Werbung Bob Fladung von Ino ist jemand, den Sie wissen müssen. Er sollte auf Ihrer kurzen Liste der möglichen Quellen des Verkehrs sein, wenn Sie Handelsprodukte verkaufen. Als allgemeine Faustregel, wenn you8217re senden Verkehr zu einem Handels-oder Investitionsangebot und Sie CAN8217T machen Ino8217s Verkehr konvertieren, dann haben Sie wahrscheinlich ein Umwandlungsproblem im Allgemeinen. I8217ve laufen Kampagnen mit Klienten in der Vergangenheit zu INO aus, die einige der höchsten Rückkehr-auf Investition erzeugt haben, die ich mich erinnern kann. Im Laufe der Jahre I8217ve gefunden Medien Verkäufer haben große Einblicke in das, was auf dem Markt funktioniert, weil sie Hunderte von Verkauf Trichter, Angebote und Werbeideen sehen. Und sie wissen, was working und what8217s nicht. That8217s, warum ich immer gerne ihre Gehirne wählen. Es macht mich ein intelligenter, effektiver Vermarkter. So hatte ich eine lange Konversation mit Bob about8230 Welche Arten von Verkehr er zur Verfügung hat. Was ANGEBOTE sieht er am besten funktioniert jetzt (Sommer 2016) Wie man die höchsten Conversions, wenn die Werbung für seinen Verkehr zu bekommen. Welche Arten von Volumen können Sie erwarten, wie er Preise Werbung. Und warum (Dies ist nützliche Info zu wissen). Außerdem reden wir darüber, wie es ihnen gelungen ist, die Qualität ihres Traffics über einen so langen Zeitraum zu erhalten (eine seltene Leistung in unserem Raum), die ich vorhin erwähnte, dass ich glaube, dass jeder Finanzvermarkter eine kurze Liste von 8220go-to8221 Verkehrsquellen haben sollte. Auf diese Weise wissen Sie, wo neue Angebote zu testen, wo Sie schnell ausrollen können, wenn Sie einen Gewinner haben, und grundsätzlich Ihre Medien kaufen zu einem stabileren Geschäftsprozess. Und Ino ist auf meinem persönlichen Short-Liste der Orte zu testen und Roll-out Handelsangebote. Ich empfehle Ihnen, nehmen Sie ein paar Minuten, um mit Bob zu verbinden. Sprechen Sie mit ihm über Ihre Angebote und was Sie haben. Das ganze Jahr Ive hörte durch Rückkanäle, die Mike MacDougalls Darwin List Network hat einige der höchsten Renditen für Investitionen für die Vermarkter in unserer Branche geliefert. Was ist schön über das ist seine Liste Netzwerk ist groß. Sehr groß. Ich hatte nur einen langen Video-Chat mit Mike als Teil einer Serie Im mit den Menschen, die den Verkehr in finanziellen haben. Ich habe zwei Ziele mit dieser Serie: Um Ihnen die verschiedenen Menschen in der Investor-Amp-Trader Medien-Universum, die Sie gehen können, um Ihr Unternehmen zu wachsen. Ich werde Ihnen einige Quellen, die Sie bereits kennen und mehrere neue oder kleinere E-Mail-Listen und Quellen, die Sie vielleicht noch nie von 8211 gehört haben, würden aber gerne testen. So haben Sie ausführliche Gespräche darüber, wie Sie jede dieser Verkehrsquellen für Sie arbeiten können. Und Ihnen helfen, ein intelligenter Medien-Käufer, indem Sie detailliertere Informationen. What8217s groß über Mike ist, dass er von der Vermarkter / Verleger-Seite des Unternehmens kommt. Er lief eine Agentur, die Produkteinführungen, Akquisitionskampagnen und fertige Verkaufstrichter für Finanzverlage behandelte. Und das entwickelte sich in seinem Mediengeschäft. So hat er eine Menge von praktischen, taktischen und strategischen Einblick in, wie Sie tatsächlich Ihre Werbung auszahlen für Sie. In unserem Gespräch diskutierten Mike und ich: Was allgemeine Angebote am besten für seinen Verkehr bieten. So skalieren Sie eine erfolgreiche Kampagne. Er kann 15.000 bis 20.000 Leads im Monat zu seinen größten Kunden liefern, aber Sie müssen in der Lage sein, Mike Details, wie man eine erfolgreiche Kampagne zu vergrößern. Wie er hilft neue Inserenten vermeiden, Geld zu verlieren, bevor sie kaufen jede Anzeige. Er skizziert auch eine der erfolgreichsten Umsatz Trichter Formate hes sehen Arbeit jetzt. Wie man durchdacht, welche Metrik für Ihre individuelle Kampagne wichtig ist. I8217d Liebe zu hier alle mögliche Fragen oder Anmerkungen, die Sie für Mike haben. Hoffe, dass dieses hilft, John Newtson Wenn you8217ve um die Industrie für eine Weile jetzt dann sind, wissen Sie Tim Bourquin, von AfterOffers. Ist einer der go-to-Traffic-Quellen in unserer Branche, wenn Sie auf der Suche nach hoher Qualität und hoch qualifizierte Investor und Trader führt. Was Sie vielleicht nicht wissen, ist, dass Tim begann die Trader Expo mit einer klassifizierten hinzufügen in einer lokalen Zeitung. Seine erste Antwort Vier Männer zeigten sich für ein Frühstückstreffen. Er wuchs, bis er Gastgeber 600 Händler in einem Ballsaal ZWEI A MONTH. Schließlich verkaufte er dieses Geschäft zur Geld-Erscheinen, aber diese Erfahrung führte ihn auch zum Geschäft der finanziellen Leitung Erzeugung ein. Jetzt läuft Tim ein großes Geschäft, das Investoren und Händler zu Verlagen liefert. (Er produziert auch Leads in anderen Nischen wie Internet-Marketing, Reisen amp Freizeit, und andere. Ich wollte Tim aus einigen Gründen zu interviewen. Ersten amp wichtigsten, denn wenn Sie kaufen Investor amp trading Traffic dann ist er jemand, den Sie wissen sollten. Tim gibt Sie LEADS 8211 nicht Impressionen, nicht E-Mail öffnet, aber tatsächliche führt. Leute, die Ihr Angebot sah und manuell ausgewählt, um Ihre E-Mails abonnieren. Er macht es für etwa 3 ein führen 8211, die eines der großen Angebote heute ist He8217ll sogar Geben Sie 100 Leads kostenlos, so können Sie sehen, wie qualifiziert sie sind. Zweites wollte ich Ihnen vorstellen, Tim, weil er einer jener Jungs ist, die immer großzügig mit seiner Zeit und seine Kompetenz. He8217s gute Leute und wissenswert, wenn you8217re Arbeitet in unserer Branche. Er bot eine Menge von unschätzbaren Einsichten und Ratschläge für Jami amp I, wenn wir den Gipfel auf der Grundlage seiner jahrelangen Erfahrung Bau und Betrieb der Traders8217 Expo gestartet. Drittens ist dies Teil einer Reihe von Gesprächen I8217m mit mit Qualitativ hochwertige Werbemittel in unserer Branche. Ich glaube, wir sind im Alter von einfach aus setzen 8220how to8221 Informationen. Das Internet ist voll von how-to-market, wie-zu verkaufen, wie-so ziemlich alles zu tun. Was zählt, ist die Verbindung. Du weißt es. Und ich möchte sicherstellen, dass Sie wissen alle, die möglicherweise helfen Ihnen beim Aufbau Ihres Unternehmens. Also, wenn you8217re auf der Suche nach Traffic Chancen dann gehen check out Afteroffers Sein eine lustige Situation. Ive sprach mit einer nach dem anderen von einigen der größten Namen im Internet-Marketing-Leute lehren Zehntausende von Menschen, wie man Geld online zu machen. Und theyve fast alle TRIED zu einem finanziellen Publishing-Geschäft zu führen. Sie verstehen das Geld da8230, wenn Sie wissen, wie man es bekommt. Sie sagen mir (diese sind tatsächliche Zitate Ive bekommen) Trading ist die härteste am meisten