman that filmed “Nose Out” video claiming he did not see a plane himself
– Content: removed the FBI section at the beginning because it delayed getting to the good information

Original 26 part interview can be found here along with all evidence presented:
http://www.911-truth.net

http://nucleardemolition.com/
http://nucleardemolition.com/GZero_Report.pdf   RIGHT CLICK SAVE AS
http://www.dimitri-khalezov-video.com/
http://www.911-truth.net/
http://www.dimitri-khalezov-video.com/911thology_Dimitri_Khalezov_video-DVD_download_links.htm

2011 Undeniable new 9/11 WTC DRONE PLANE PROOF (NOT UA 175) MILITARY PLANE

http://www.youtube.com/watch?v=cHHghW4Pg5k

9/11 Fake: Media Make Believe (bee-lie-live)

http://www.youtube.com/watch?v=qFqCU4VdFqo

PROOF ‘PLANE’ WAS HOLOGRAM THAT HIT 9/11

http://www.youtube.com/watch?v=ek-Q0T9wK2g 

http://www.youtube.com/watch?v=ek-Q0T9wK2g

911 is a lie

http://www.youtube.com/watch?v=rOX-sVyPu54 

http://www.youtube.com/watch?v=rOX-sVyPu54 

9/11 WTC – Biggest Gold Heist in History: ~ $300 Billion in Gold Bars

http://www.youtube.com/watch?v=PIs9gtRBd20

Gold Of Nova Scotia Discovered At WTC 10/31/01

http://www.youtube.com/watch?v=h2Uv0C3Q6BM

This picture is at WTC showing the small cruise missile engine on the ground.

2012 – NEWEST 9/11 DOCUMENTARY –

PROOF 9/11 WAS AN INSIDE JOB.mp4

Uploaded by on Jan 4, 2012

Thanks to “Xendrius” for another Outstanding Documentary !

http://www.youtube.com/watch?v=jazdG3-ZETM

Totally fake! But you would still believe it!

Yes you would!

1. Planes are made of light materials like aluminum and fiberglass. Think of them as long beer cans. Even birds can give planes problems.
(If you don’t believe me, see the video “9/11 Fake: Aluminum, Fiberglass & Birds”.)

2. There were many steel core columns supporting both of the Twin Towers. No plane could enter such a structure without being completely destroyed.

3. Two planes were depicted as being inside and intact the Twin Towers, a pair of buildings made with 200,000 tons of steel each.

4. Eyewitnesses: Very few people in New York’s business district actually had a decent view of the South Tower of the WTC. Only a few thousand people at most would have been able to see the South Tower explode. The author of this website has interviewed people who do not believe that they saw a plane strike the South Tower.

Meanwhile, it was a simple matter for the TV networks to keep the eyewitnesses who didn’t see a plane off the air.

5. Both Boeing 767s (i.e., Flights 11 and 175, which supposedly struck the North and South Towers respectively) have 165 foot wingspans. Meanwhile, both the North and South Towers were 210 feet wide. We’re supposed to believe that both planes were entirely inside the tower they hit, with no pieces showing, with only 45 feet of room to spare!

6. United Airlines Flight 175 was shown entering the South Tower like a ghost. When the tip of the plane’s fuselage hits the steel exterior of the South Tower the fuselage should be breaking up. That would cause the wings to break off.

7. Newton’s Third Law of Motion states that “To every action there is an equal and opposite reaction.”. Let’s apply Newton’s Third Law to Flight 175. In the 9/11/01 story, Flight 175 strikes the the South Tower at 450 m.p.h.

Now imagine that the South Tower moved at 450 m.p.h. and struck a stationary Flight 175. We would not expect that Flight 175 would be undamaged. We would not expect that it would simply disappear into the South Tower.

8. There was no audio of ‘Flight 175’ striking the South Tower. This is true even though there were about a dozen videos of the event said to be obtained from lucky amateurs.

9. There are innumerable contradictions with the news reports of planes striking the WTC. (The author’s writing is here.) Just a cursory examination of the 911 news reports can reveal dramatic inconsistencies.

10. There has been massive censorship of the 911 Hoax. Dozens of media sources have exercized a zero tolerance policy for any suggestion that no planes struck the WTC before it was vaporized from exotic weaponry and nuclear weapons.

Why would CBS, The New York Times, The History Channel, Indmedia.org and YouTube.com be censoring the idea so aggressively if real planes hit the Twin Towers?

http://www.youtube.com/watch?v=_i5v_vioaMU

 READER COMMENTS

Thank you , its nice to see someone else in N.S. is awake (check out dallasgoldbug on youtube) quite interesting.!

garfield6767 5

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SablePhoenixBlu1 has made a comment on Fake 911 WTC plane videos:

It’s a relief to know people like you are around; publically, I’ve found them walking around, still believing the fake story. Nothing shown on the news was how things actually were (as you would know) there was no fire ball, the smoke was not so vast; the building did not fall at ‘free fall speed’; it came apart a piece at a time. There was absestos sited by the City of NY & repair to remove would’ve had to been done. (Continued)
(Continuation)
People who work on airport run ways, wear ear protection for a reason. It’s very loud & there not even as close as someone would had to be that day to a landing, yet it was silent, lol. there was no vibration either on the ground.

SablePhoenixBlu1 has replied to your comment on Fake 911 WTC plane videos:

I wanted to compliment you upon your video.Your presentation was interesting and used gave good examples which would make it understandable to various sorts of viewers.

So, good work; and I think you have talent to be in this sort of industry too.

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  • There was also amateur film footage taken of the plane! Still good that you are looking into it though! 9/11 Was Definitely an inside job from all I’ve seen and all the videos I’ve collected over the years!

    TheOccupywallstreet

    Vote UpVote Down
  • really.. can you provide some of that so called amateur footage.. it has never been seen by me or anyone else.. all the videos on line are faked..there was NO live videos on 911

    FolkPhotographer in reply to TheOccupywallstreet

  • There were other videos taken of the plane that day! I’ve been researching for 7 years now collecting videos and articles! We Are Change Dot Org is by the 9/11 family members! Not Occupy!!! 9/11 Press for Truth and Building What Dot Org are by the 9/11 family members! Message by theteapartytrutherdotcom

    TheOccupywallstreet

  • please go to my 911Justice link and have a look at he page or article about five different planes hitting wtc 2..

    FolkPhotographer in reply to TheOccupywallstreet

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Passing thru; I can’t say if it’s true society argues about this jet thing or not; there’s no freedom of the press so one cannot know for sure; but instead of arguing all these other points; which I’m sure some group finds pretty entertaining, a jet’s wider than the structure; so the video shows a ten foot plane soaring around.

A real jet would’ve dwarfed the tower.

SablePhoenixBlu1

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SablePhoenixBlu1 has replied to your comment on Fake 911 WTC plane videos:

You’re welcomed 🙂

SablePhoenixBlu1 has made a comment on Fake 911 WTC plane videos:

(CONT. 2 of 2)
This is terror. Continuing to use various ways to keep people reminded of the story. 9-1-1 emergency #; folding a $20 bill that show image of both NYC & Pentagon, is not a coincidence.
Fake news story’s, Gabriella Gifford shooting, girl victim born Sept 11th. All actors. Take care

SablePhoenixBlu1 has made a comment on Fake 911 WTC plane videos:

HEY FOLK,
I LEFT A COMMENT WHICH WAS ‘FLAGGED AS SPAM, I had been writing to Theoccupywallst commenter here is part of whath I posted:

T.V.,news is fake; sorry for the culture-shock. Even newspapers that run with these stories.
Re: Sept 11th. A silent jet, no noise right? 110′ wide, magically shrinking down to about 10’ when it hits.
This is terror. Continuing to use various ways to keep people reminded of the story.
(CONT. 1 OF 2)

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9-11 Airplane Affidavit By John Lear, Son Of Learjet Inventor

9-11 Airplane Affidavit By John Lear, Son Of Learjet Inventor

http://www.pakalertpress.com/2012/03/27/911-airplane-affidavit-by-john-lear-son-of-learjet-inventor/
Posted by truther on March 27, 2012

 

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

Defendants. :

AFFIDAVIT

STATE OF NEVADA :

COUNTY OF CLARK :

JOHN LEAR, of full age, being duly sworn, deposes and says:

1. I am 65 years of age, a retired airline captain and former CIA pilot with over 19,000 hours of flight time, over 11,000 of which are in command of 3 or 4 engine jet transports, have flown over 100 different types

of aircraft in 60 different countries around the world. I retired in 2001 after 40 years of flying.

2. I am the son of Learjet inventor, Bill Lear, and hold more FAA airman certificates than any other FAA certificated airman. These include the Airline Transport Pilot certificate with 23 type ratings, Flight Instructor, Flight Engineer, Flight Navigator, Ground Instructor, Aircraft Dispatcher, Control Tower Operator and Parachute Rigger.

3. I flew secret missions for the CIA in Southeast Asia, Eastern Europe, the Middle East and Africa between 1967 and 1983.

4. During the last 17 years of my career I worked for several passenger and cargo airlines as Captain, Check Airman and Instructor. I was certificated by the FAA as a North Atlantic (MNPS) Check Airman. I have extensive experience as command pilot and instructor in the Boeing 707, Douglas DC-8 and Lockheed L-1011.

5. I checked out as Captain on a Boeing 707 in 1973 and Captain on the Lockheed L-1011 in 1985.

6. I hold 17 world records including Speed Around the World in a Lear Jet Model 24 set in 1966 and was presented the PATCO (Professional Air Traffic Controller’s Association) award for Outstanding Airmanship in 1968. I am a Senior Vice-Commander of the China Post 1, the American

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Legions Post for “Soldiers of Fortune”, a 24 year member of the Special Operations Association and member of Pilotfor911truth.org.

7. I have 4 daughters, 3 grandchildren and live with my wife of 37 years, Las Vegas business woman Marilee Lear in Las Vegas, Nevada.

II.

8. No Boeing 767 airliners hit the Twin Towers as fraudulently alleged by the government, media, NIST and its contractors. Such crashes did not occur because they are physically impossible as depicted for the following reasons:

A. In the case of UAL 175 going into the south tower, a real Boeing 767 would have begun ‘telescoping’ when the nose hit the 14 inch steel columns which are 39 inches on center. The vertical and horizontal tail would have instantaneously separated from the aircraft, hit the steel box columns and fallen to the ground.

B. The engines when impacting the steel columns would have maintained their general shape and either fallen to the ground or been recovered in the debris of the collapsed building. One alleged engine part was found on Murray Street but there should be three other engine cores weighing over 9000 pounds each. Normal operating temperatures for these engines are 650°C so they could not possibly have burned up. This is a photo of a similar sized engine from a McDonnell-Douglas MD-11 which impacted the ocean at a high rate of speed. You can see that the engine remains generally intact.(photo, http://www.cbsnews.com/stories/2003/03/27/world/main546355. shtml)

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C. When and if the nose of an airplane came in contact with the buildings 14 inch by 14 inch steel box columns and then, 37 feet beyond, the steel box columns of the building core the momentum of the wings would have slowed drastically depriving them of the energy to penetrate the exterior steel box columns. The spars of the wing, which extend outward, could not possibly have penetrated the 14 inch by 14 inch steel box columns placed 39 inches on center and would have crashed to the ground.

D. The argument that the energy of the mass of the Boeing 767 at a speed of 540 mph fails because:

a. No Boeing 767 could attain that speed at 1000 feet

above sea level because of parasite drag which doubles with velocity and parasite power which cubes with velocity.

b. The fan portion of the engine is not designed to accept

the volume of dense air at that altitude and speed.

E. The piece of alleged external fuselage containing 3 or 4 window cutouts is inconsistent with an airplane that hit 14 inch steel box columns, placed 39 inches in center, at over 500 mph. This

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fuselage section would be telescopically crumpled had it actually penetrated the building as depicted in the CNN video. It is impossible for it to have then re-emerged from the building and then fallen intact and unburned as depicted.

