{Interesting article}
Who made a small fortune "shorting" airline and insurance stocks before Sept. 11?
On Sept. 10, 2001, the trading ratio on United Airlines was 25 times greater than normal at the Pacific Exchange, where traders could buy "puts," high-risk bets that the price of a company's stock will fall sharply. The next day, two hijacked United jetliners crashed, causing the company's shares to plummet and ultimately leading the airline into bankruptcy. CBS News later reported that at intelligence agencies, "alarm bells were sounding over unusual trading in the U.S. stock options market" on the day before the attacks.
The unusual stock trading suggests that someone with a sophisticated knowledge of finance also had advance information about the impending attack. But two years later, no one has been charged in this matter, and officials have not indicated even if the probe is still open.
Who made a small fortune "shorting" airline and insurance stocks before Sept. 11?
On Sept. 10, 2001, the trading ratio on United Airlines was 25 times greater than normal at the Pacific Exchange, where traders could buy "puts," high-risk bets that the price of a company's stock will fall sharply. The next day, two hijacked United jetliners crashed, causing the company's shares to plummet and ultimately leading the airline into bankruptcy. CBS News later reported that at intelligence agencies, "alarm bells were sounding over unusual trading in the U.S. stock options market" on the day before the attacks.
The unusual stock trading suggests that someone with a sophisticated knowledge of finance also had advance information about the impending attack. But two years later, no one has been charged in this matter, and officials have not indicated even if the probe is still open.
:eek: we've got some pretty crooked folks on the helm