konkurrenzfähige Nische, um Produkteinführungen zu tun. Sein zu schwer, Geld dort zu verdienen. Ich kann nicht herausfinden, wie es funktionieren, damit ich mit einfacheren Nischen bleiben. Zurück im Jahr 2005 finanzielle war meine Lieblings-Nische, aber dass nur die letzten zwei Jahre. Es ist nur so viel härter, Geld zu verdienen dort Id nur verkaufen Internet-Marketing-Produkte. Warum ist es so, dass die Werkzeuge, die Schablonen, die Strategien, die so gut für sie in ANDEREN Nischen funktionieren, sie in unserem kläglich gescheitert haben? Sein populäres in den Marketing-Kreisen, auf die Leute zu schauen, die sagen: Mein Geschäft ist anders. Aber was ist, wenn seine wahren Zum Beispiel, wenn youre Kauf Verkehr in sagen, die Gewichtsverlust Nische, müssen Sie mit nationalen politischen Parteien mit tiefen Taschen konkurrieren, die Monate monatelangen Werbefläche für ein Jahr kaufen können nicht, aber wir tun , Der Präsidentschaftszyklus wirkt sich auf unseren Verkehr. Wenn du verkaufst, wie man Geld on-line-Produkte verdient, wie häufig sehen Sie eine änderung, welche Arten von Produkten umwandeln, weil die Börse verrückt wurde Nie. Aber sein allgemeines für uns .. Wenn you8217re verkaufend, wie bis dato Frauenprodukte Sie haben, sich alle paar Monate zu sorgen, daß Sie Schlagzeilen und Förderungen ändern müssen, wann immer ein großes geopolitisches Ereignis geschieht Oder wenn die Börse Richtungen ändert Oder wenn die Regierung kommt Up mit einigen neuen Politik Nein, aber in der finanziellen Nische, die wir tun. Die Realität ist, die finanzielle Nische ist ihr eigenes Tier. Was die Marketing-Gurus predigen und was tatsächlich in unserer Nische funktioniert, ist selten dasselbe. Nicht weil sie nicht gute Vermarkter, sondern weil Sie sich die Zeit nehmen, um wirklich wissen, unsere Nische und was funktioniert und doesn8217t Arbeit. Financial ist eine sehr dynamische Nische in vielerlei Hinsicht. Auf andere Weise ist es sehr konservativ. It8217s dynamisch in Bezug auf das Gespräch unsere Perspektiven und Kunden mit dem Markt haben. Das wirkt sich auf die Geschichten, Haken und Verständnis, dass zeigt sich in unseren Aktionen. It8217s konservativ, dass unsere Kunden neigen zu spät Adopters auf eine Menge Dinge. Dinge, die große Arbeit in anderen Nischen kann eine Weile dauern, um in unserem arbeiten, oder nie arbeiten, weil die wahrgenommene Mangel an Glaubwürdigkeit bringen sie an den Tisch. Die Handels-und Investitions-Nische hat it8217s eigenen einzigartigen Traffic-Möglichkeiten nicht anderswo gefunden. Wir haben einen sehr wettbewerbsintensiven Markt, dass es eine Menge von ausgezeichneten Vermarkter und Verlage gehen nach Kunden. Wir haben auch wettbewerbsfähige Geschäftsmodelle, wie Broker (zum Beispiel), die verschenken könnten, wie Informationen, die ein kleiner Verleger verkaufen würde, weil der Broker auf die Handelskommissionen bezahlt wird, nicht der Produktverkauf. Also, was funktioniert Arbeit Die einzige wirkliche Ort, um herauszufinden, ist von Ihrem Kollegen Unternehmer, Vermarkter und Super-Filialen, die in dieser Nische arbeiten. Leute wie, Aaron Dehoog, nahm er Newsmax Financial von 15.000 bezahlten Kunden zu über 400.000 in ein paar kurzen Jahren. Unter seinen Geheimnissen ist ein 5-Schritt-Prozess, den er verwendet, um seinen durchschnittlichen Verkauf von 165 zu erhöhen. Oder Pyong Kim, die Super-Affiliate verantwortlich für mehr als 100 Millionen Affiliate-Verkäufe, die Verkehr leichter, billiger und effektiver als die meisten Verlage bekommen können . Oder Cory Bridgewater, einer der größten Medienkäufer des Handelsverkehrs, der heute arbeitet, kann er wählen und Sie erhalten einen stetigen Fluss von 3.0008230 5.000 oder mehr bezahlten Kunden Monat für Monat für Monat. Oder John Hutchinson, ein Verleger, der so krank Erstattungen er herausgefunden, einen Weg, um sie auf weniger als 1 zu reduzieren. Und gewinnt 100 der wenigen Chargebacks er bekommen könnte. Alle diese Vermarkter teilten ihre Geheimnisse, Tipps und Strategien auf dem letzten Investing Info-Marketing-Gipfel. Wenn Sie versuchen, herauszufinden, welche Möglichkeiten gibt es für Sie, um Ihre finanziellen Publishing-Geschäft schneller als das ist Ihre beste Ressource zu bauen. Holen Sie sich 100 Ihrer Registrierung REBATED zurück zu Ihnen in Form von Free Traffic von der 1 Financial Media Corp, die größte leistungsorientierte Werbe-Netzwerk in der Finanzbranche, wird im Grunde kaufen Sie Ihr Ticket für Sie. Sie werden 100 der Kosten für Ihren Sitz auf dem diesjährigen Gipfel verrechnen. Das nächste Mal kaufen Sie Werbung von ihnen werden sie die Kosten für Ihr Ticket zu Ihrer Bestellung in Form von zusätzlichen Verkehr hinzuzufügen. Quick-Tipp, dass erhöht Affiliate-Umsatz von 500 Ein Verleger, der den Gipfel dachte, dass der Grund Affiliate startet Arbeit so gut ist, weil ein Affiliate nutzt seine Beziehung mit seiner Liste und Kunden, um jemand elses Produkte zu unterstützen. Er dachte, ein Affiliate könnte mehr Produkt verkaufen, wenn er vollen Nutzen aus dieser Beziehung und statt der Förderung jemand elses Produkt er ein neues Produkt von seinem eigenen zu seiner Liste gefördert. So fragte dieser Herausgeber eine seiner Mitgliedsorganisationen, ob er an einer weißen Beschriftung eines Produktes interessiert wäre. Diese besondere Affiliate hatte bereits über 50.000 dieses Produkts unter dem Standard-Affiliate-Modell verkauft. Der Affiliate vereinbart, es zu testen. Der Herausgeber würde weiterhin das Produkt zu erfüllen, aber er richtete eine Website für Affiliate an White Label es. Die Ergebnisse: Diese Affiliate verkauft 300.000 mit der gleichen Kopie, die nur 50k verkauft hatte zuvor. Das ist ein 500 Anstieg in der Antwort. Dies ist ein perfektes Beispiel für die reale Welt Marketing-Ergebnisse youll finden auf dem Gipfel. Was passiert, wenn Sie Ihren durchschnittlichen Umsatz von 165 steigern Es kann Ihre Verlieren Promotionen in Gewinner. Wenn Sie nur 5.000 auf einem Anzeigen Tropfen und nur bekam 2.500 zurück in Einnahmen dann verloren Sie Geld. Aber ein 165 Anstieg der durchschnittlichen Verkauf steigert, dass 2.500 bis 6.625 Sofort ein 50 LOSS in PROFITABLE WINNER. Das lässt Sie mehr Kunden, weil Sie mehr werben können. Und es stellt mehr als DOPPELTES GELD in der Bank auf Ihre Backend-Verkäufe Aaron teilt die 5 Schritte, die er verwendet, um Newsmax Financials durchschnittlichen Auftrag um 165 zu steigern und nahm sie von 15k Kunden zu über 400.000 bezahlten Kunden. Die Top-Top-Unternehmer, Verlage, Vermarkter, 038 Werbetexter in der Finanznische flog unten, um diese Informationen Holen Sie sich die Financial Publishers Ad Swap-Verzeichnis und entdecken Sie 5 Millionen Perspektiven, die Sie per E-Mail an kostenlos Als Teil des Gipfels haben wir zusammen ein Verzeichnis von Finanzverlage interessieren sich für Cross-Förderung mit anderen Finanzverlage. Wir haben über 35 verschiedene Finanzverlage, die zusammen E-Mail-Listen von insgesamt über 5 Millionen Investoren und Händler haben. Wenn Sie Zugriff auf die Aufnahmen erhalten Sie auch Zugang zu diesem E-Mail-Tausch-Verzeichnis. Lesen Sie die Liste der Möglichkeiten, die Ihnen als Teil des Verzeichnisses zur Verfügung stehen. 