Did George W. Bush Play A Role in 9/11

Suspected insider trading Some conspiracy theorists maintain that Just before 9/11 an "extraordinary" amount of put options were placed on United Airlines and American Airlines stocks and speculate that insiders may have known in advance of the coming events of 9/11 and placed their bets accordingly. An analysis into the possibility of insider trading on 9/11 concludes that: A measure of abnormal long put volume was also examined and seen to be at abnormally high levels in the days leading up to the attacks. Consequently, the paper concludes that there is evidence of unusual option market activity in the days leading up to September 11 that is consistent with investors trading on advance knowledge of the attacks. "Allen M. Poteshman, The Journal of Business On the days leading up to 9/11, two airlines saw a rise in their put to call ratio. These two airlines were United Airlines and American Airlines, the two airlines whose planes were hijacked on 9/11. Between September 6 and 7, the Chicago Board Options Exchange saw purchases of 4,744 "put" option contracts in UAL versus 396 call options.[citation needed] On September 10, more trading in Chicago saw the purchase of 4,516 put options in American Airlines, the other airline involved in the hijackings. This compares with a mere 748 call options in American purchased that day. No other airline companies saw anomalies in their put to call ratio in the days leading up to the attacks. American Airlines however, had just released a major warning about possible losses. Insurance companies saw anomalous trading activities as well. Citigroup Inc., which has estimated that its Travelers Insurance unit may pay $500 million in claims from the World Trade Center attack, had about 45 times the normal volume during three trading days before the attack for options that profit if the stock falls below $40. Citigroup shares fell $1.25 in late trading to $38.09. Morgan Stanley, which occupied 22 floors at the World Trade Center, experienced bigger-than-normal pre-attack trading of options that profit when stock prices fall. Other companies that were directly affected by the tragedy had similar jumps. Raytheon, a defense contractor, had an anomalously high number of call options trading on September 10. 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.[citation needed] The initial options were bought through at least two brokerage firms, including NFS, a subsidiary of Fidelity Investments, and TD Waterhouse. It was estimated that the trader or traders would have realized a five million dollar profit. The Securities and Exchange Commission launched an insider trading investigation in which Osama bin Laden was a suspect after receiving information from at least one Wall Street Firm. The 9/11 Commission Report concluded that "Exhaustive investigations by the Securities and Exchange Commission, FBI, and other agencies have uncovered no evidence that anyone with advance knowledge of the attacks profited through securities transactions."[69] The report further stated: 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 U.S.-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 U.S.-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. Air defense stand down theory A common claim among conspiracy theorists is that the North American Aerospace Defense Command (NORAD) issued a stand down order or deliberately scrambled fighters late to allow the hijacked airplanes to reach their targets without interference. According to this theory, NORAD had the capability of locating and intercepting planes on 9/11, and its failure to do so indicates a government conspiracy to allow the attacks to occur.[66] Conspiracy theorist Mark R. Elsis says: "There is only one explanation for this ... Our Air Force was ordered to Stand Down on 9/11." One of the first actions taken by the hijackers on 9/11 was to turn off or disable each of the four aircraft's on board transponders. Without these transponder signals to identify the airplane's tail number, altitude, and speed, the hijacked airplanes would have been only blips among 4,500 other blips on NORAD"s radar screens, making them very difficult to track. On 9/11, only 14 fighter jets were on alert in the contiguous 48 states. There was no automated method for the civilian air traffic controllers to alert NORAD. A passenger airline had not been hijacked in the U.S. since 1979.[74] "They had to pick up the phone and literally dial us," says Maj. Douglas Martin, public affairs officer for NORAD. Only one civilian plane"a chartered Learjet 35 with golfer Payne Stewart and five others on board"was intercepted by NORAD over North America in the decade prior to 9/11, which took one hour and 19 minutes. Rules in effect at that time, and on 9/11, barred supersonic flight on intercepts. Before 9/11, all other NORAD interceptions were limited to offshore Air Defense Identification Zones (ADIZ). "Until 9/11 there was no domestic ADIZ," says FAA spokesman Bill Schumann. After 9/11, the FAA and NORAD increased cooperation. They set up hotlines between command centers while NORAD increased its fighter coverage and installed radar to watch airspace over the continent.[2] The longest warning NORAD received of the hijackings was some eight minutes for American Airlines Flight 11, the first flight hijacked. The FAA alerted NORAD to the hijacked Flight 175 at just about the same time it was crashing into the World Trade Center's South Tower. The FAA notified NORAD of the missing " not hijacked " Flight 77 three minutes before it struck the Pentagon. NORAD received no warning of the hijack of United Flight 93 until three minutes after it had crashed in Pennsylvania. Israeli agents See also: September 11 attacks advance-knowledge conspiracy theories: Israel It has been claimed that Israeli agents may have had foreknowledge of the attacks. Four hours after the attack, the FBI arrested five Israelis who had been filming the smoking skyline from the roof of a white van in the parking lot of an apartment building, for "puzzling behavior". The Israelis were videotaping the events, and one bystander said they acted in a suspicious manner: "They were like happy, you know ... They didn't look shocked to me. I thought it was very strange." While The Forward, a New York Jewish news magazine, reported that the FBI concluded that two of the men were Israeli intelligence operatives, a spokesperson for the Israeli Embassy in the United States said that they had not been involved in any intelligence operation in the United States. The FBI eventually concluded that the five Israelis had no foreknowledge of the attacks.