German central bank president Ernst Welteke(
Ernst Welteke (* 21. August 1942 in Korbach) ist deutscher SPD-Politiker und Volkswirt. Er war von 1999 bis 2004 Präsident der Deutschen Bundesbank.) 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]
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Early September 2001: NYSE Sees Unusually Heavy Trading in Airline and Related Stocks
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Early September 2001: Seattle Security Guard Tells Friend of Impending Attack
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Early September 2001: Sharp Increase in Short Selling of American and United Airlines Stocks
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Early September 2001: Suspicious Trading in Reinsurance Companies
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Early September 2001: Unusually High Volume Trade of US Treasury Note Purchases
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Early September 2001: Suspicion of Insider Trading in Many Other Countries
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September 6-10 September, 2001: Large Number of Shares of WTC Security Company Bought
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September 6-10, 2001: Suspicious Trading of Put Option Contracts on American and United Airlines Occur
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September 6-10, 2001: Suspicious Trading on Stocks of Two Large WTC Tenants
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September 9, 2001: Internet Forum Message Warns of 9/11 Attack
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September 10, 2001: Trader Makes Suspicious Investments Moves; Later Accused of 9/11 Foreknowledge
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September 10, 2001: New Jersey Student Warns Teacher to Stay Away from Lower Manhattan
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(1:00 a.m.) September 11, 2001: Hours before Attacks, San Francisco Mayor Receives Warning
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September 14, 2001: Deutsche Bank Exec Resigns, Prompting Speculations of 9/11 Connection
Mayo Shattuck III resigns, effective immediately, as head of the Alex Brown unit of Deutsche Bank. No reason is given. Some speculate later that this could have to do with the role of Deutsche Bank in the pre-9/11 purchases of put options on the stock of companies most affected by 9/11. Deutsche Bank is also one of the four banks most used by the bin Laden family. [NEW YORK TIMES, 9/15/2001; WALL STREET JOURNAL, 9/27/2001]
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July 22, 2004: 9/11 Commission Finds No 9/11 Insider Trading
The 9/11 Commission dismisses allegations of insider trading in the days preceding 9/11, in a footnote contained in its final report. According to the report, the put options for the parent companies of United Airlines were placed by a US-based institutional investor with no conceivable ties to al-Qaeda as part of a trading strategy that also included buying 115,000 shares of American on September 10. With respect to the highly suspicious trading in the parent company of American Airlines, the Commission states that many of the trades were traced to a specific US-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades. According to the Commission: 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. [9/11 COMMISSION, 7/24/2004, PP. 499]