1. Eine Liste mit 93.000 Namen aktiver Händler. Diese Liste rangiert regelmäßig an der Spitze der Leaderboard auf Affiliate Promotions. 2. 101.000 hochverlobte und ansprechende Fans, die konträren wirtschaftlichen und Investmentideen folgen. 3. Eine 585.000 Namensliste der Immobilien fokussierten Investoren, die an REITS interessiert sind, Hypotheken, einzelne amp institutionelle Immobilien investieren und mehr. 4. Eine 200.000 E-Mail-Liste der Investoren in Gold und Ressourcen investiert interessiert. Und es hat sich gezeigt, sowohl auf Low-Price - als auch auf High-Price-Angebote für Anlageprodukte zu reagieren. 5. Eine 45.000 E-Mail-Liste mit durchschnittlichen offenen Raten von 18. Diese Liste besteht aus Energie-Profis, Investoren, Händler und Analysten zusammen. 6. Eine 45.000 E-Mail-Liste der aktiven Händler, die sich für Informationen über Handel Optionen, Aktien, Forex und Futures. 7. Eine 100.000 E-Mail-Liste der aktiven Händler - darunter 20.000 Käufer, die 997-5.000 Handelsdienste gekauft haben. 8. Eine 17.000-Namensoptionsliste von hochverdienten Investoren, die an Aktienhandel interessiert sind. 9. Eine Liste von 80.000 Namen aktiver Händler, die in Charts interessant sind, technische Analyse und vieles mehr. 10. Ein 150.000-Name-Liste der Händler amp Investoren in Forex, ETFs und Aktienhandel interessiert. 11. Eine Liste mit 8.000 Namen aktiver langfristiger und REPEAT-KÄUFER, die an Optionen, Aktien und Futures-Handel interessiert sind. 12. Eine Liste mit 25.000 Namenaktien für aktive Aktien - und Optionshändler und selbstverwaltete Anleger. 13. Eine Liste mit 80.000 Namen von Abonnenten für Finanzinhalte, die gut auf Investitions-Newsletter-Angebote, Gold-Amp-Silber-Angebote und allgemeine Anlageberatung reagiert. 14. Eine 575.000 Namensliste von einer oberen konservativen Amperealternativen-Nachrichtenquelle, die gut zu den finanziellen Rundschreiben, contrarian Anlageberatung und mehr reagiert. 15. Eine Liste mit 120.000 Namen aktiver Händler. 17. Eine Liste der aktiven Trader, die alle ANTWORTEN sind (diese zahlen Sie normalerweise zahlen eine 75 CPM zu mieten). 18. Eine Liste von 225.000 Namen aktiver Händler, die an Optionen, Forex und Aktien interessiert sind. 19. Eine 375.000-Namensliste von Finanzinvestoren, 50 U. S. und 50 Nicht-U. S. und als sehr reaktionsschnell beschrieben. 20. Eine Liste von 175.000 Namen aktiver Händler und selbst orientierter Anleger, die an Options-, Aktien - und Futures-Handel interessiert sind. Durchschnittliche offene Raten um 18. 21. Eine 90.000-Liste von sehr reaktionsschnellen, aggressiven, kurzfristigen Händlern, wobei die Mehrheit der Optionshändler 22 ist. Eine 21.000-Liste der PAID-Investitionskonferenzteilnehmer. 23. Eine 210.000 Liste der Börsen-Newsletter-Abonnenten. 24. Eine 100.000-Opt-in-Liste der aktiven Abonnenten, erwiesen, Front-End sowie High-Backend-Finanzabonnement-Dienste zu kaufen - über 25 sind aktive Käufer. 25. Eine Liste mit 70.000 Namenaktien für aktive Optionshändler, die sich für Chartvorhersage, Handel und tägliches Marktgeschehen interessieren. 26. Eine 120.000-Namensliste der aktiven Small-Cap-Trader. 27. Eine 10.000-Namensliste der Händler, die sich für regelmäßige Handelstipps entschieden hat. 28. Eine Liste mit 62.000 Namen von Händlern, die an FOREX-, Aktien - und Optionsprodukten interessiert sind 29. Eine Liste mit 8.000 Namen aktiver Händler. 30. Weitere 8.000 Namenliste von Händlern, die an FOREX und Optionsausbildung interessiert sind. 31. Eine 480.000-Namensliste von Investoren und überwiegend wohlhabenden, männlichen Babyboomer, die die Kontrolle über ihre finanzielle Zukunft übernehmen wollen, sowie ihr Nest-Ei zu schützen und zu wachsen, wenn sie in Richtung Ruhestand gehen. Testimonials Ive nie zu etwas wie diesem gewesen, bevor die Spitzenleute in der Industrie, die Millionen ausgeben, um verschiedene Techniken und Strategien zu prüfen, zeigen genau, was Arbeiten und was nicht. Darüber hinaus ist das Zimmer mit Geschäftsinhabern und anderen sehr vollendeten Menschen verpackt. Ich traf über 20 Menschen, die ich entweder Kauf von Medien aus, Verkauf von Medien und möglicherweise Partnerschaften mit zukünftigen Deals. Dies ist ein Muss Veranstaltung für jedermann in der Financial Publishing-Branche. Publisher, Oilprice Ich suchte Angebote, meine Hoffnungen und Erwartungen wurden drastisch übertroffen. Diese Veranstaltung bezahlt sich schon viele Male. Editor, Gold Newsletter CEO, die New Orleans Investment Conference Die Vernetzung ist erstaunlich. VP Marketing, Benzinga Marketfy Wie die meisten Leute in der Marketing-Welt wissen, große Ideen und Forschung sind nur ein Bruchteil der Gleichung. Marketing Execution ist der größte Teil der erfolgreichsten Kampagnen. Und Ideen zur Ausführung sind unbezahlbar. Als Teilnehmer war Weiss Research in der Lage, bis zu fünf Ausführungsideen, die wir im Jahr 2014 verwenden, abholen zu können. Publisher, Uncommon Wisdom Daily bei Weiss Research In jenen zwei Tagen, die ich dort war, habe ich mehr Geschäftsentwicklung als im letzten Jahr getan. CEO StrikePoint Media PLUS: Holen Sie sich 20.000 im Wert von finanziellen Werbekrediten Bestellen Sie Ihre Kopie der Aufzeichnungen heute und gut geben Ihnen über 20k von Werbe-Credits und Rabatte von vielen der besten Finanzmarkt-Quellen verfügbar heute. Youll erhalten eine 10.000 insgesamt GESCHENK-ZERTIFIKATE zu einer dedizierten E-Mail für alle 250.000 Namen, die Sie auf dieser Liste von 1 Million Aussichten Mail. Das ist vier Credits von 2.500 für insgesamt 10.000. Youll erhalten ein 2.500 GESCHENK-ZERTIFIKAT in Richtung zu einer engagierten eMail zu einer anderen Liste von 450.000 Aussichten. Youll erhalten ein 250 GESCHENK-ZERTIFIKAT zu einer gesponserten Anzeige im Rundschreiben von 1,2 Million Aussichten. Youll erhalten ein 1.625 GESCHENK-ZERTIFIKAT zu einer dedizierten eMail zu 65.000 aktiven Händlern. Youll erhalten ein 480 GESCHENK-ZERTIFIKAT zu einem dedizierten E-Mail-Test zu 40.000 aktiven Investoren und Händlern. Youll erhalten Sie ein 2.200 GESCHENK-ZERTIFIKAT zu einer dedizierten E-Mail an 220.000 aktive Investoren und Händler. Youll erhalten ein 1.000 GESCHENK-ZERTIFIKAT in Richtung zu einem kombinierten Paket einer engagierten eMail und eines Sponsoringeinsatzes zu 70.000 aktiven Investoren und Händlern mit einer durchschnittlichen geöffneten Rate von 14-15 Youll erhalten ein 1.450 GESCHENK-ZERTIFIKAT in Richtung zu einer