F. The Purdue video fails because no significant part of the Boeing 767 or engine thereon could have penetrated the 14 inch steel columns and 37 feet beyond the massive core of the tower without part of it falling to the ground. The Purdue video misrepresents the construction of the core of the building and depicts unidentified parts of the airplane snapping the core columns which were 12?x36?. The Purdue video also misrepresents what would happen to the tail when the alleged fuselage contacted the core. The tail would instantaneously separate from the empennage (aft fuselage). Further, the Purdue video misrepresents, indeed it fails to show, the wing box or center section of the wing in the collision with the core. The wing box is a very strong unit designed to hold the wings together and is an integral portion of the fuselage. The wing box is designed to help distribute the loads of the wings up-and-down flexing in flight.

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G. My analysis of the alleged cutout made by the Boeing 767 shows that many of the 14-inch exterior steel box columns which are shown as severed horizontally, do not match up with the position of the wings. Further, several of the columns through which the horizontal tail allegedly disappeared are not severed or broken. In addition, the wing tips of the Boeing 767 being of less robust construction than the inner portions of the wings could not possibly have made the cookie-cutter pattern as shown in the aftermath photos. The wing tips would have been stopped by the 14 inch steel box columns and fallen to the ground.

H. The debris of the Boeing 767, as found after the

collapse, was not consistent with actual debris had there really been a

crash. Massive forgings, spars from both the wing and horizontal and vertical stabilizers, landing gear retract cylinders, landing gear struts, hydraulic reservoirs and bogeys oxygen bottles, a massive keel beam, bulkheads and the wing box itself cold not possibly have ‘evaporated’ even in a high intensity fire. The debris of the collapse should have contained massive sections of the Boeing 767, including 3 engine cores weighing approximately 9000 pounds apiece which could not have been hidden. Yet there is no evidence of any of these massive structural components from either 767 at the WTC. Such complete disappearance of 767s is impossible.

III.

9. My opinion, based on extensive flight experience both as captain and instructor in large 3 and 4 engine aircraft is that it would have been impossible for an alleged hijacker with little or no time in the Boeing 767 to have taken over, then flown a Boeing 767 at high speed, descending to below 1000 feet above mean sea level and flown a course to impact the twin towers at high speed for these reasons:

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A. As soon as the alleged hijackers sat in the pilots seat of the Boeing 767 they would be looking at an EFIS (Electronic Flight Instrumentation System) display panel comprised of six large multi-mode LCDs interspersed with clusters of ‘hard’ instruments. These displays process the raw aircraft system and flight data into an integrated picture of the aircraft situation, position and progress, not only in the horizontal and vertical dimensions, but also with regard to time and speed as well.

Had they murdered the pilot with a box knife as alleged there would be blood all over the seat, the controls, the center pedestal, the instrument panel and floor of the cockpit. The hijacker would have had to remove the dead pilot from his seat which means he would have had electrically or manually place the seat in its rearmost position and then lifted the murdered pilot from his seat, further distributing blood, making the controls including the throttles wet, sticky and difficult to hold onto.

Even on a clear day a novice pilot would be wholly incapable of taking control and turning a Boeing 767 towards New York because of his total lack of experience and situational awareness under these conditions. The alleged hijackers were not ‘instrument rated’ and controlled high altitude flight requires experience in constantly referring to and cross-checking attitude, altitude and speed instruments. Using the distant horizon to fly ‘visually’ under controlled conditions is virtually impossible particularly at the cruising speed of the Boeing 767 of .80 Mach.

The alleged ‘controlled’ descent into New York on a relatively straight course by a novice pilot in unlikely in the extreme because of the difficulty of controlling heading, descent rate and descent speed within the parameters of ‘controlled’ flight.

Its takes a highly skilled pilot to interpret the “EFIS” (Electronic Flight Instrument Display) display, with which none of the hijacker pilots would have been familiar or received training on, and use his controls, including the ailerons, rudder, elevators, spoilers and throttles to effect, control and maintain a descent. The Boeing 767 does not fly itself nor does it automatically correct any misuse of the controls.

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B. As soon as the speed of the aircraft went above 360 knots (=414 mph) indicated airspeed a “clacker” would have sounded in the cockpit. The ‘clacker’ is a loud clacking sound, designed to be irritating, to instantly get the attention of the pilot that he is exceeding the FAA-authorized speed of the aircraft. The clacker had no circuit breaker on September 11, 2001 although it does now simply because one or more accidents were caused, in part, by the inability to silence the clacker which made decision, tempered with reasoning, impossible because of the noise and distraction.

C. Assuming, however, that the alleged hijacker was able to navigate into a position to approach the WTC tower at a speed of approximately 790 feet per second the alleged hijacker would have about 67 seconds to navigate the last 10 miles. During that 67 seconds the pilot would have to line up perfectly with a 208 ft. wide target (the tower) and stay lined up with the clacker clacking plus the tremendous air noise against the windshield and the bucking bronco-like airplane, exceeding the Boeing 767 maximum stability limits and encountering early morning turbulence caused by rising irregular currents of air.

He would also have to control his altitude with a high degree of

precision and at the alleged speeds would be extremely difficult.

In addition to this the control, although hydraulically boosted, would be very stiff. Just the slightest control movements would have sent the airplane up or down at thousands of feet a minute. To propose that an alleged hijacker with limited experience could get a Boeing 767 lined up with a 208 foot wide target and keep it lined up and hold his altitude at exactly 800 feet while being aurally bombarded with the clacker is beyond the realm of possibility. [NIST claims a descent from horizontal angle of 10.6 degrees for AA11 at impact and 6 degrees for UA175; see page 276 of 462 in NCSTAR 1-2].

That an alleged hijacker could overcome all of these difficulties and hit a 208 foot wide building dead center at the north tower and 23 feet east of dead center at the south tower is simply not possible. At the peak of my proficiency as a pilot I know that I could not have done it on the first pass. And for two alleged hijackers, with limited

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experience to have hit the twin towers dead center on September 11, 2001 is total fiction. It could not happen.

IV.

10. No Boeing 767 airliner(s) exceeded 500 mph in level flight at approximately 1000 feet on 9/11 as fraudulently alleged by the government, media, NIST and its contractors because they are incapable of such speeds at low altitude.

11. One of the critical issues of the ‘impossible’ speeds of the aircraft hitting the World Trade Center Towers alleged by NIST as 443 mph (385 kts. M.6, American Airlines Flight 11) and 542 mph (470 kts. M.75, United Airlines 175) is that the VD or dive velocity of the Boeing 767 as certificated by the Federal Aviation under 14 CFR Part 25 Airworthiness Standards; Transport Category Transports of 420 kts CAS (Calibrated Air Speed) makes these speeds achievable. This is unlikely.

12. The ‘Dive Velocity’ VD is 420 knots CAS (calibrated airspeed)(483 mph). Some allege that this speed, 420 knots (483 mph) is near enough to the NIST alleged speeds that the NIST speeds 443 (385 kts.) mph and 542 mph (471 kts.), could have been flown by the alleged hijackers and are probably correct.

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13. In fact VD of 420 knots (483 mph) is a speed that is a maximum for certification under 14 CFR Part 25.253 High Speed Characteristics and has not only not necessarily been achieved but is far above VFC (390 kts. 450 mph) which is the maximum speed at which stability characteristics must be demonstrated.(14 CFR 25.253 (b).

14. What this means is not only was VD not necessarily achieved but even if it was, it was achieved in a DIVE demonstrating controllability considerably above VFC which is the maximum speed under which stability characteristics must be demonstrated. Further, that as the alleged speed is considerably above VFC for which stability characteristics must be met, a hijacker who is not an experienced test pilot would have considerable difficulty in controlling the airplane, similar to flying a bucking bronco, much less hitting a 208 foot target dead center, at 800 feet altitude (above mean sea level) at the alleged speed.

15. Now to determine whether or not a Boeing 757 or Boeing 767 could even attain 540 miles per hour at 800 feet we have to first consider what the drag versus the power ratio is.

Drag is the effect of the air pushing against the frontal areas of the fuselage and wing and horizontal and vertical stabilizers. Drag also includes the friction that is a result of the air flowing over these surfaces. If there was no drag you could go very fast. But we do have drag and there are 2 types: induced and parasite. Assume we are going

10

really fast as NIST and the defendants claim, then we don’t have to consider induced drag because induced drag is caused by lift and varies inversely as the square of the airspeed. What this means is the faster you go the lower the induced drag.

What we do have to consider is parasite drag. Parasite drag is any drag produced that is not induced drag. Parasite drag is technically called ‘form and friction’ drag. It includes the air pushing against the entire airplane including the engines, as the engines try to push the entire airplane through the air.

16. We have two other things to consider: induced power and

parasite power.

Induced power varies inversely with velocity so we don’t have to consider that because we are already going fast by assumption and it varies inversely.

Parasite power however varies as the cube of the velocity which

means to double the speed you have to cube or have three times the power.

17. So taking these four factors into consideration we are only concerned with two: parasite power and parasite drag, and if all other factors are constant, and you are level at 800 feet and making no turns, the parasite drag varies with the square of the velocity but parasite power varies as the cube of the velocity.

What this means is at double the speed, drag doubles and the power required to maintain such speed, triples.

The airspeed limitation for the Boeing 767 below approximately 23,000 feet is 360 kts [414 mph] or what they call VMO (velocity maximum operating).

11

That means that the maximum permissible speed of the Boeing 767 below 23,000 feet is 360 knots and it is safe to operate the airplane at that speed but not faster.

18. While the Boeing 767 can fly faster and has been flown faster during flight test it is only done so within carefully planned flight test programs. We can safely infer that most commercial 767 pilots have never exceeded 360 knots indicated air speed below 23,000 feet.

19. The alleged NIST speed of 443 mph (385 kts,) for American Airlines Flight 11 would be technically achievable. However the NIST speed of 542 mph (470 kts) for United Airlines Flight 175 which is 50 kts. above VD is not commensurate with and/or possible considering:

(1) the power available,* **

(2) parasite drag (NAVAIR 00-80T-80 Aerodynamics for Naval Aviators

(3) parasite power (NAVAIR 00-80T-80 Aerodynamics for Naval Aviators

(4) the controllability by a pilot with limited experience. 14 CFR Part 25.253 (a)(b)

* www.ntsb.gov/ntsb/GenPDF.asp?id=DCA01MA063&rpt=fa 

** www.content.airbusworld.com/SITES/Certification_Register/PDF-tcds/PW/PW4000_FAA.pdf  RIGHT CLICK TO DOWNLOAD

20. Therefore the speed of the aircraft, that hit the World Trade Center, as represented by NIST, particularly that of United Airlines Flight 175 is fraudulent and could not have occurred.

12

21. One more consideration is the impossibility of the PW4062 turbofan engines to operate in dense air at sea level altitude at high speed.

The Boeing 767 was designed to fly at high altitudes at a maximum Mach of .86 or 86/100ths the speed of sound. This maximum speed is called MMO, (Maximum Mach Operating). Its normal cruise speed, however, is Mach .80 (about 530 mph) or less, for better fuel economy. (The speed of sound at 35,000 feet is 663 mph so 530 mph is Mach .7998 see http://www.grc.nasa.gov/WWW/K-12/airplane/sound.html.)

The fan tip diameter of the PW4062 which powered UAL 175 was 94 inches, over 7 feet in diameter making it, essentially a huge propeller.

This huge fan compresses enormous amount of air during takeoff to produce the thrust necessary to get the airplane off of the ground and into the air.

At high altitudes, in cruise, where the air is much thinner and where the engines are designed to fly at most of the time, the fan and turbine sections are designed to efficiently accept enormous amounts of this thin air and produce an enormous amount of thrust.

