Stock trading 911
Profiting From Disaster? - CBS News
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On 11 September , four planes were hijacked and used in the Attack on America: American Airlines Flight 11 leaving Boston bound for Los Angeles, American Airlines Flight 77 leaving Washington bound for Los Angeles, United Airlines Flight leaving Boston bound for Los Angeles, and United Airlines Flight 93 leaving Newark bound for San Francisco.
Each of these planes was deliberately crashed, killing all on board — two into the World Trade Center towers, one into the Pentagon, and one into a field in Pennsylvania. Only the delay in takeoff of UA Flight 93 and the actions of the alerted passengers on board prevented it from becoming yet another instrument of destruction resulting in an even greater loss of life.
The operation had taken years to plan, and the perpetrators knew well in advance which airlines would be affected.
In the month prior to the 11 September attacks on the World Trade Center and the Pentagon, unusual trading activity involving American and United Airlines stock was noted by market analysts who at the time had no idea what to make of it. Wildly unusual discrepancies in the put and call ratio — 25 to times normal — were reportedly observed in stock options of the two airlines. Options are wagers that the price of a share block of a particular stock will rise or fall by a certain date.
But it was during the final few trading days the market closes on weekends that the most unusual variances in activity occurred. Bloomberg data showed that on 6 September , the Thursday before that black Tuesday, put-option volume in UAL stock was nearly times higher than normal: On a day that the put-to-call ratio would normally have been expected to be roughly 1: No other airline stocks were affected; only United and American were shorted in this fashion.
Accelerated investments speculating a downturn in the value of Morgan Stanley and Merrill Lynch two New York investment firms severely damaged by the World Trade Center attack were also observed. Some unusual trading did in fact occur, but each such trade proved to have an innocuous explanation. For example, the volume of put options — instruments 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.
Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U. The SEC and 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.
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9/11 Terrorists Made Millions on the Stock Market
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C : Summary for Citigroup, Inc. Common Stock - Yahoo Finance
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