engagierten eMail zu einer anderen Finanzliste von 250.000 Aussichten Mit durchschnittlichen offenen Raten von 15 Youll erhalten Sie ein 300 GESCHENK-ZERTIFIKAT in Richtung Ihrer ersten 2.500 für führt Denken Sie daran, erhalten Sie 100 Ihrer Registrierung zurück zu Ihnen von Financial Media Corp, die größte leistungsorientierte Anzeigen-Netzwerk in der Finanzbranche heute. Denken Sie daran, erhalten Sie 100 Ihrer Registrierung zurück an Sie zurückgegeben von Financial Media Corp, die größte leistungsorientierte Anzeigen-Netzwerk in der Finanzbranche heute. Before Investitionen in eine ETF, achten Sie darauf, sorgfältig zu prüfen, die fundrsquos Ziele, Risiken, Gebühren und Aufwendungen. Für einen Prospekt, der diese und andere wichtige Informationen enthält, wenden Sie sich bitte an einen Kundendienstvertreter. Bitte lesen Sie den Prospekt sorgfältig durch, bevor Sie investieren. Bei allen Beteiligungen handelt es sich um Risiken einschließlich des Verlustes des eingesetzten Kapitals. Die Wertentwicklung in der Vergangenheit ist keine Garantie für zukünftige Ergebnisse oder Erfolge. Marktvolatilität, Volumen und Systemverfügbarkeit können den Kontozugriff und die Handelsausführung verzögern. TD Ameritrade lädt keine Plattform-, Wartungs - oder Inaktivitätsgebühren auf. Provisionen, Servicegebühren und Ausnahmegebühren gelten weiterhin. Bitte lesen Sie unsere Provisions - und Maklergebühren für Details. Optionen sind mit Risiken behaftet und eignen sich nicht für alle Anleger, da die mit dem Optionshandel verbundenen besonderen Risiken potenziell rasche und erhebliche Verluste ausschließen können. Optionen Handel Privilegien unterliegen TD Ameritrade Überprüfung und Genehmigung. Bitte lesen Sie die Merkmale und Risiken der standardisierten Optionen, bevor Sie in Optionen investieren, bevor Sie in Optionen investieren. Der Verzicht auf NASDAQ Level II und Streaming News-Abonnementgebühren gilt nur für nicht professionelle Kunden. Der Zugang zu Echtzeit-Marktdaten wird durch die Annahme von Austauschverträgen geregelt. Professioneller Zugang kann abweichen und Abo-Gebühren anfallen. Weitere Informationen finden Sie in unseren Provisions - und Brokergebühren. Angebot gültig für ein neues persönliches, gemeinsames oder IRA TD Ameritrade Konto, das am 31.3.2017 eröffnet wurde und innerhalb von 60 Kalendertagen nach Kontoeröffnung mit 3.000 oder mehr finanziert wird. Um 100 Bonus zu erhalten, muss das Konto mit 25.000 oder mehr innerhalb von 60 Tagen nach Kontoeröffnung finanziert werden. Um 300 Bonus zu erhalten, muss das Konto mit 100.000 oder mehr innerhalb von 60 Tagen nach Kontoeröffnung finanziert werden. Um 600 Bonus zu erhalten, muss das Konto mit 250.000 oder mehr innerhalb von 60 Tagen nach Kontoeröffnung finanziert werden. Das Angebot gilt nicht für steuerfreie Trusts, 401k Accounts, Keogh Pläne, Profit Sharing Plan oder Money Purchase Plan. Das Angebot ist nicht übertragbar und nicht gültig mit internen Überweisungen, Konten mit dem Amerivest Service, TD Ameritrade Institutional Accounts, aktuellen TD Ameritrade Konten oder mit anderen Angeboten. Qualifizierte Provisionsfreies Internet-Aktien, ETF - oder Optionsaufträge sind auf maximal 500 begrenzt und müssen innerhalb von 60 Kalendertagen nach Rechnungslegung erfolgen. Vertrags-, Ausübungs - und Abtretungsgebühren gelten weiterhin. Beschränken Sie ein Angebot pro Client. Der Kontobetrag des qualifizierten Kontos muss 12 Monate oder, wenn TD Ameritrade das Konto berechnen darf, gleich dem Wert nach dem Nettobetrag (abzüglich etwaiger Verluste aus Handels - oder Marktvolatilität oder Margin Debit-Salden) gleich oder größer sein Die Kosten des Angebots nach eigenem Ermessen. TD Ameritrade behält sich das Recht vor, dieses Angebot jederzeit einzuschränken oder zu widerrufen. Dies ist kein Angebot oder eine Aufforderung in einem Land, in dem wir nicht berechtigt sind, Geschäfte zu tätigen. Bitte erlauben Sie 3-5 Werktage für jede Bareinlagen auf Konto zu buchen. Steuern im Zusammenhang mit TD Ameritrade-Angebote sind in Ihrer Verantwortung. Retail-Werte von 600 oder mehr während des Kalenderjahres werden in Ihrem konsolidierten Formular 1099 enthalten sein. Bitte konsultieren Sie einen Rechts - oder Steuerberater für die jüngsten Änderungen in den US-Steuernummern und für Rollover-Förderfähigkeitsregeln (Angebotscode: 220). 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Die Firma wurde auf Platz 1 in den Kategorien ldquoBest für Long-Term Investingrdquo, ldquoBest für Usabilityrdquo, ldquoBest for Research Einrichtungenrdquo, ldquoBest für Portfolio-Analyse amp Reportsrdquo , Und ldquoBest für Novices. rdquo TD Ameritrade erhielt auch die höchsten Sternebewertungen (4.5) in ldquoBest für Optionen Tradersrdquo (geteilt mit 2 anderen) und (4) in ldquoBest für In-Person Servicerdquo (gemeinsam mit 4 anderen). Auch erhielt 4 Sterne in ldquoBest für Frequent Tradersrdquo. Sternbewertungen sind aus einem möglichen 5. Barronrsquos ist ein eingetragenes Warenzeichen von Dow Jones. L. P. Alle Rechte vorbehalten. TD Ameritrade, Inc. Mitglied FINRA / SIPC. Dies ist kein Angebot oder eine Aufforderung in einem Land, in dem wir nicht berechtigt sind, Geschäfte zu tätigen. TD Ameritrade ist ein eingetragenes Warenzeichen der TD Ameritrade IP Company, Inc. und der Toronto-Dominion Bank. Kopie 2016 TD Ameritrade IP Company, Inc. Alle Rechte vorbehalten. Benutzt mit Genehmigung. Insider Handel 9/11. Die Tatsachen gelegt bloß 20. März 2012, das Asien-Times-Zitat - - gibt es irgendeine Wahrheit in den Behauptungen, die informierten Kreisen erhebliche Profite in den Finanzmärkten im Zusammenhang mit den Terrorangriffen vom 11. September 2001 auf den Vereinigten Staaten machten Beste Platz zum Starten ist durch die Prüfung Put-Optionen, die um Dienstag, 11. September 2001, in einem abnormen Ausmaß aufgetreten, und am Anfang über Software, die eine Schlüsselrolle gespielt: die Staatsanwälte Management Information System, abgekürzt als PROMIS. I PROMIS ist ein Softwareprogramm, das mit fast quadratischen Fähigkeiten ausgestattet ist. Darüber hinaus ist es Gegenstand eines jahrzehntelangen Streits zwischen seinem Erfinder Bill Hamilton und verschiedenen Personen / Institutionen, die mit Geheimdiensten, Militär - und Sicherheitsberatungsgesellschaften verbunden sind. 1 Eines der ausschlaggebenden Fähigkeiten von PROMIS, muss man davon ausgehen, dass es mit künstlicher Intelligenz ausgestattet ist und scheinbar von Anfang an in der Lage war, beliebig viele verschiedene Computerprogramme oder Datenbanken gleichzeitig zu lesen und zu integrieren, unabhängig von der Sprache, in der die Original-Programme geschrieben wurden oder die Betriebssysteme und Plattformen, auf denen diese Datenbank damals installiert wurde. Quote 2 Und dann wird es wirklich interessant: Was