But at low altitudes, in much denser air, such as one thousand feet, where the air is over 3x as dense as at 35,000 feet, going much faster than Vmo or 360 knots, the air is going to start jamming up in the engine simply because a turbofan engine is not designed to take the enormous quantities of dense air at high speed, low altitude flight. Because of the much denser air the fan blades will be jammed with so much air they will start cavitating or choking causing the engines to start spitting air back out the front. The turbofan tip diameter is over 7 feet; it simply cannot accept that much dense air, at that rate, because they aren’t designed to.

So achieving an airspeed much over its Vmo which is 360 knots isn’t going to be possible coupled with the fact that because the parasite drag increases as the square of the speed and the power

13

required increases as the cube of the speed you are not going to be able to get the speed with the thrust (power) available.

It can be argued that modern aerodynamic principles hold that if an aircraft can fly at 35,000 ft altitude at 540 mph (~Mach 0.8), and for a given speed, both engine thrust and airframe drag vary approximately in proportion to air density (altitude), that the engine can produce enough thrust to fly 540 mph at 800 ft. altitude.

That argument fails because although the engine might be theoretically capable of producing that amount of thrust, the real question is can that amount of thrust be extracted from it at 540 mph at 800 ft.

22, To propose that a Boeing 767 airliner exceeded its designed limit speed of 360 knots by 127 mph to fly through the air at 540 mph is simply not possible. It is not possible because of the thrust required and it’s not possible because of the engine fan design which precludes accepting the amount of dense air being forced into it.

23. I am informed that the lawsuit for which this affidavit is intended is in its preliminary, pre-discovery phase. I am further informed that actual eyewitness statements cast considerable doubt on the jetliner crash claims, irrespective of the media-driven impression that there were lots of witnesses. In fact, the witnesses tend, on balance, to confirm there were no jetliner crashes. I am also informed that information that will enable further refinement of the issues addressed in this affidavit will be forthcoming in discovery including, without limitation, the opportunity to

14

take depositions and to request relevant documentation (additional information). When that additional information is obtained, I will then be in a position to offer such other and further opinions as, upon analysis, that additional information will mandate.

24. At this stage, it cannot properly be assumed, much less asserted

as factual, that wide-body jetliners crashed into the then Twin Towers of the WTC. Any declaration that such events occurred must be deemed false and fraudulently asserted, video images notwithstanding.

Notes:

1. On any chart plotting velocity versus either drag or thrust required or power required the parasite value rises sharply after 300 kts,

2. On any chart plotting velocity versus thrust or power required the curves rises sharply after 250 kts.

3. On any chart plotting velocity versus thrust required at sea level, the curve rises dramatically above 200 kts as does the curve for power required.

I swear the above statements to be true to the best of my knowledge.

_/s/ John Olsen Lear___________

John Olsen Lear

1414 N. Hollywood Blvd.

Las Vegas, NV 89110-2006

Subscribed and Sworn to before

me this 24 day of January 2008.

/s/ Connie Jones______________

Notary Public/Appt Exp. 11/22/09

Certificate #94-2650-1

15

This is the page for the Boeing 767-200 Type Data Certificate information from which was used in this affidavit:

http://rgl.faa.gov/Regulatory_and_Guidance_library/rgMakeModel.nsf/0/15302e51a401f11a8625718b00658962/$FILE/A1NM.pdf RIGHT CLICK TO DOWNLOAD

This is the page that shows how dive tests are conducted:

www.flightsimaviation.com/data/FARS/part_25-335.html

This is the page for the type data certificate for the engines used on UAL175

www.content.airbusworld.com/SITES/Certification_Register/PDF-tcds/PW/PW4000_FAA.pdf  RIGHT CLICK TO DOWNLOAD

This is the page that shows the type of engine used on the MD-11 that crashed into the ocean. (photo attached)

www.bst.gc.ca/en/reports/air/1998/a98h0003/01report/01factual/rep1_06_01.asp 

911 CrashPhysics. Steel vs Planes. Deceived again

911 CrashPhysics. Steel vs Planes. Deceived again


http://911scholars.ning.com/forum/topics/zero-interaction-physics-or

No Crash.

Watch as ENTIRE airplane- Wing, wing tip, tail section SLICES thru STEEL! It completely enters the structure w/o a reaction.

You would never believe using your good common sense and simple physics. But because you “saw it” on tv & were told what you saw.

“It must be true”.

“Ghost Plane”
From the INSTANT of a real plane hitting the 4 inch steel of the tower, the plane’s nose would be GONE & a shockwave would have

traveled down the plane at 5000 mph and would have deformed the back of the plane almost instantaneously or caused it to break off.

http://911scholars.ning.com/forum/topics/zero-interaction-physics-or

So the plane also shows zero interaction physics or zero crash physics.

Saturday, July 18, 2009
Zero Interaction Physics or Zero Crash Physics
by The Anonymous Physicist

In looking over some of the CGI videos of the second tower hit, I realized that perhaps no one before has summarized some matters

of what is and isn’t on these CGI videos. And that this summary is also a good, accurate catch phrase for the 9/11 truth community.

Now many have stated that the videos of the “second hit” show impossible crash physics. In a sense this is very true.

But that summary may beg the issue. After all what do we have on these CGI videos? I suggest we focus now on the tower.

I assert that we have NO INTERACTION PHYSICS or NO CRASH PHYSICS!

In the first few “plane entering tower” frames of the videos, what some have called “melding” occurs.

That is the front part of the plane appears to DISAPPEAR into the tower–without ANY interaction of the tower. Very importantly,

I could state this better WITHOUT THE WORD “INTO,” as I assert this CGI video just has the plane image sequentially disappear,

and not “into” anything! Now one video, the Spiegel [German TV] video

http://www.youtube.com/watch?v=S-hlbw4a40Q

has a close-up view from the side. It purports to show a flash at the surface of the tower just before the plane “enters.”

This led to the hangout/distraction of pods and missiles fired. Then the Hezarkhani video

http://www.youtube.com/watch?v=stdfd6hLGWA

of the frontal view shows–in the first frames–the “melding” or disappearing of the front of the plane,

along with first a white puff or two, and later frames have gray puffs.

But the curious thing is two-fold.

1. First all these puffs appear to be at the surface of the tower.

2. Nothing is shown to happen to the tower, at least while the front half of the plane is “entering.”

Thus all these puffs appear to be painted onto the tower’s surface.

This includes the alleged “missile fired from pod” bright orange puffball (seen from the side),

and the white and then gray puffballs seen from the front. All the puffballs do not have any accompanying tower damage at all.

No tower damage can be seen until much later in these GCI videos.

They contain zero interaction physics or zero crash physics.

Both the above side and front videos merely have puffballs painted on to the surface of the

tower–until after about half the plane or more has “entered.”

The side view has only the initial orange puffball. It’s either pretending to be a pre-entry puffball, or the initial contact moment.

Then there are no other puffballs until much of the plane has “entered.” And no interaction physics as well.

Now the tower CANNOT have waited to display interaction physics– pieces breaking off, or bending,

some going inward some possibly even breaking off and falling out and such– or crash physics.

In the real world, it would be there from the instant the tip of the nosecone hit the tower. A

nd puffballs painted onto the surface of the tower do not constitute interaction physics.

I have also written that from the moment of a real plane hitting the 4 inch steel of the tower,

a shockwave would have traveled down the plane at 5000 mph and would have deformed the back of the plane almost

instantaneously or caused it to break off.

http://covertoperations.blogspot.ca/2008/06/further-proving-911-plane-hits-are.html

So the plane also shows zero interaction physics or zero crash physics.

So no attempt to show the interaction of the plane and tower was employed in the CGI software used to create the second hit “videos.”

Simplistic puffballs were painted on to the SURFACE of the tower.

And at least for the first half of the “second plane” disappearing into the tower,

there is zero interaction physics or zero crash physics, not merely impossible crash physics.

Now a method used in the analysis of the Zapruder film of the Kennedy Assassination might be useful here. Except of course,

it may not be needed, or work here. Why? Because the Zapruder film versions that we are allowed to see,

at least had their origin in a real film, whereas the WTC/9/11 “second hit videos” appear to be entirely CGI.

Now all real JFK researchers know that the Zapruder film versions that we are allowed to see have been massively doctored.

There are many missing frames, and altered frames, and a moving background is added in, when the limousine was brought to a halt,

and much else. I have seen some 15 versions or more–none of which is accurate based on eyewitness testimony.

But some Z-frames are relevant here.

Frame 313 http://www.assassinationresearch.com/zfilm/z313.jpg

is the fatal head shot frame; and you can even see the end of the gun of the shooter/driver, SS [Secret Service] agent, William Greer,

as the it goes past the curvature of the head of S.S. agent Kellerman.

The side flap, the back of the head, and the spray coming off the head of Kennedy have been analyzed, and are predominantly bogus.

Here are frames 321 http://www.assassinationresearch.com/zfilm/z321.jpg , and 335

http://www.assassinationresearch.com/zfilm/z335.jpg to make this clear.

Now the side flap is known to be painted in because of both analysis and the eyewitness accounts from the Parkland Hospital doctors

and Bethesda autopsy viewers.

But my main point here is that some of these frames show an intact back of Kennedy’s head when numerous witnesses,

again at Parkland and Bethesda, have stated that a good portion of the back of his skull was missing.

And dot density analysis was used to verify this.

That is, Kennedy’s brown hair was found, in these painted in frames, to be far more black than anything else in the frames that really was black.

The black dot density [black dots per square millimeter] of JFK’s back of head far superseded anything in the frames that really was black.

Some type of similar analysis of the various puffballs could be attempted by the experts in this regard. Of course,

this discussion indicates it isn’t even necessary as there is zero interaction physics or zero crash physics of the tower and the plane for at

least the first half of the plane “entering” the tower. And we are apparently dealing with total CGI here.

Adding on puffballs of differing colors to the SURFACE of the tower does not afford interaction physics or crash physics at all!

That is the tower remains PRISTINE for far too long a time.

While some could analyze all these painted on surface puffballs, the terms zero interaction physics or zero crash physics should be

employed by actual 9/11 truthers, as it may be stronger, more relevant and more understandable than saying impossible crash physics.

And it should also be proclaimed that the tower on these fake CGI videos remains PRISTINE for far too long a time to remind people we are

dealing with the same monsters that should have been eradicated when they killed President Kennedy, and invented the pristine bullet.

It too claimed to be pristine and show no interaction despite the claim that it hit some five bones in two people.
And BTW, for those who still doubt that no planes hit the towers on 9/11, consider the following.

You can be sure that the perpetrators– the Regime’s military and intel agencies– took many videos of what they were doing (for various reasons).

Likely they took videos from their helicopters and planes flying nearby or overhead, from satellites, and from intel assets in nearby buildings,

and on the ground. If ANY of them showed real planes, and real interaction physics, they would have released these by now.

This, together with how numerous people have done fine work for over five years now documenting that all the released videos are bogus CGI, cements the case.

I should include that I have no doubt that the regime could have put better CGI on TV. See for example, the 1997 movie “Contact.”

When the first huge worm-hole device is destroyed, one piece of it is exploded, and falls onto the rest of it.

There is much INSTANTANEOUS interaction physics simulated, and it looks pretty real– even though the structure is quite elaborate, and entirely CGI.

Now the regime, some four years later, and with likely vastly superior CGI capability at its intel agencies, could have put plane hit videos, on TV,

that contained some, or much, interaction physics, but chose not to.

This has traditionally been the case with their most dastardly deeds. With the Kennedy Assassination,

the Pearl Harbor set-up, Gulf of Tonkin non-incident, the Apollo Hoax, and other events, either at the time they happened, or some time thereafter,

everything the Gov’t says is a lie, and often a physical impossibility– and this is clear to the intelligentsia. Those who can think and change can see this.

But most people cannot easily think and change; and that difficulty is created and enforced by the Govt, the media, education, religion, etc.