würdest du tun, wenn du eine Software hast, die denken könnte, alle großen Sprachen der Welt zu verstehen Zur Verfügung gestellt Peep-Löcher in alle elses Computer Quotierung Zimmerquot, die Daten in Computern ohne Völker Wissen einfügen könnte, die in Leerzeichen jenseits menschlichen Denkens füllen könnte, und auch vorhersagen, was die Leute tun - bevor sie es Sie wahrscheinlich verwenden würde, würden Sie nicht 3 Zugegeben, diese Fähigkeiten klingen kaum glaubwürdig. Tatsächlich scheint die ganze Geschichte von PROMIS, die Mike Ruppert im Laufe seines Buches Crossing the Rubicon in all seinen bizarren Facetten und Wendungen entwickelt, als hätte jemand einen Roman im Stil von Philip K Dick und William Gibson entwickelt. Doch was Ruppert über PROMIS gesammelt hat, beruht auf seriösen Quellen sowie auf Ergebnissen persönlicher Ermittlungen, die eine Jury kritisch beurteilen. Dies scheint umso dringender, wenn Sie die PROMIS Fähigkeiten hinzufügen, dass es eine gegebene war, dass PROMIS für eine Vielzahl von Zwecken von Intelligence-Agenturen, einschließlich der Echtzeit-Überwachung von Aktien-Transaktionen auf allen großen Finanzmärkten der Welt verwendet wurde. 4 Wir haben es also mit einer Software zu tun, die: a) Computer und Kommunikationssysteme infiltriert, ohne bemerkt zu werden. B) Kann Daten manipulieren. C) Ist in der Lage, den globalen Börsenhandel in Echtzeit verfolgen. Punkt c ist relevant für all das, was im Zusammenhang mit den bis dahin noch nie vollständig aufgeklärten Transaktionen geschehen ist, die kurz vor dem 11. September stattgefunden haben und von denen der bisherige Vorsitzende der Deutschen Bundesbank Ernst Weltke nicht ohne eine gewisse Kenntnisnahme geplant und durchgeführt werden konnte . 6 Ich habe den Finanzjournalisten Max Keiser gefragt, der seit Jahren an der Wall Street als Aktien - und Optionshändler über die Put-Option-Trades gearbeitet hat. Keiser wies in diesem Zusammenhang darauf hin, dass er in den Türmen des World Trade Centers um diese Zeit mit vielen Brokern gesprochen habe. Ich hörte aus erster Hand über die Fluggesellschaft setzen Handel von Maklern an Cantor Fitzgerald Tage before. quot Er sprach dann mit mir über eine explosive Frage, auf die Ruppert ausführlich in Crossing the Rubicon ausgearbeitet. Max Keizer: Es gibt viele Aspekte bezüglich dieser Optionskäufe, die noch nicht bekannt gegeben wurden. Ich arbeitete auch bei Alex Brown amp Sons (ABS). Die Deutsche Bank kaufte Alex Brown amp Sons im Jahr 1999. Als die Angriffe auftraten, war ABS im Besitz der Deutschen Bank. Eine wichtige Person bei ABS war Buzzy Krongard. Ich traf ihn mehrmals in den Büros in Baltimore. Krongard war Direktor der CIA. Die Optionskäufe, an denen ABS beteiligt war, traten in den Büros von ABS in Baltimore auf. Der Lärm, der zwischen Baltimore, New York City und Langley aufgetreten war, war interessant, wie Sie sich vorstellen können, um es gelinde auszudrücken. Unter Berücksichtigung der Tatsache, dass Alex Brown, eine Tochtergesellschaft der Deutschen Bank (wo viele der behaupteten 9/11 Hijacker ihre Bankgeschäfte abgewickelt haben - zum Beispiel Mohammed Atta), massive Put-Optionen Käufe auf United Airlines Company UAL durch die Chicago Board Option gehandelt haben Exchange (CBOE) - zitiert die Peinlichkeit der Ermittler, wie die britische Zeitung The Independent berichtet. 7 Am 12. September verzichtete der Vorstandsvorsitzende der Deutschen Bank Alex Brown, Mayo A Shattuck III, plötzlich und leise auf seinen Posten, obwohl er noch einen Dreijahresvertrag mit einem Jahresgehalt von mehreren Millionen US-Dollar hatte. Man könnte das als irgendwie seltsam wahrnehmen. Ein paar Wochen später lehnte der Pressesprecher der Central Intelligence Agency (CIA) zu dieser Zeit, Tom Crispell, alle Kommentare ab, als er für einen Bericht für die Rupperts Webseite von der Wildnis kontaktiert wurde und gefragt wurde, ob das Treasury Department oder FBI Federal Bureau of Investigation hatte CIA-Exekutivdirektor und ehemaligen CEO der Deutschen Bank-Alex Brown, AB Buzzy Krongard, über das CIA-Monitoring der Finanzmärkte mit PROMIS und seiner ehemaligen Position als Aufseher von Browns Privatkundenbeziehungen in Frage gestellt Wurde er persönlich vom ehemaligen CIA-Chef George Tenet für die CIA eingestellt, Krongard überwacht hauptsächlich Privatkundenbanken bei Alex Brown. 9 In jedem Fall sank nach 9/11 am ersten Handelstag, als die US-Aktienmärkte wieder geöffnet waren, der Aktienkurs der UAL um 43 zurück. (Die vier Flugzeuge, die am 11. September entführt wurden, waren American Airlines Flight 11, American Airlines Flight 77 und UAL-Flüge 175 und 93.) Mit seinem Hintergrund als ehemaliger Optionshändler erklärte Keizer in dieser Hinsicht ein wichtiges Thema. Max Keizer: Put-Optionen sind, wenn sie in einem spekulativen Handel eingesetzt werden, im Grunde Wetten, dass die Aktienkurse fallen abrupt. Der Käufer, der einen zeitspezifischen Vertrag mit einem Verkäufer eingeht, hat zum Zeitpunkt des Vertragsabschlusses keine eigene Aktienbesitzung. Im Zusammenhang mit der Frage des Insiderhandels über (Put oder Call) Optionen gibt es auch eine bemerkenswerte Definition der Schweizer Wirtschaftswissenschaftler Remo Crameri, Marc Chesney und Loriano Mancini, vor allem, dass ein Optionsgeschäft als informedquot identifiziert werden kann - aber noch nicht (rechtlich ) Bewiesen, wenn sie durch eine ungewöhnliche große Zunahme im offenen Interesse und Volumen gekennzeichnet ist, induziert große Gewinne und ist nicht an der Börse abgesichert. 10 Die offene Verzinsung bezeichnet Verträge, die bis zum Ende der Handelssitzung noch nicht ausgeglichen (ausgeübt) sind, aber noch offen sind. Nicht abgesichert an der Börse bedeutet, dass der Käufer einer (Put - oder Call-) Option keine Aktien des Basiswertes hält, wodurch er in der Lage sein könnte, Verluste zu mildern oder zu kompensieren, wenn sein Trade nicht funktioniert oder anders formuliert ist: Nicht Hedge, weil es unnötig ist, da man weiß, daß die Wette eins ist, Verzeihung, Quotadad sicheres Ding. (In dieser Hinsicht ist es also nicht wirklich eine Wette, weil das Ergebnis nicht ungewiß ist, sondern eine ausgemachte Sache In diesem Fall war das Fahrzeug der Berechnung lächerlich billig Put-Optionen, die dem Inhaber das Recht für einen Zeitraum von Zeit zu verkaufen, um bestimmte Aktien zu einem Preis, der weit unter dem aktuellen Marktpreis - die eine sehr riskante Wette ist, weil Sie verlieren Wenn der Marktpreis bei Fälligkeit noch höher ist als der in der Option vereinbarte Preis. Als diese Aktien jedoch nach den Terroranschlägen viel tiefer fielen, vervielfachten diese Optionen ihren Wert um das Hundertfache, weil der in der Option angegebene Verkaufspreis weit höher war als der Marktpreis. Diese riskanten Spiele mit kurzen Optionen