I saw Spooked recently put up an acronym for this– MITOP: Made It Transparent On Purpose.

It agrees with what I have written. From the beginning, I have cited everything from the jet’s wings blinking in and out of existence, to the words of videographer,

Evan Fairbanks, when he got his video from the FBI and saw that the jet/tower interaction looked like “bad special effects,

” to Larry Silverstein’s “pull it” WTC7 quote, that the PTB were telling the intelligentsia that the regime itself were the perpetrators. MITOP is meant to instill fear,

helplessness, depression, schizoid behavior, and ultimately paralysis in those who can think and change, so as to try to stop them from ACTING on what they have realized.

The way to counter this is to ACT.

For now please consider using these new terms for what is claimed during the planes first half “entry”/disappearance:

Zero Interaction Physics or

Zero Crash Physics

Pristine Tower

AN ASIA TIMES ONLINE EXCLUSIVE INVESTIGATION

AN ASIA TIMES ONLINE EXCLUSIVE INVESTIGATION
Insider trading 9/11 … the facts laid bare
By Lars Schall

 

http://www.atimes.com/atimes/Global_Economy/NC21Dj05.html


Is there any truth in the allegations that informed circles made substantial profits in the financial markets in connection to the terror attacks of September 11, 2001, on the United States?

Arguably, the best place to start is by examining put options, which occurred around Tuesday, September 11, 2001, to an abnormal extent, and at the beginning via software that played a


key role: the Prosecutor’s Management Information System, abbreviated as PROMIS. [i]

PROMIS is a software program that seems to be fitted with almost “magical” abilities. Furthermore, it is the subject of a decades-long dispute between its inventor, Bill Hamilton, and various people/institutions associated with intelligence agencies, military and security consultancy firms. [1]

One of the “magical” capabilities of PROMIS, one has to assume, is that it is equipped with artificial intelligence and was apparently from the outset “able to simultaneously read and integrate any number of different computer programs or databases, regardless of the language in which the original programs had been written or the operating systems and platforms on which that database was then currently installed.” [2]

And then it becomes really interesting:
What would you do if you possessed software that could think, understand every major language in the world, that provided peep-holes into everyone else’s computer “dressing rooms”, that could insert data into computers without people’s knowledge, that could fill in blanks beyond human reasoning, and also predict what people do – before they did it? You would probably use it, wouldn’t you? [3]
Granted, these capabilities sound hardly believable. In fact, the whole story of PROMIS, which Mike Ruppert develops in the course of his book Crossing the Rubicon in all its bizarre facets and turns, seems as if someone had developed a novel in the style of Philip K Dick and William Gibson. However, what Ruppert has collected about PROMIS is based on reputable sources as well as on results of personal investigations, which await a jury to take a first critical look at.

This seems all the more urgent if you add to the PROMIS capabilities “that it was a given that PROMIS was used for a wide variety of purposes by intelligence agencies, including the real-time monitoring of stock transactions on all the world´s major financial markets”. [4]

We are therefore dealing with a software that
a) Infiltrates computer and communication systems without being noticed.
b) Can manipulate data.
c) Is capable to track the global stock market trade in real time.

Point c is relevant to all that happened in connection with the never completely cleared up transactions that occurred just before September 11, [5] and of which the former chairman of the Deutsche Bundesbank Ernst Weltke said “could not have been planned and carried out without a certain knowledge”. [6]

I specifically asked financial journalist Max Keiser, who for years had worked on Wall Street as a stock and options trader, about the put option trades. Keiser pointed out in this context that he “had spoken with many brokers in the towers of the World Trade Center around that time. I heard firsthand about the airline put trade from brokers at Cantor Fitzgerald days before.” He then talked with me about an explosive issue, on which Ruppert elaborated in detail in Crossing the Rubicon.
Max Keiser: There are many aspects concerning these option purchases that have not been disclosed yet. I also worked at Alex Brown & Sons (ABS). Deutsche Bank bought Alex Brown & Sons in 1999. When the attacks occurred, ABS was owned by Deutsche Bank. An important person at ABS was Buzzy Krongard. I have met him several times at the offices in Baltimore. Krongard had transferred to become executive director at the CIA. The option purchases, in which ABS was involved, occurred in the offices of ABS in Baltimore. The noise which occurred between Baltimore, New York City and Langley was interesting, as you can imagine, to say the least.
Under consideration here is the fact that Alex Brown, a subsidiary of Deutsche Bank (where many of the alleged 9/11 hijackers handled their banking transactions – for example Mohammed Atta) traded massive put options purchases on United Airlines Company UAL through the Chicago Board Option Exchange (CBOE) – “to the embarrassment of investigators”, as British newspaper The Independent reported. [7]

On September 12, the chairman of the board of Deutsche Bank Alex Brown, Mayo A Shattuck III, suddenly and quietly renounced his post, although he still had a three-year contract with an annual salary of several million US dollars. One could perceive that as somehow strange.

A few weeks later, the press spokesperson of the Central Intelligence Agency (CIA) at that time, Tom Crispell, declined all comments, when he was contacted for a report for Ruppert´s website From the Wilderness, and had being asked “whether the Treasury Department or FBI [Federal Bureau of Investigation] had questioned CIA executive director and former Deutsche Bank-Alex Brown CEO [chief executive officer], A B ‘Buzzy’ Krongard, about CIA monitoring of financial markets using PROMIS and his former position as overseer of Brown’s ‘private client’ relations.” [8]

Just before he was recruited personally by former CIA chief George Tenet for the CIA, Krongard supervised mainly private client banking at Alex Brown. [9]

In any case, after 9/11 on the first trading day, when the US stock markets were open again, the stock price of UAL declined by 43%. (The four aircraft hijacked on September 11 were American Airlines Flight 11, American Airlines Flight 77 and UAL flights 175 and 93.)

With his background as a former options trader, Keiser explained an important issue to me in that regard.
Max Keiser: Put options are, if they are employed in a speculative trade, basically bets that stock prices will drop abruptly. The purchaser, who enters a time-specific contract with a seller, does not have to own the stock at the time when the contract is purchased.
Related to the issue of insider trading via (put or call) options there is also a noteworthy definition by the Swiss economists Remo Crameri, Marc Chesney and Loriano Mancini, notably that an option trade may be “identified as informed” – but is not yet (legally) proven – “when it is characterized by an unusual large increment in open interest and volume, induces large gains, and is not hedged in the stock market”. [10]

Open interest describes contracts which have not been settled (been exercised) by the end of the trading session, but are still open. Not hedged in the stock market means that the buyer of a (put or call) option holds no shares of the underlying asset, by which he might be able to mitigate or compensate losses if his trade doesn’t work out, or phrased differently: one does not hedge, because it is unnecessary, since one knows that the bet is one, pardon, “dead sure thing.” (In this respect it is thus not really a bet, because the result is not uncertain, but a foregone conclusion.)

In this case, the vehicle of the calculation was “ridiculously cheap put options which give the holder the ‘right’ for a period of time to sell certain shares at a price which is far below the current market price – which is a highly risky bet, because you lose money if at maturity the market price is still higher than the price agreed in the option. However, when these shares fell much deeper after the terrorist attacks, these options multiplied their value several hundred times because by now the selling price specified in the option was much higher than the market price. These risky games with short options are a sure indication for investors who knew that within a few days something would happen that would drastically reduce the market price of those shares.” [11]

Software such as PROMIS in turn is used with the precise intent to monitor the stock markets in real time to track price movements that appear suspicious. Therefore, the US intelligence services must have received clear warnings from the singular, never before sighted transactions prior to 9/11.

Of great importance with regard to the track, which should lead to the perpetrators if you were seriously contemplating to go after them, is this:
Max Keiser: The Options Clearing Corporation has a duty to handle the transactions, and does so rather anonymously – whereas the bank that executes the transaction as a broker can determine the identity of both parties.
But that may have hardly ever been the intention of the regulatory authorities when the track led to, amongst others, Alvin Bernard “Buzzy” Krongard, Alex Brown & Sons and the CIA. Ruppert, however, describes this case in Crossing the Rubicon in full length as far as possible. [12]

In addition, there are also ways and means for insiders to veil their tracks. In order to be less obvious, “the insiders could trade small numbers of contracts. These could be traded under multiple accounts to avoid drawing attention to large trading volumes going through one single large account. They could also trade small volumes in each contract but trade more contracts to avoid drawing attention. As open interest increases, non-insiders may detect a perceived signal and increase their trading activity. Insiders can then come back to enter into more transactions based on a seemingly significant trade signal from the market. In this regard, it would be difficult for the CBOE to ferret out the insiders from the non-insiders, because both are trading heavily.” [13]

The matter which needs clarification here is generally judged by Keiser as follows:
Max Keiser: My thought is that many (not all) of those who died on 9/11 were financial mercenaries – and we should feel the same about them as we feel about all mercenaries who get killed. The tragedy is that these companies mixed civilians with mercenaries, and that they were also killed. So have companies on Wall Street used civilians as human shields maybe?
According to a report by Bloomberg published in early October 2001, the US Securities and Exchange Commission (SEC) began a probe into certain stock market transactions around 9/11 that included 38 companies, among them: American Airlines, United Airlines, Continental Airlines, Northwest Airlines, Southwest Airlines, Boeing, Lockheed Martin Corp., American Express Corp., American International Group, AXA SA, Bank of America Corp., Bank of New York Corp., Bear Stearns, Citigroup, Lehman Brothers Holdings Inc., Morgan Stanley, General Motors and Raytheon. [14]

So far, so good. In the same month, however, the San Francisco Chronicle newspaper reported that the SEC took the unprecedented step to deputize hundreds, if not even thousands of key stakeholders in the private sector for their investigation. In a statement that was sent to almost all listed companies in the US, the SEC asked the addressed companies to assign senior staff for the investigation, who would be aware of “the sensitive nature” of the case and could be relied on to “exercise appropriate discretion”. [15]

In essence, it was about controlling information, not about provision and disclosure of facts. Such a course of action involves compromising consequences. Ruppert:
What happens when you deputize someone in a national security or criminal investigation is that you make it illegal for them to disclose publicly what they know. Smart move. In effect, they become government agents and are controlled by government regulations rather than their own conscience. In fact, they can be thrown into jail without a hearing if they talk publicly. I have seen this implied threat time after time with federal investigators, intelligence agents, and even members of United States Congress who are bound so tightly by secrecy oaths and agreements that they are not even able to disclose criminal activities inside the government for fear of incarceration. [16]
Among the reports about suspected insider trading which are mentioned in Crossing the Rubicon/From the Wilderness is a list that was published under the heading “Black Tuesday: The World’s Largest Insider Trading Scam?” by the Israeli Herzliyya International Policy Institute for Counterterrorism on September 21, 2001:
Between September 6 and 7, the CBOE 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. (Note: AXA also owns more than 25% of American Airlines stock, making the attacks a “double whammy” for them.) [17]

Concerning the statements of the former chairman of the Deutsche Bundesbank Ernst Welteke, their tenor in various press reports put together is as follows:
German central bank president Ernst Welteke later reports that a study by his bank indicates, “There are ever clearer signs that there were activities on international financial markets that must have been carried out with the necessary expert knowledge,” not only in shares of heavily affected industries such as airlines and insurance companies, but also in gold and oil. [Daily Telegraph, 9/23/2001] His researchers have found “almost irrefutable proof of insider trading”. [Miami Herald, 9/24/2001] “If you look at movements in markets before and after the attack, it makes your brow furrow. But it is extremely difficult to really verify it.” Nevertheless, he believes that “in one or the other case it will be possible to pinpoint the source”. [Fox News, 9/22/2001] Welteke reports “a fundamentally inexplicable rise” in oil prices before the attacks [Miami Herald, 9/24/2001] and then a further rise of 13 percent the day after the attacks. Gold rises nonstop for days after the attacks. [Daily Telegraph, 9/23/2001] [18]
Related to those observations, I sent a request via e-mail to the press office of the Deutsche Bundesbank on August 1, 2011, from which I was hoping to learn:
How did the Bundesbank deal with this information? Did US federal agencies ask to see the study? With whom did the Bundesbank share this information? And additionally: 1. Can you confirm that there is such a study of the Bundesbank concerning 9/11 insider trading, which was carried out in September 2001?
2. If Yes: what is the title?
3. If Yes: who were the authors?
4. If Yes: has the study ever been made available to the public?

On August 2, I was then informed: “Your mail has been received by us and is being processed under the number 2011 / 011551.” Ultimately, however, the press office of the Deutsche Bundesbank was only available for an oral explanation on the phone. With this explanation, I then turned to the press office of the federal financial regulator in Germany, the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, with the following e-mail – and that because of obvious reasons:
Yesterday, I sent a request (see end of this e-mail) to the press office of the Deutsche Bundesbank relating to insider trading connected to the terrorist attacks on September 11, 2001, and respectively relating to an alleged study carried by the Deutsche Bundesbank. The request carries the reference number 2011 / 011551.

The press office or respectively Mr Peter Trautmann was only available for an oral explanation. I repeat this now, because it is related to your entity. This will be followed by my further questions.

According to an oral explanation from the press office of the Deutsche Bundesbank, there has never been a detailed and official study on insider trading from the Bundesbank. Rather, there has been probably ad-hoc analysis with corresponding charts of price movements as briefings for the Bundesbank board. In addition, it would have been the duty of the Bundesfinanzaufsicht to investigate this matter. The press office of the Bundesbank was also not willing to give out any written information, not even after my hint that this alleged study by the Bundesbank has been floating around the Internet for years without any contradiction. That was the oral information from the Bundesbank press office, or respectively from Mr Peter Trautmann.

Now my questions for you:
1. Has the BaFin ever investigated the 9/11 insider trading?
2. With what result? Have the results been made public?
3. Have there not been any grounds for suspicion that would have justified an investigation, for example as damaged enterprise: Munich Re, and as buyers of put options of UAL’s United Airlines Company: Deutsche Bank/Alex Brown?
4. Has the Deutsche Bundesbank ever enquired with BaFin what information they have regarding the 9/11 insider trading – for example for the creation of ad-hoc analysis for the Bundesbank?
5. Have the US federal agencies ever inquired if the BaFin could cooperate with them in an investigation?
Could you reply to me in writing, unlike the Deutsche Bundesbank, please? I would be very grateful for that!
The next day I did indeed receive an e-mail concerning this topic from Anja Engelland, the press officer of the BaFin in which she answered my questions as follows:
1. Yes, the former Bundesaufsichtsamt fur Wertpapierhandel, BAWe (federal supervisory for securities trading), has carried out a comprehensive analysis of the operations.
2. As a result, no evidence of insider trading has been found. Their approach and results have been published by the BAWe or BaFin in the annual reports for the years 2001 (cf S 26/27) and 2002 (cf p 156 above first paragraph). Here are the links. [See here and here.]
3. See annual reports 2001 and 2002. Put options on United Airlines were not traded on German stock exchanges (the first EUREX options on US equities were introduced only after the attacks on 9/11/2001); there were warrants on UAL and other US stocks, but those traded only in low volumes.
4. I personally do not know about such a request. Furthermore, the Bundesbank itself would have to comment on this.
5. BaFin is fundamentally entitled to the exchange of information with foreign supervisory authorities, like SEC, on the basis of written agreements, so-called memoranda of understanding (MoU). Regarding potential inquiries from foreign supervisory authorities, the BaFin can unfortunately not comment, this would be a matter of respective authority. For this I ask for understanding.
Then I wrote another brief note to BaFin, “in order to prevent any misunderstanding: your answers refers, as far as I understand, solely to the financial markets in Germany and Frankfurt, or not?” The reply from BaFin:
The answers refer to the German financial market as a whole and not only on the Frankfurt Stock Exchange. In terms of the assessment of foreign financial markets, the relevant authorities are the competent points of contact.
In my inquiries, I mentioned, among other things, a scientific study by US economist Allen M Poteshman from the University of Illinois at Urbana-Champaign, which had been carried out in 2006 regarding the put option trading around 9/11 related to the two airlines involved, United Airlines and American Airlines. Poteshman came to this conclusion: “Examination of the option trading leading up to September 11 reveals that there was an unusually high level of put buying. This finding is consistent with informed investors having traded options in advance of the attacks.” [19]

 

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AN ASIA TIMES ONLINE EXCLUSIVE INVESTIGATION
Insider trading 9/11 … the facts laid bare


By Lars Schall

Another scientific study was conducted by the economists Wong Wing-Keung (Hong Kong Baptist University, HKBU), Howard E Thompson (University of Wisconsin) and Kweehong Teh (National University of Singapore, NUS), whose findings were published in April 2010 under the title “Was there Abnormal Trading in the S&P 500 Index Options Prior to the September 11 Attacks?”

Motivated by the fact that there had been many media reports about possible insider trading prior to 9/11 in the option markets, the authors looked in this study at the Standard & Poor’s 500 Index (SPX Index Options), in particular with a focus on strategies emanating from a bear market, namely those under the labels

Dilbert




“Put Purchase,” “Put Bear Spread” and “Naked ITM Call Write”, as each of these are in accordance with the assumption that one would be betting on a general bear market if one wanted to profit in anticipation of the 9/11 event. [20]

Along these lines, the authors refer to an article which Erin E Arvedlund published on October 8, 2001, in Barron’s, the heading of which suggested precisely that thesis: “Follow the money: Terror plotters could have benefited more from the fall of the entire market than from individual stocks.” [21]

Basically, Wong, Thompson and Teh came to the conclusion “that our findings show that there was a significant abnormal increase in the trading volume in the option market just before the 9-11 attacks in contrast with the absence of abnormal trading volume far before the attacks”.

More specifically, they stated, “Our findings from the out-of-the-money (OTM), at-the-money (ATM) and in-the-money (ITM) SPX index put options and ITM SPX index call options lead us to reject the null hypotheses that there was no abnormal trading in these contracts before September 11th.”

Instead, they found evidence for “abnormal trading volume in OTM, ATM and ITM SPX index put options” for September 2001, and also in “ITM-SPX index call options” for the same month. “In addition, we find that there was evidence of abnormal trading in the September 2001 OTM, ATM and ITM SPX index put options immediately after the 9-11 attacks and before the expiration date. This suggests that owning a put was a valuable investment and those who owned them could sell them for a considerable profit before the expiration date.”

From all of this, they took the position that whilst they couldn’t definitively prove that insiders were active in the market, “our results provide credible circumstantial evidence to support the insider trading claim”. [22]

Disambiguation: “in the money” means that the circumstances arise on which the owner of a put option is betting – the market price of the underlying asset, for example a stock (or in this case an index of shares), is lower at that moment compared to the price at the time when the transaction took place. “At the money” means that the price of the underlying asset has remained equal or nearly equal. And “out-of-the-money” means that the price of the underlying asset has gone up, so the opposite of what the owner of the put option was betting on took place. “In the money”: win. “Out of the money”: loss.

There are also ITM, ATM and OTM options both for trading strategies with put and call options, depending on which kind of risk one would like to take. For example, according to Wong, Thomson and Teh, the “Put-Purchase Strategy” in the case of a downward movement of the underlying asset “is a cheaper alternative to short-selling of the underlying asset and it is the simplest way to profit when the price of the underlying asset is expected to decline”.

The use of the OTM put option compared to the ITM put option, however, offers “both higher reward and higher risk potentials (…) if the underlying asset falls substantially in price. However, should the underlying asset decline only moderately in price, the ITM put often proves to be the better choice (…) because of the relative price differential.”

That is why speculators would fare best, if they bought ITM put options, “unless the speculators would expect a very substantial decline in the price of the underlying asset.” [23]

After they calculated such strategies in the light of the available trading data in the CBOE relating to 9/11, the three economists ultimately do not accept a possible counter-argument that their results could be attributed to the fact that the stock markets were generally falling and that there had already been a negative market outlook. Finally they pointed out: “More conclusive evidence is needed to prove definitively that insiders were indeed active in the market. Although we have discredited the possibility of abnormal volume due to the declining market, such investigative work would still be a very involved exercise in view of the multitude of other confounding factors,” such as confusing trading strategies, “intentionally employed by the insiders” in order to attract less attention. [24]

That would be – and if only to invalidate these scientific results once and for all – primarily a task for the SEC, the FBI and other governmental authorities of the United States. However, we will have to wait for this in vain.

I think that not less worthy of a mention is an article that the French financial magazine Les Echos published in September 2007 about a study conducted by two independent economics professors from the University of Zurich, Marc Chesney and Loriano Mancini. Journalist Marina Alcaraz summarized the content of the findings in Les Echos with these words and with these explanations by Professor Chesney, which I for the first time translated into German (and do now translate from French into English):
“The atypical volumes, which are very rare for specific stocks lead to the suspicion of insider trading.” Six years after the attacks on the World Trade Center this is the disturbing results of a recent study by Marc Chesney and Loriano Mancini, professors at the University of Zurich. The authors, one of them a specialist in derivative products, the other a specialist in econometrics, worked on the sales options that were used to speculate on the decline in the prices of 20 large American companies, particularly in the aerospace and financial sector.

Their analysis refers to the execution of transactions between the 6th and 10th of September 2001 compared to the average volumes, which were collected over a long period (10 years for most of the companies). In addition, the two specialists calculated the probability that different options within the same sector in significant volumes would be traded within a few days. “We have tried to see if the movements of specific stocks shortly before the attacks were normal.” We show that the movements for certain companies such as American Airlines, United Airlines, Merrill Lynch, Bank of America, Citigroup, Marsh & McLehnan are rare from a statistical point of view, especially when compared to the quantities that have been observed for other assets like Coca-Cola or HP,” explains Marc Chesney, a former Professor at the HEC and co-author of Blanchiment et financement du terrorisme (Money laundering and financing of terrorism), published by Editions Ellipses. “For example 1,535 put option contracts on American Airlines with a strike of $30 and expiry in October 2001 were traded on September 10th, in contrast to a daily average of around 24 contracts over the previous three weeks. The fact that the market was currently in a bear market is not sufficient to explain these surprising volumes.”

The authors also examined the profitability of the put options and trades for an investor who acquired such a product between the 6th and 10th September. “For specific titles, the profits were enormous.” “For example, the investors who acquired put options on Citigroup with an expiry in October 2001 could have made more than $15 million profit,” he said. On the basis of the connection of data between volumes and profitability, the two authors conclude that “the probability that crimes by Insiders (Insider trading) occurred , is very strong in the cases of American Airlines, United Airlines, Merrill Lynch, Bank of America, Citigroup and JP Morgan. “There is no legal evidence, but these are the results of statistical methods, confirming the signs of irregularities.” [25]
As Alcaraz continued to state for Les Echos, the study by Chesney/Mancini about possible insider trading related to the 9/11 attacks was not the first of its kind; but it was in sharp contrast to the findings of the US Securities and Exchange Commission SEC and the 9/11 Commission, since they classified the insider trading as negligible – the trades in question had no connection to 9/11 and had “consistently proved innocuous”.

Different in the assessment is also the scientific work that Chesney and Mancini had published together with Remo Crameri in April 2010 at the University of Zurich, “Detecting Informed Trading Activities in the option markets.” In the segment that is dedicated to the terror attacks of 9/11, the three authors come to the conclusion, that there had been notable insider trading shortly before the terrorist attacks on September 11 that was based on prior knowledge.

Without elaborating on the detailed explanation of the mathematical and statistical method, which the scientific trio applied during the examination of the put option transactions on the CBOE for the period between 1996 and 2006, I summarize some of their significant conclusions.