sind ein sicheres Anzeichen für Investoren, die wussten, dass in wenigen Tagen etwas passieren würde, die den Marktpreis dieser Aktien drastisch senken würden. Quote 11 Software wie PROMIS wiederum wird mit der genauen Absicht zur Überwachung der verwendet Börsen in Echtzeit, um Preisbewegungen zu verfolgen, die verdächtig erscheinen. Daher müssen die US-Geheimdienste deutliche Warnungen aus den singulären, nie zuvor gesichteten Transaktionen vor dem 11. September erhalten haben. Von großer Wichtigkeit in Bezug auf die Strecke, die zu den Tätern führen sollte, wenn Sie ernsthaft darüber nachdenken wollten, ist dies: Max Keizer: Die Options Clearing Corporation hat die Pflicht, die Transaktionen abzuwickeln, und zwar eher anonym Kann die Bank, die die Transaktion als Makler ausführt, die Identität beider Parteien bestimmen. Aber das ist wohl kaum die Absicht der Regulierungsbehörden gewesen, als die Strecke unter anderem Alvin Bernard namensBuzzyquot Krongard, Alex Brown Amp Sons und die CIA führte. Ruppert jedoch beschreibt diesen Fall bei der Überwindung des Rubicon in voller Länge so weit wie möglich. 12 Darüber hinaus gibt es auch Möglichkeiten und Möglichkeiten für Insider, ihre Spuren zu verhüllen. Um weniger offensichtlich zu sein, könnten die Insider kleine Mengen von Verträgen handeln. Diese konnten unter mehreren Konten gehandelt werden, um die Aufmerksamkeit auf große Handelsvolumina zu vermeiden, die durch ein einziges großes Konto gehen. Sie könnten auch kleine Mengen in jedem Vertrag, aber Handel mehr Verträge zu vermeiden Aufmerksamkeit. Wenn offenes Interesse zunimmt, können Nicht-Insider ein wahrgenommenes Signal erkennen und ihre Handelsaktivität erhöhen. Insider können dann zurückkommen, um in mehr Transaktionen auf der Grundlage einer scheinbar signifikante Handels-Signal aus dem Markt. In dieser Hinsicht wäre es für die CBOE schwierig, die Insider von den Nicht-Insidern zu freisprechen, da beide stark handeln. Die Frage, die hier geklärt werden muss, wird in der Regel von Keiser wie folgt beurteilt: Max Keizer: Mein Gedanke ist 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 quotthe sensitive naturequot of the case and could be relied on to quotexercise appropriate discretionquot. 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 quotBlack Tuesday: The Worlds Largest Insider Trading Scamquot 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 quotinsidersquot 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 quotinsidersquot, 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 amp 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 Stanleys 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 amp 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, Merrills shares fell from 46.88 to 41.50 assuming that 11,000 option contracts were bought by quotinsidersquot, their profit would have been about 5.5 million. European regulators are examining trades in Germanys Munich Re, Switzerlands 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 quotdouble whammyquot for them.) 17Concerning 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, quotThere are ever clearer signs that there were activities on international financial markets that must have been carried out with the necessary expert knowledge, quot 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 quotalmost irrefutable proof of insider tradingquot. Miami Herald, 9/24/2001 quotIf 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. quot Nevertheless, he believes that quotin one or the other case it will be possible to pinpoint the sourcequot. Fox News, 9/22/2001 Welteke reports quota fundamentally inexplicable risequot 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: quotYour mail has been received by us and is being processed under the number 2011 / 011551.quot 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 UALs 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, quotin order to prevent any misunderstanding: your answers refers, as far as I understand, solely to the financial markets in Germany and Frankfurt, or notquot 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: quotExamination 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. quot 19Another 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 quotWas there Abnormal Trading in the SampP 500 Index Options Prior to the September 11 Attacksquot 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 amp Poors 500 Index (SPX Index Options), in particular with a focus on strategies emanating from a bear market, namely those under the labels quotPut Purchase, quot quotPut Bear Spreadquot and quotNaked ITM Call Writequot, 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 Barrons, the heading of which suggested precisely that thesis: quotFollow the money: Terror plotters could have benefited more from the fall of the entire market than from individual stocks. quot 21 Basically, Wong, Thompson and Teh came to the conclusion quotthat 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 attacksquot. More specifically, they stated, quotOur 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. quot Instead, they found evidence for quotabnormal trading volume in OTM, ATM and ITM SPX index put optionsquot for September 2001, and also in quotITM-SPX index call optionsquot for the same month. quotIn 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. quot From all of this, they took the position that whilst they couldnt definitively prove that insiders were active in the market, quotour results provide credible circumstantial evidence to support the insider trading claimquot. 22 Disambiguation: quotin the moneyquot 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. quotAt the moneyquot means that the price of the underlying asset has remained equal or nearly equal. And quotout-of-the-moneyquot 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. quotIn the moneyquot: win. quotOut of the moneyquot: 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 quotPut-Purchase Strategyquot in the case of a downward movement of the underlying asset quotis 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 declinequot. The use of the OTM put option compared to the ITM put option, however, offers quotboth 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. quot That is why speculators would fare best, if they bought ITM put options, quotunless the speculators would expect a very substantial decline in the price of the underlying asset. quot 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: quotMore 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, quot such as confusing trading strategies, quotintentionally employed by the insidersquot 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): quotThe atypical