“Companies like American Airlines, United Airlines, Boeing” – the latter company is a contractor of the two airlines as aircraft manufacturer – “and to a lesser extent, Delta Air Lines and KLM seem to have been targets for informed trading activities in the period leading up to the attacks. The number of new put options issued during that period is statistically high and the total gains realized by exercising these options amount to more than $16 million. These findings support the results by Poteshman (2006) who also reports unusual activities in the option market before the terrorist attacks.” [26]

In the banking sector, Chesney, Crameri and Mancini found five informed trading activities in connection to 9/11. “For example the number of new put options with underlying stock in Bank of America, Citigroup, JP Morgan and Merrill Lynch issued in the days before the terrorist attacks was at an unusually high level. The realized gains from such trading strategies are around $11 million.” [27]

For both areas, the aviation and the banking sector, the authors state that “in nearly all cases the hypothesis”, that the put options were not hedged, “cannot be rejected”. [28]

Regarding the options traded on EUREX, one of the world’s largest trading places for derivatives, which in 1998 resulted from the merger between the German and Swiss futures exchanges DTB and SOFFEX, Chesney, Mancini and Crameri focused on two reinsurance companies, which incurred costs in terms of billions of dollars in connection with the World Trade Center catastrophe: Munich Re and Swiss Re.

On the basis of EUREX trading data provided by Deutsche Bank, the three scientists detected one informed option trade related to Munich Re, which occurred on August 30, 2001. The authors write: “The detected put option with underlying Munich Re matured at the end of September 2001 and had a strike of € 320 (the underlying asset was traded at € 300, 86 on August 30th). That option shows a large increment in open interest of 996 contracts (at 92.2% quintile of its two-year empirical distribution) on August 30th.

Its price on that day was € 10, 22. … On the day of the terrorist attacks, the underlying stock lost more than 15% (the closing price on September 10th was € 261, 88 and on September 11th € 220, 53) and the option price jumped to € 89, 56, corresponding to a return of 776% in eight trading days. … The gains … related to the exercise of the 996 new put options issued on August 30th correspond to more than 3.4 million.” Similar is true, according to the authors, for one informed option trade on Swiss Re on August 20, 2001 with “a return of 4,050% in three trading weeks”, or “more than € 8 million.” [29]

In a new version of their study that was published on September 7, 2011, the authors stuck to their findings from April 2010. They added the emphasis that in no way the profits gained with the put options to which they point could have been achieved due to sheer fortunate coincidence, but that in fact they were based on prior knowledge which had been exploited. [30]

With those results in terms of what went on at the EUREX according to Chesney, Crameri and Mancini, I again addressed the BaFin, which had written to me that for the financial centers in Germany insider trading around 9/11 could be excluded, and asked:
How does this go with your information that the federal supervisory for securities trading (BAWe) could in its comprehensive analysis not find evidence for insider trading? Do the authors, so to speak, see ghosts with no good reason?
In addition, I stated:
If it is true what Chesney, Crameri and Mancini write, or if you at the BaFin cannot (ad hoc) refute it, would this then cause the BaFin to thoroughly investigate the matter again? If the findings of Chesney, Crameri, and Mancini were true, this would constitute illegal transactions relating to a capital crime, which has no status of limitations, or not?
In case that a need for clarification had arisen at the BaFin, I added Professor Chesney to my e-mail-inquiry in the “carbon copy” – address field, as because these were the results of his scientific work.

The response that I received from BaFin employee Dominika Kula was as follows:
As I already told you in my e-mail, the former federal supervisory for securities trading (BAWe) carried out a comprehensive analysis of the operations in 2001. As a result, no evidence of insider trading has been found. For clarification purposes, I wish to point out that violations of statutory provisions of securities or criminal law can never be excluded with absolute certainty. In order to pursue and prosecute such matters concrete evidence of an unlawful act is required … Such evidence does not exist here.

With regard to the sources you mentioned, I ask for understanding that I can neither comment on scientific analyses, nor on reviews by third parties.

Regarding the statutes of limitations for offences relating to the violation insider trading regulations trading I can give you the following information: A violation of the law to prohibit insider trading is punishable with imprisonment up to 5 years or with fines. The statutes of limitations applied for crimes carrying this kind of penalty (section 78 paragraph 3 No. 4 Penal Code) are five years. These limitations are described in the statutes of limitations (§§ 78 et seq.) (Criminal Code).
In addition, I turned to the EUREX with three questions:
1. How do you as EUREX comment on the findings of Messrs Chesney, Mancini and Crameri?
2. Did you at EUREX perceive the particular trading in Munich Re and Swiss Re it in any way as strange?
3. Have domestic (eg BAWe and BaFin) or foreign (such as the U.S. Securities and Exchange Commission) authorities ever inquired if there may have been evidence of insider trading via the EUREX in connection with the 9/11 attacks?

I subsequently received the following response from Heiner Seidel, the deputy head of the press office of the Deutsche Borse in Frankfurt.
We do not give you a public written response on behalf of the Deutsche Börse or Eurex regarding the topics of your inquiry. This is for the following reason: the trade monitoring agency (HüSt) is part of the Exchange, but it is independent and autonomous. Their investigations are confidential and are carried out in close coordination with the BaFin. They are never public, a request which HüSt is therefore not meaningful.
I leave it to the reader to draw his/her conclusions from these two replies from the press offices of BaFin and Deutsche Borse. Regarding the topic of option trades related to 9/11, I once more talked with Swiss historian Dr Daniele Ganser (“Operation Gladio”), by asking him this time about the importance of those put options, which were traded shortly before the attacks of September 11, 2001.
Daniele Ganser: This is an important point. This is about demonstrating that there was insider trading on the international stock exchanges before 11 September. Specifically put options, ie speculation on falling stock prices were traded. Among the affected stocks were United Airlines and American Airlines, the two airlines involved in the attacks.

A colleague of mine, Marc Chesney, professor at the Institute of banking at the University of Zurich, has examined these put options. You first of all have to check if there may have been international speculation that the aviation industry would be experiencing a weak period and whether accordingly also put options on Singapore Airlines, Lufthansa and Swiss were bought. This was not the case.

Very significant put option trades were only transacted for these two airlines involved in the attacks. Secondly, you must examine the ratio of put options to call options and look if they had also been purchased to a similarly significant extent that would constitute speculations on rising stock prices. And that is also not the case. There were only significant put options and only significant transactions for United Airlines and American Airlines.

Now you need to look further in order to see who actually bought the put options, because that would be the insider who made millions on September 11. Most people are unaware that money was also earned with the attacks on September 11. The Security and Exchange Commission, SEC, the Securities and Exchange Commission of the United States, however, does not publish the information on who bought the put options, because you can do this anonymously. It is disturbing that this data is not made public.

What you have is the 9/11 Commission report, and here it is pointed out , that there has been insider trading, but that this insider trading cannot be traced to [al-Qaeda leader] Osama bin Laden, which means that it is highly unlikely that it had been Bin Laden.

Question: If this is not pursued any further, what does it mean?

Daniele Ganser: This means that the investigation of the terrorist attacks was incomplete, and always at the point where there are contradictions to the SURPRISE story, no further investigations are made. It looks very much as if one wants to examine only one story, the investigation is therefore one-sided. But this does not only apply to the put options. [31]
Interestingly enough, when Dr Ganser points out in his reply that this important data is not published, it is actually only half of the truth. Why? The answer is very simple and odd at the same time: David Callahan, the editor of the US magazine SmartCEO, filed a request to the SEC about the put options which occurred prior to September 11 within the framework of the Freedom of Information Act (FOIA). The SEC informed Callahan in its reply of December 23, 2009 under the number “09 07659-FOIA” as follows:
This letter is in response to your request seeking access to and copies of the documentary evidence referred to in footnote 130 of Chapter 5 of the September 11 (9/11) Commission Report… We have been advised that the potentially responsive records have been destroyed. [32]
Therefore, we will unfortunately never know exactly how the SEC and the 9/11 Commission came to their conclusions regarding the 9/11 put options trading for their final report, because relevant documents were not only held back, but also destroyed – and that in spite of an agreement between the SEC and the National Archive of the United States, in which the SEC has agreed to keep all records for at least 25 years. [33]

Page 3 of 3
AN ASIA TIMES ONLINE EXCLUSIVE INVESTIGATION
Insider trading 9/11 … the facts laid bare
By Lars Schall

The 9/11 Commission report wrote this in footnote 130 of Chapter 5, which briefly focuses on the alleged insider trading:
Highly publicized allegations of insider trading in advance of 9 / 11 generally rest on reports of unusual pre-9/11 trading activity in companies whose stock plummeted after the attacks. 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 10 – highly suspicious trading on its face.

Yet, further investigation has revealed that the trading had no connection with 9/11. A single US-based institutional investor with no conceivable ties to al-Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10. Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific US-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades.

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 16, 2003; May 7, 2004; May 10-11, 2004); FBI briefing (Aug 15, 2003); SEC memo, Division of Enforcement to SEC Chair and Commissioners, “Pre-September 11, 2001 Trading Review,” May 15, 2002; Ken Breen interview (Apr. 23, 2004); Ed G. interview (Feb. 3, 2004).
The author Mark H Gaffney commented on this finding of




“innocuousness”:
Notice … the commission makes no mention in its footnote of the 36 other companies identified by the SEC in its insider trading probe. What about the pre-9/11 surge in call options for Raytheon, for instance, or the spike in put options for the behemoth Morgan Stanley, which had offices in WTC 2? The 9/11 Commission Report offers not one word of explanation about any of this. The truth, we must conclude, is to be found between the lines in the report’s conspicuous avoidance of the lion’s share of the insider trading issue.

Indeed, if the trading was truly “innocuous”, as the report states, then why did the SEC muzzle potential whistleblowers by deputizing everyone involved with its investigation? The likely answer is that so many players on Wall Street were involved that the SEC could not risk an open process, for fear of exposing the unthinkable. This would explain why the SEC limited the flow of information to those with a “need to know”, which, of course, means that very few participants in the SEC investigation had the full picture.

It would also explain why the SEC ultimately named no names. All of which hints at the true and frightening extent of criminal activity on Wall Street in the days and hours before 9/11. The SEC was like a surgeon who opens a patient on the operating room table to remove a tumor, only to sew him back up again after finding that the cancer has metastasized through the system.

At an early stage of its investigation, perhaps before SEC officials were fully aware of the implications, the SEC did recommend that the FBI investigate two suspicious transactions. We know about this thanks to a 9/11 Commission memorandum declassified in May 2009 which summarizes an August 2003 meeting at which FBI agents briefed the commission on the insider trading issue. The document indicates that the SEC passed the information about the suspicious trading to the FBI on September 21, 2001, just ten days after the 9/11 attacks.

Although the names in both cases are censored from the declassified document, thanks to some nice detective work by Kevin Ryan we know whom (in one case) the SEC was referring to. The identity of the suspicious trader is a stunner that should have become prime-time news on every network, world-wide. Kevin Ryan was able to fill in the blanks because, fortunately, the censor left enough details in the document to identify the suspicious party who, as it turns out, was none other than Wirt Walker III, a distant cousin to then-president G W Bush.

Several days before 9/11, Walker and his wife Sally purchased 56,000 shares of stock in Stratesec, one of the companies that provided security at the World Trade Center up until the day of the attacks. Notably, Stratesec also provided security at Dulles International Airport, where AA 77 took off on 9/11, and also security for United Airlines, which owned two of the other three allegedly hijacked aircraft. At the time, Walker was a director of Stratesec. Amazingly, Bush’s brother Marvin was also on the board.

Walker’s investment paid off handsomely, gaining $50,000 in value in a matter of a few days. Given the links to the World Trade Center and the Bush family, the SEC lead should have sparked an intensive FBI investigation. Yet, incredibly, in a mind-boggling example of criminal malfeasance, the FBI concluded that because Walker and his wife had “no ties to terrorism … there was no reason to pursue the investigation.” The FBI did not conduct a single interview. [34]
For this translation, I asked Kevin Ryan via e-mail if he could send me a link for his “nice detective work”. Ryan, who’s in my humble opinion one of roughly 10 people around the world who have to be taken seriously regarding 9/11, replied:
You are referring to my paper “Evidence for Informed Trading on the Attacks of September 11.” [See here.] The following two references from the paper are relevant to what you are describing. [2] 9/11 Commission memorandum entitled “FBI Briefing on Trading”, prepared by Doug Greenburg, 18 August 2003, [22].

The 9/11 Commission memorandum that summarized the FBI investigations refers to the traders involved in the Stratesec purchase. From the references in the document, we can make out that the two people had the same last name and were related. This fits the description of Wirt and Sally Walker, who were known to be stock holders in Stratesec. Additionally, one (Wirt) was a director at the company, a director at a publicly traded company in Oklahoma (Aviation General), and chairman of an investment firm in Washington, DC (Kuwam Corp). Here are two other recent articles on Stratesec and its operators. [See here and here.]

The stock of Stratesec, I should add by myself, increased in value from $0.75 per share on September 11 to $1.49 per share when the market re-opened on September 17. As a firm that provides technology-based security for large commercial and government facilities, Stratesec benefited from the soaring demand of security companies right after 9/11.
It is also remarkable what Ryan wrote to me regarding a company on which he did some research, too: Viisage Corp, another high-tech security firm.
Kevin Ryan: In late 2005, George Tenet became a director for Viisage, which had been flagged by the SEC for 9/11 trading but never investigated. Viisage was led by Roger LaPenta, formerly of Lockheed.

Seven months later, in 2006, FBI director Louis Freeh also joined the Viisage board. One might think that when both the CIA director (on 9/11) and the FBI director (from 1993 to June 2001) joined a company suspected of 9/11 insider trading, we might want to go back and actually investigate the SEC’s flagging of that company. But, of course, that was not the case. In 2009, “Bandar Bush” hired Freeh as his personal attorney.
Freeh is nowadays the bankruptcy trustee of the alleged market manipulator MF Global. And about his client, the former Saudi ambassador Prince Bandar, I should add that we know for sure that he bankrolled indirectly via his wife two of the alleged would-be 9/11 hijackers, Khalid Al-Mihdhar and Nawaf Al-Hazmi. [35]

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.

One of these companies was the English company group Convar, more precisely: their data rescue center in the German city Pirmasens. Erik Kirschbaum from the news agency Reuters reported in December 2001 that Convar had at that time successfully restored information from 32 computers, supporting “suspicions that some of the 911 transactions were illegal”.

‘The suspicion is that inside information about the attack was used to send financial transaction commands and authorizations in the belief that amid all the chaos the criminals would have, at the very least, a good head start,’ says Convar director Peter Henschel.” [36] Convar received the costly orders – according to Kirschbaum´s report the companies had to pay between $20,000 and $30,000 per rescued computer – in particular from credit card companies, because: “There was a sharp rise in credit card transactions moving through some computer systems at the WTC shortly before the planes hit the twin towers. This could be a criminal enterprise – in which case, did they get advance warning? Or was it only a coincidence that more than $100 million was rushed through the computers as the disaster unfolded?” [37]

The companies for which Convar was active cooperated with the FBI. If the data were reconstructed they should have been passed on to the FBI, and the FBI, according to its statutory mandate, should have initiated further investigation based on the data to find out who carried out these transactions. Henschel was optimistic at the time that the sources for the transactions would come to light.

Richard Wagner, a Convar employee, told Kirschbaum that “illegal transfers of more than $100 million might have been made immediately before and during the disaster. ‘There is a suspicion that some people had advance knowledge of the approximate time of the plane crashes in order to move out amounts exceeding $100 million,’ he says. ‘They thought that the records of their transactions could not be traced after the main frames were destroyed’.” [38]

Wagner’s observation that there had been “illegal financial transactions shortly before and during the WTC disaster” matches an observation which Ruppert describes in Crossing the Rubicon. Ruppert was contacted by an employee of Deutsche Bank, who survived the WTC disaster by leaving the scene when the second aircraft had hit its target.
According to the employee, about five minutes before the attack the entire Deutsche Bank computer system had been taken over by something external that no one in the office recognized and every file was downloaded at lightning speed to an unknown location. The employee, afraid for his life, lost many of his friends on September 11, and he was well aware of the role which the Deutsche Bank subsidiary Alex Brown had played in insider trading. [39]
I was curious and wanted more information from Convar regarding their work on the WTC-computer hard drives, but also about the statements made by Peter Henschel and Richard Wagner. Thus, I contacted the agency which represents Convar for press matters, with a written request. But their agency “ars publicandi” informed me swiftly:
Due to time constraints, we can currently offer you neither information nor anyone on the part of our client to talk to regarding this requested topic.
I also approached KrollOntrack, a very interesting competitor of Convar in writing. Ontrack Data Recovery, which also has subsidiaries in Germany, was purchased in 2002 by Kroll Inc – “one of the nation’s most powerful private investigative and security firms, which has long-standing involvement with executive protection US government officials including the president. This would require close liaison with the Secret Service.” [40]

At the time of the 9/11 attacks, a certain Jerome Hauer was one of the managing directors at Kroll Inc. He had previously established the crisis center for the mayor of New York City as director of the Office of Emergency Management (OEM), which occupied office space on the 23rd floor of the WTC Building 7. Hauer helped former FBI agent John O’Neill to get the post of the head of Security Affairs at the WTC, and spent the night of September 11 with O’Neill in New York before the latter lost his life on September 11 in the WTC. Hauer was most likely involved in the planning of “Tripod II”, the war game exercise at the port of New York City. [41]

Therefore, I found it appealing to uncover some more details of this aspect, or, more accurately to find out if Ontrack or KrollOntrack had received an order in 2001 or after to rescue computer hard drives from the WTC. The answer I received from KrollOntrack said:
Kroll Ontrack was not at the site of the data recovery – the devices at the Twin Towers have been completely destroyed or vaporized. The firm Kroll was, however, at that time active in the field of computer-forensic investigations, securing devices in the surrounding buildings.
In essence, these two inquiries did not help me at all. If anything, a further question arose: why did KrollOntrack send me a response, where it was really obvious that the content did not match the facts? After all, I had written in my inquiry that Convar had received orders to restore damaged computer hard drives from the World Trade Center.

I sent a new inquiry, attaching a link for Erik Kirschbaum’s Reuters article and additional cinematic reports on Convar’s which showed that some of the WTC disks had not been “completely destroyed or vaporized”. I stated to KrollOntrack: “Your answer does not seem to match the facts, when it comes to ‘completely destroyed or vaporized’. Will you still stick to your answer?”

KrollOntrack then replied that their previously given assessment constituted “not a statement, but an opinion”.

I do not find this assessment worthless, because it is in line with the knowledge of the general public and can easily be refuted in argumentum in contrario by Convar´s activities.

One film report to which I referred to in my second inquiry to KrollOntrack originated from the German television journal Heute-Journal broadcast on March 11, 2002, on ZDF, and the other from the Dutch TV documentary Zembla, broadcast on September 10, 2006.

The ZDF report showed that Convar received the WTC disks from the US Department of Defense and that Convar had managed until March 2002 to recover more than 400 hard drives. It also reported that the private companies that employed Convar had paid between $25,000 and $50,000 per hard drive. In the TV documentary Zembla, Convar essentially maintained its position as it had been reported by Erik Kirschbaum in 2001.

Obviously, in connection with 9/11 there has not only been insider trading via put options, but there is additional evidence that there have been illegal financial transactions via credit cards through which more than 100 million US dollars were removed from the WTC computer systems.

Those occurred shortly before and during the WTC disaster. It remains unclear what the FBI did later on with the data recovered by Convar. On the other hand, it may have been not very much, as can be seen from a memorandum from the 9/11 Commission, which was released in May 2009.

The 9/11 Commission asked the FBI about the use of credit cards for insider dealing. On the basis of the information provided by the FBI, the commission came to the conclusion that no such activity occurred because “the assembled agents expressed no knowledge of the reported hard-drive recovery effort or the alleged scheme” – but above all “everything at the WTC was pulverized to near powder, making it extremely unlikely that any hard-drives survived”. [42]

The activities of Convar, however, prove the exact opposite.

But it gets even better. According to Zembla, the FBI was directly involved with the data rescue efforts of Convar. And on top of it, the broadcast of Heute-Journal reported that Convar worked in that “highly sensitive” matter with several federal agencies of the United States government.

So there have been ample indications for insider trading based on foreknowledge of the attacks, but there are very few hard facts as Catherine Austin Fitts, a former managing director and member of the board of the Wall Street investment bank Dillon, Read & Co, Inc (now part of UBS), pointed out when I talked with her about this topic.
Ms Fitts, what are your general thoughts related to the alleged 9/11-insider trading?

Catherine Austin Fitts: Well, I’ve never been able to see concrete evidence that the insider trading has been proved. There’s a lot of anecdotal information from investment bankers and people in the investment community that indicate that there was significant insider trading, particularly in the currency and bond markets, but again it hasn’t been documented.

I think around situations like 9/11 we’ve seen things that can only be explained as insider trading. Therefore, it wouldn’t surprise me if it turns out the allegations are true, because my suspicion is that 9/11 was an extremely profitable covert operation and a lot of the profits came from the trading. It wouldn’t even surprise me if it turns out that the Exchange Stabilization Fund traded it and that some of the funding for the compensation fund for the victims came from the ESF.

Insider trading happens around these kinds of events, but if you really want to produce evidence of insider trading, you need the subpoena powers of the SEC, and of course we know that they haven’t exercised them. If anything, right after 9/11, the government settled a significant amount of cases I presume because a lot of the documents were destroyed by the destruction of WTC building number 7, where the SEC offices and other governmental investigation offices were. [43]
Fitts, who had written a longer essay in 2004 related to this, replied to my question about who had benefited from 9/11:
Catherine Austin Fitts: 9/11 was extraordinarily profitable for Wall Street, they of course got a kind of “Get Out of Jail Free card” as I’ve just described. In addition, the largest broker of government bonds, Cantor Fitzgerald, was destroyed, and there was a great deal of money missing from the federal government in the prior four or five years. If you look at the amount of funds involved, it is hard to come to a conclusion other than massive securities fraud was involved, so I find it very interesting that this happened. [44]
A short explanation: Cantor Fitzgerald’s headquarters were located in the North Tower of the WTC (floors 101-105). On 9/11, the company lost nearly two-thirds of its entire workforce, more than any other tenant in the WTC. (Also two other government bonds brokers, Garbon Inter Capital and Eurobrokers, occupied office space in the WTC towers that were destroyed.) Back to Fitts and the question: “Cui bono 9/11?”
Catherine Austin Fitts: In addition, the federal government took the position that they couldn’t produce audited financial statements after 9/11, because they said the office at the Pentagon that produced financial statements was destroyed. Now given what I know of the federal set up of financial statements, I am skeptical of that statement.

But needless to say, if you take the government on its word, you had another “Get Out of Jail Free card” for four trillion dollars and more missing from the federal government. So if you’re just looking at the financial fraud angle, there were a lot of parties that benefited from 9/11. But then of course what 9/11 did, it staged the passage of the Patriot Act and a whole series of laws and regulations that I collectively refer to as “The Control on Concentration of Cash Flow Act.” It gave incredible powers to centralize.

In addition, if you look at monetary policies right after 9/11 – I remember I was over in the City of London driving around with a money manager and his phone rang and he answered it on his speaker phone. It was somebody on Wall Street who he hadn’t talked to since before 9/11, and he said to him: “Oh Harry, I am so sorry about what has happened, it must have been very traumatic.” And the guy said: “Don’t be ridiculous! We were able to borrow cheap short and invest long, we’re running a huge arbitrage, we’re making a fortune, this is the most profitable thing that ever happened to us!” – So you could tell the monetary policies and sort of insider games were just pumping profits into the bank at that time, so that was very profitable.