volumes, which are very rare for specific stocks lead to the suspicion of insider trading. quot 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. quotWe have tried to see if the movements of specific stocks shortly before the attacks were normal. quot We show that the movements for certain companies such as American Airlines, United Airlines, Merrill Lynch, Bank of America, Citigroup, Marsh amp 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, quot 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. quotFor 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. quot 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. quotFor specific titles, the profits were enormous. quot quotFor example, the investors who acquired put options on Citigroup with an expiry in October 2001 could have made more than 15 million profit, quot he said. On the basis of the connection of data between volumes and profitability, the two authors conclude that quotthe 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. quotThere is no legal evidence, but these are the results of statistical methods, confirming the signs of irregularities. quot 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 quotconsistently proved innocuousquot. 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, quotDetecting Informed Trading Activities in the option markets. quot 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. quotCompanies like American Airlines, United Airlines, Boeingquot - the latter company is a contractor of the two airlines as aircraft manufacturer - quotand 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. quot 26 In the banking sector, Chesney, Crameri and Mancini found five informed trading activities in connection to 9/11. quotFor 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. quot 27 For both areas, the aviation and the banking sector, the authors state that quotin nearly all cases the hypothesisquot, that the put options were not hedged, quotcannot be rejectedquot. 28 Regarding the options traded on EUREX, one of the worlds 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: quotThe 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. quot Similar is true, according to the authors, for one informed option trade on Swiss Re on August 20, 2001 with quota return of 4,050 in three trading weeksquot, or quotmore than 8 million. quot 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 quotcarbon copyquot - 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 Brse or Eurex regarding the topics of your inquiry. This is for the following reason: the trade monitoring agency (HSt) 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 HSt 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 (quotOperation Gladioquot), 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 quot09 07659-FOIAquot 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 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, quotPre-September 11, 2001 Trading Review, quot 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 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 reports conspicuous avoidance of the lions share of the insider trading issue. Indeed, if the trading was truly quotinnocuousquot, 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 quotneed to knowquot, 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, Bushs brother Marvin was also on the board. Walkers 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 quotno ties to terrorism. there was no reason to pursue the investigation. quot 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 quotnice detective workquot. Ryan, whos 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 quotEvidence for Informed Trading on the Attacks of September 11.quot See here . The following two references from the paper are relevant to what you are describing. 2 9/11 Commission memorandum entitled quotFBI Briefing on Tradingquot. 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 SECs flagging of that company. But, of course, that was not the case. In 2009, quotBandar Bushquot 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 lets 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 quotsuspicions that some of the 911 transactions were illegalquot. 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. quot 36 Convar received the costly orders - according to Kirschbaums report the companies had to pay between 20,000 and 30,000 per rescued computer - in particular from credit card companies, because: quotThere 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 unfoldedquot 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 quotillegal 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. quot 38 Wagners observation that there had been quotillegal financial transactions shortly before and during the WTC disasterquot 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 quotars publicandiquot 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 - quotone of the nations 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. quot 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 ONeill to get the post of the head of Security Affairs at the WTC, and spent the night of September 11 with ONeill in New York before the latter lost his life on September 11 in the WTC. Hauer was most likely involved in the planning of quotTripod IIquot, 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 Kirschbaums Reuters article and additional cinematic reports on Convars which showed that some of the WTC disks had not been quotcompletely destroyed or vaporizedquot. I stated to KrollOntrack: quotYour answer does not seem to match the facts, when it comes to completely destroyed or vaporized. Will you still stick to your answerquot KrollOntrack then replied that their previously given assessment constituted quotnot a statement, but an opinionquot. 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 Convars 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 quotthe assembled agents expressed no knowledge of the reported hard-drive recovery effort or the alleged schemequot - but above all quoteverything at the WTC was pulverized to near powder, making it extremely unlikely that any hard-drives survivedquot. 