But of course the big money was used for a significant movement of the military abroad and into Afghanistan and then into Iraq … You could see that the country was being prepared to go to war. And sure enough, 9/11 was used as a justification to go to war in Afghanistan, to go to war in Iraq, and commit a huge number of actions, and now much of the challenges about the budget are the result of extraordinary expenditures on war including in Afghanistan and Iraq and the costs of moving the army abroad and engaging in this kind of empire building with ground military force.

So I think if you ask Cui Bono on 9/11, one of the big categories was all the people who made money on engineering the popular fear they needed to engineer these wars. I believe whether it was financial fraud, engineering new laws or engineering wars, it was a fantastically profitable covert operation. [45]
In that category of people who benefit from 9/11 are also the arms manufacturer Raytheon, whose share price gained directly from the 9/11 attacks. Trading of the shares of Raytheon, the producer of Tomahawk and Patriot missiles (and parent company of E-systems, whose clients include the National Security Agency and CIA), experienced an abrupt six-time increase of call option purchases on the day immediately before September 11. [46]

The outright purchase of call options implies the expectation that a stock price will rise. In the first week after 9/11, when the New York Stock Exchange opened again, the value of Raytheon actually shot up considerably. Looking at the development of the stock price, the impression is a very weak performance before the attacks – and then, after resumption of trade, a “gap” (at substantial volume) upwards. In other words: just under $25 on September 10, the low in the period between August 20 to September 28, at $31, 50 on September 17 and up to $34, and 80 on September 27, 2001.

With regards to government bonds, buyers of US Treasury securities with a maturity of five years were also winners. These securities were traded in an unusually large volume shortly before the attacks. The Wall Street Journal reported at least in early October 2001 that the Secret Service had started an investigation into a suspiciously high volume of US government bond purchases before the attacks. The Wall Street Journal explained:
Five-year Treasury bills are the best investments in the event of a global crisis, in particular one like this which has hit the United States. The papers are treasured because of their safety, and because they are covered by the US government, and usually their prices rise if investors shun riskier investments, such as shares. [47]
Adding to this phenomenon, the government issues these bonds that serve as a basis of money creation for funding a war such as the immediately declared “war on terror”, engaging the Tomahawks from Raytheon. And here it may again be useful to have a quick look at the “cui bono” relationship:
The US Federal Reserve creates money to fund the war and lends it to the American government. The American government in turn must pay interest on the money they borrow from the Central Bank to fund the war. The greater the war appropriations, the greater the profits are for bankers. [48]
A multi-layered combination, one could say.

I also talked about the topic of 9/11 insider trading with one of the world’s leading practitioners at the interface between the international capital markets, the national security policy of the US as well as geopolitics, James G Rickards. He gave me some answers in a personal discussion, which I am allowed to repeat here with his expressed approval.
Question: Did suspicious trading activities of uncovered put options on futures markets occur shortly before 9/11?

James G Rickards: Well, the trading documents certainly look suspicious. It is simply a fact that an unusually high volume of purchases of put-options for the two airlines occurred over the three trading days before the attacks. This is a mere fact, no speculation, no guessing around. This is clearly obvious from the documents of the trading sessions on the derivatives exchanges.

Question: Do you think that the intelligence agencies could have got a warning signal based on this information?

James G Rickards: Theoretically that is possible, if are you are looking and watching out for this. But there was far more significant information, which was ignored.

Question: Do you also think that some people with foreknowledge operated speculatively in the option markets?

James G Rickards: Based on the documentation of the trading session it seems that this has been the case, yes.
Let’s sum up a bit at the end. We have, among other things:
The “nice detective work” by Kevin Ryan related to Stratesec/Wirt Walker III.
Some highly inconsistent information vis-a-vis Convar/illegal credit card transactions.
Scientific papers supporting the allegations that there were indeed unusual trading activities in the option market before the terrorist attacks of 9/11, although the 9/11 Commission (based on the investigation of the SEC and the FBI) ruled that possibility out.

As it became clear that I would publish this article here at Asia Times Online, I contacted the US Federal Bureau of Investigation via its press spokesman Paul Bresson in order “to give the FBI the opportunity to give a public statement with regards to three specific issues”. Those three specific issues were the ones I have just highlighted. Related to each of them I’ve asked Mr Bresson/the FBI: “Could you comment on this for the public, please?” Up to this moment, Mr Bresson/the FBI did not respond to my inquiry in any way whatsoever. Does this come as a surprise?

I’ve also got back in touch with “ars publicandi”, the firm that does public relations for Convar in Germany. The response said: “Unfortunately I have to inform you that the status has not changed, and that Convar considers the issue of 9/11 as dead in general.”

As you have read, the status in August of last year was slightly different.

At the end of this article, I should perhaps mention that this research ultimately led to negative consequences for me. After I contacted the FBI, I was informed by the publisher of a German financial website, for which I conducted interviews for a professional fee (and had already prepared more work), that no further cooperation was possible. Now that I will come in one way or another into the focus of the FBI, any association with me would be undesirable.

Well, you know the rules.

As far as the abnormal option trades around 9/11 are concerned, I want to give Max Keiser the last word in order to point out the significance of the story.
Max Keiser: Regardless of who did it, we can know that more than a few had advance warning – the trading in the option market makes that clear.


Notes
i. PROMIS was first developed by Inslaw during the 1970s under contracts and grants from the Law Enforcement Assistance Administration (LEAA). These guarantees gave the government licenses to use the early versions of PROMIS but not to modify them, or to create derivative works, or to distribute PROMIS outside the federal government. By 1982, because of strong disagreements over a fee-incentive, Modification 12 Agreement to the original contract, the United States Department of Justice and Inslaw Inc became involved in a widely-publicized and protracted lawsuit. PROMIS was originally designed as a case-management system for prosecutors. (Source Wikipedia.)
1. Compare Michael C Ruppert: Crossing the Rubicon: The Decline of the American Empire at the End of the Age Of Oil, New Society Publishers, Gabriola Island, 2004, page 152.
2. Ibid, page 153.
3. Ibid, page 154-155.
4. Ibid, page 170.
5. Ibid, page 238-253: “9/11 Insider Trading, or ‘You Didn’t Really See That, Even Though We Saw It’.”
6. Ibid, page 239.
7. Compare Chris Blackhurst: “Mystery of terror ‘insider dealers’ “, published at The Independent on October 4, 2001, see here.
8. Compare “Profits of Death”, published at From the Wilderness on December 6, 2001, see here.
9. For the fact, that it was George Tenet who recruited Krongard, compare George Tenet: At the Center of the Storm, Harper Collins, New York, 2007, page 19.
10. Compare Marc Chesney, Remo Crameri and Loriano Mancini: “Detecting Informed Trading Activities in the Option Markets”, University of Zurich, April 2010, online here.
11. Nafeez M Ahmed: Geheimsache 09/11. Hintergründe uber den 11. September und die Logik amerikanischer Machtpolitik, Goldmann Verlag, Munich, 2004, page 182. (Translated back into English from German.)
12. Compare Michael C Ruppert: Crossing the Rubicon, page 244-247.
13. Wing-Keung Wong, Howard E. Thompson und Kweehong Teh: “Was there Abnormal Trading in the S&P 500 Index Options Prior to the September 11 Attacks?”, published at Social Sciences Research Network, April 2010, see here.
14. Compare “Bank of America among 38 stocks in SEC’s attack probe”, published at Bloomberg News on October 3, 2001, archived here.
15. Michael C Ruppert: Crossing the Rubicon, page 243.
16. Ibid.
17. “Suppressed Details of Criminal Insider Trading Lead Directly into the CIA’s Highest Ranks”, published at From the Wilderness on October 9, 2001, see here.
18. Compare “Early September 2001: Almost Irrefutable Proof of Insider Trading in Germany”, published at History Commons, see here.
19. Allen M Poteshman: “Unusual Option Market Activity and the Terrorist Attacks of September 11, 2001”, published in The Journal of Business, University of Chicago Press, 2006, Vol 79, Edition 4, page 1703-1726.
20. Wing-Keung Wong, Howard E Thompson und Kweehong Teh: “Was there Abnormal Trading in the S&P 500 Index Options Prior to the September 11 Attacks?”, see end note 13.
21. Ibid. The authors refer to Erin E Arvedlund: “Follow the money: terrorist conspirators could have profited more from fall of entire market than single stocks”, published in Barron’s on October 8, 2001.
22. Wong, Thompson, Teh: “Was there Abnormal Trading in the S&P 500 Index Options Prior to the September 11 Attacks?”
23. Ibid.
24. Ibid.
25. Marina Alcaraz: “11 septembre 2001: des volumes inhabituels sur les options peu avant l’attentat”, published in Les Echos, page 34, September 10, 2001, online here.
26. Marc Chesney, Remo Crameri and Loriano Mancini: “Detecting Informed Trading Activities in the Option Markets”, see end note 10.
27. Ibid.
28. ibid.
29. Ibid.
30. Compare Marc Chesney, Remo Crameri and Loriano Mancini: “Detecting Informed Trading Activities in the Option Markets”, published at the University of Zurich on September 7, 2011, see here.
31. Vgl Lars Schall: “Sapere Aude!”, German Interview with Dr Daniele Ganser, published at LarsSchall.com on August 18, 2011, see here.
32. Compare a copy of the letter by the SEC on MaxKeiser.com, see here.
33. Compare related to this agreement Matt Taibbi: “Is the SEC Covering Up Wall Street Crimes?”, published at Rolling Stone on August 17, 2011, see here.
34. Mark H Gaffney: “Black 9/11: A Walk on the Dark Side”, published at Foreign Policy Journal on March 2, 2011, see here.
35. Compare Peter Dale Scott: “Launching the US Terror War: the CIA, 9/11, Afghanistan, and Central Asia”, The Asia-Pacific Journal, Vol 10, Issue 12, No 3, March 19, 2012, see online here.
35. Erik Kirschbaum: “German Firm Probes Last-Minute World Trade Center Transactions”, published at Reuters on December 19, 2001, online here.
36. Ibid.
37. Ibid.
38. Michael C Ruppert: Crossing the Rubicon, page 244.
39. Ibid, page 423.
40. Ibid, page 423-426.
41. Commission Memorandum: “FBI Briefing on Trading”, dated August 18, 2003, page 12, online here.
42. Lars Schall: “9/11 Was A Fantastically Profitable Covert Operation”, Interview with Catherine Austin Fitts, published at LarsSchall.com on September 3, 2011, see here.
43. Ibid. Compare further related to the “cui bone” topic Catherine Austin Fitts: “9-11 Profiteering: A Framework for Building the ‘Cui Bono’?”, published at GlobalResearch on March 22, 2004, see here.
44. Lars Schall: “9/11 Was A Fantastically Profitable Covert Operation”, see end note 42.
45. Compare “Bank of America among 38 stocks in SEC’s attack probe”, see end note 14. “A Raytheon option that makes money if shares are more than $25 each had 232 options contracts traded on the day before the attacks, almost six times the total number of trades that had occurred before that day. A contract represents options on 100 shares. Raytheon shares soared almost 37 percent to $34.04 during the first week of post-attack US trading.”
46. Compare Barry Grey: “Suspicious trading points to advance knowledge by big investors of September 11 attacks,” published at World Socialist Web Site on October 5, 2001, see here.
47. J S Kim: “Inside the Illusory Empire of the Banking Commodity Con Game,” published at The Underground Investor on October 19, 2010, see here.

Lars Schall is a German financial journalist. This article is an exclusive, slightly modified and updated excerpt from the book Mordanschlag 9/11. Eine kriminalistische Recherche zu Finanzen, Ol und Drogen (Assassination 9/11: A criminalistic research on finance, oil and drugs), published in Germany by Schild Verlag.

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