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 quothighly sensitivequot 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 amp 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, Ive never been able to see concrete evidence that the insider trading has been proved. Theres 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 hasnt been documented. I think around situations like 9/11 weve seen things that can only be explained as insider trading. Therefore, it wouldnt 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 wouldnt 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 havent 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 quotGet Out of Jail Free cardquot as Ive 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 Fitzgeralds 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: quotCui bono 9/11quot Catherine Austin Fitts: In addition, the federal government took the position that they couldnt 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 quotGet Out of Jail Free cardquot for four trillion dollars and more missing from the federal government. So if youre 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 quotThe Control on Concentration of Cash Flow Act. quot 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 hadnt talked to since before 9/11, and he said to him: quotOh Harry, I am so sorry about what has happened, it must have been very traumatic. quot And the guy said: quotDont be ridiculous We were able to borrow cheap short and invest long, were running a huge arbitrage, were making a fortune, this is the most profitable thing that ever happened to usquot - 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 quotgapquot (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 quotwar on terrorquot, engaging the Tomahawks from Raytheon. And here it may again be useful to have a quick look at the quotcui bonoquot 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 worlds 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. Lets sum up a bit at the end. We have, among other things: The quotnice detective workquot 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 quotto give the FBI the opportunity to give a public statement with regards to three specific issuesquot. Those three specific issues were the ones I have just highlighted. Related to each of them Ive asked Mr Bresson/the FBI: quotCould you comment on this for the public, pleasequot Up to this moment, Mr Bresson/the FBI did not respond to my inquiry in any way whatsoever. Does this come as a surprise Ive also got back in touch with quotars publicandiquot, the firm that does public relations for Convar in Germany. The response said: quotUnfortunately I have to inform you that the status has not changed, and that Convar considers the issue of 9/11 as dead in general. quot 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: quot9/11 Insider Trading, or You Didnt Really See That, Even Though We Saw It. quot 6. Ibid, page 239. 7. Compare Chris Blackhurst: quotMystery of terror insider dealers quot, published at The Independent on October 4, 2001, see here. 8. Compare quotProfits of Deathquot, 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: quotDetecting Informed Trading Activities in the Option Marketsquot, University of Zurich, April 2010, online here. 11. Nafeez M Ahmed: Geheimsache 09/11. Hintergrnde 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: quotWas there Abnormal Trading in the SampP 500 Index Options Prior to the September 11 Attacksquot, published at Social Sciences Research Network, April 2010, see here. 14. Compare quotBank of America among 38 stocks in SECs attack probequot, published at Bloomberg News on October 3, 2001, archived here. 15. Michael C Ruppert: Crossing the Rubicon . page 243. 16. Ibid. 17. quotSuppressed Details of Criminal Insider Trading Lead Directly into the CIAs Highest Ranksquot, published at From the Wilderness on October 9, 2001, see here. 18. Compare quotEarly September 2001: Almost Irrefutable Proof of Insider Trading in Germanyquot, published at History Commons, see here. 19. Allen M Poteshman: quotUnusual Option Market Activity and the Terrorist Attacks of September 11, 2001quot, 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: quotWas there Abnormal Trading in the SampP 500 Index Options Prior to the September 11 Attacksquot, see end note 13. 21. Ibid. The authors refer to Erin E Arvedlund: quotFollow the money: terrorist conspirators could have profited more from fall of entire market than single stocksquot, published in Barrons on October 8, 2001. 22. Wong, Thompson, Teh: quotWas there Abnormal Trading in the SampP 500 Index Options Prior to the September 11 Attacksquot 23. Ibid. 24. Ibid. 25. Marina Alcaraz: quot11 septembre 2001: des volumes inhabituels sur les options peu avant lattentatquot, published in Les Echos, page 34, September 10, 2001, online here. 26. Marc Chesney, Remo Crameri and Loriano Mancini: quotDetecting Informed Trading Activities in the Option Marketsquot, see end note 10. 27. Ibid. 28. ibid. 29. Ibid. 30. Compare Marc Chesney, Remo Crameri and Loriano Mancini: quotDetecting Informed Trading Activities in the Option Marketsquot, published at the University of Zurich on September 7, 2011, see here. 31. Vgl Lars Schall: quotSapere Audequot, German Interview with Dr Daniele Ganser, published at LarsSchall on August 18, 2011, see here. 32. Compare a copy of the letter by the SEC on MaxKeiser, see here. 33. Compare related to this agreement Matt Taibbi: quotIs the SEC Covering Up Wall Street Crimesquot, published at Rolling Stone on August 17, 2011, see here . 34. Mark H Gaffney: quotBlack 9/11: A Walk on the Dark Sidequot, published at Foreign Policy Journal on March 2, 2011, see here. 35. Compare Peter Dale Scott: quotLaunching the US Terror War: the CIA, 9/11, Afghanistan, and Central Asiaquot, The Asia-Pacific Journal, Vol 10, Issue 12, No 3, March 19, 2012, see online here. 35. Erik Kirschbaum: quotGerman Firm Probes Last-Minute World Trade Center Transactionsquot, 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: quotFBI Briefing on Tradingquot, dated August 18, 2003, page 12, online here. 42. Lars Schall: quot9/11 Was A Fantastically Profitable Covert Operationquot, Interview with Catherine Austin Fitts, published at LarsSchall on September 3, 2011, see here . 43. Ibid. Compare further related to the quotcui bonequot topic Catherine Austin Fitts: quot9-11 Profiteering: A Framework for Building the Cui Bonoquot, published at GlobalResearch on March 22, 2004, see here . 44. Lars Schall: quot9/11 Was A Fantastically Profitable Covert Operationquot, see end note 42. 45. Compare quotBank of America among 38 stocks in SECs attack probequot, see end note 14. quotA 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. quot 46. Compare Barry Grey: quotSuspicious trading points to advance knowledge by big investors of September 11 attacks, quot published at World Socialist Web Site on October 5, 2001, see here. 47. J S Kim: quotInside the Illusory Empire of the Banking Commodity Con Game, quot 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. Copyright 2012 Asia Times Online (Holdings) Ltd. Scroll down to add your comments - Please read our Comment Policy before posting -
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