Suppressed Details of Criminal Insider
CIA Executive Directory "Buzzy" Krongard
by Michael C. Ruppert
© 2001 Michael C. Ruppert
and FTW Publications, www.copvcia.com/
Krongard joined the CIA in 1998 as counsel to CIA
Director George Tenet. He was promoted to CIA Executive
Director by President Bush in March of this year. BT
was acquired by Deutsche Bank in 1999. The combined firm is the single
largest bank in
The Scope of Known Insider Trading
Before looking further into these relationships it is necessary to look at the insider trading
information that is being ignored by Reuters, The New York Times and other mass
media. It is well documented that the CIA has long
monitored such trades — in real time — as potential warnings of terrorist
attacks and other economic moves contrary to
It is necessary to understand only two key financial terms to understand the significance of these trades, "selling short" and "put options".
"Selling Short" is the borrowing of stock, selling it at current market prices, but not being required to actually produce the stock for some time. If the stock falls precipitously after the short contract is entered, the seller can then fulfill the contract by buying the stock after the price has fallen and complete the contract at the pre-crash price. These contracts often have a window of as long as four months.
"Put Options," are contracts giving the buyer the option to sell stocks at a later date. Purchased at nominal prices of, for example, $1.00 per share, they are sold in blocks of 100 shares. If exercised, they give the holder the option of selling selected stocks at a future date at a price set when the contract is issued. Thus, for an investment of $10,000 it might be possible to tie up 10,000 shares of United or American Airlines at $100 per share, and the seller of the option is then obligated to buy them if the option is executed. If the stock has fallen to $50 when the contract matures, the holder of the option can purchase the shares for $50 and immediately sell them for $100 — regardless of where the market then stands. A call option is the reverse of a put option, which is, in effect, a derivatives bet that the stock price will go up.
A September 21 story by the Israeli Herzliyya International Policy Institute for Counterterrorism, entitled "Black Tuesday: The World’s Largest Insider Trading Scam?" documented the following trades connected to the September 11 attacks:
· Between September 6 and 7, the Chicago Board Options Exchange 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 "insiders" would have profited by almost $5 million.
September 10, 4,516 put options on American Airlines were
bought on the
[FTW note: The levels of put options purchased above were more than six times higher than normal.]
similar trading in other airlines occurred on the
Stanley Dean Witter & Co., which occupied 22 floors of the
· Merrill Lynch & 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, Merrill’s shares fell from $46.88 to $41.50; assuming that 11,000 option contracts were bought by "insiders," their profit would have been about $5.5 million.
regulators are examining trades in
[FTW note: AXA also owns more than 25% of American Airlines stock making the attacks a "double whammy" for them.]
On September 29, 2001 — in a vital story that has gone unnoticed by the major media — the San Francisco Chronicle reported, "Investors have yet to collect more than $2.5 million in profits they made trading options in the stock of United Airlines before the Sept. 11, terrorist attacks, according to a source familiar with the trades and market data.
"The uncollected money raises suspicions that the investors — whose identities and nationalities have not been made public — had advance knowledge of the strikes." They don’t dare show up now. The suspension of trading for four days after the attacks made it impossible to cash-out quickly and claim the prize before investigators started looking.
"... October series options for UAL Corp. were purchased in highly unusual volumes three trading days before the terrorist attacks for a total outlay of $2,070; investors bought the option contracts, each representing 100 shares, for 90 cents each. [This represents 230,000 shares.] Those options are now selling at more than $12 each. There are still 2,313 so-called "put" options outstanding [valued at $2.77 million and representing 231,300 shares] according to the Options Clearinghouse Corp."
"...The source familiar with the United trades identified Deutsche Bank Alex. Brown, the American investment banking arm of German giant Deutsche Bank, as the investment bank used to purchase at least some of these options..." This was the operation managed by Krongard until as recently as 1998.
As reported in other news stories, Deutsche Bank was also the hub of insider trading activity connected to Munich Re just before the attacks.
CIA, the Banks and the Brokers
Understanding the interrelationships between CIA and the banking and brokerage world is critical to grasping the already frightening implications of the above revelations. Let’s look at the history of CIA, Wall Street and the big banks by looking at some of the key players in CIA’s history.
Clark Clifford — The National Security Act of 1947 was written by Clark Clifford, a Democratic Party powerhouse, former Secretary of Defense, and one-time advisor to President Harry Truman. In the 1980s, as Chairman of First American Bancshares, Clifford was instrumental in getting the corrupt CIA drug bank BCCI a license to operate on American shores. His profession: Wall Street lawyer and banker.
John Foster and Allen Dulles — These two
brothers "designed" the CIA for Clifford. Both were active in
intelligence operations during WW II. Allen Dulles was the U.S. Ambassador to
Bill Casey — Ronald Reagan’s CIA Director and
David Doherty — The current Vice President of the New York Stock Exchange for enforcement is the retired General Counsel of the Central Intelligence Agency.
George Herbert Walker Bush — President from 1989 to January 1993, also served as CIA Director for 13 months from 1976-77. He is now a paid consultant to the Carlyle Group, the 11th largest defense contractor in the nation, which also shares joint investments with the bin Laden family.
A.B. "Buzzy" Krongard — The current Executive Director of the Central Intelligence Agency is the former Chairman of the investment bank A.B. Brown and former Vice Chairman of Banker’s Trust.
John Deutch - This retired CIA Director from the Clinton Administration currently sits on the board at Citigroup, the nation’s second largest bank, which has been repeatedly and overtly involved in the documented laundering of drug money. This includes Citigroup’s 2001 purchase of a Mexican bank known to launder drug money, Banamex.
Nora Slatkin — This retired CIA Executive Director also sits on Citibank’s board.
Maurice "Hank" Greenburg — The CEO of AIG insurance, manager of the third largest capital investment pool in the world, was floated as a possible CIA Director in 1995. FTW exposed Greenberg’s and AIG’s long connection to CIA drug trafficking and covert operations in a two-part series that was interrupted just prior to the attacks of September 11. AIG’s stock has bounced back remarkably well since the attacks.
One wonders how much damning evidence is necessary to respond to what is now irrefutable proof that CIA knew about the attacks and did not stop them. Whatever our government is doing, whatever the CIA is doing, it is clearly NOT in the interests of the American people, especially those who died on September 11.
Mike Ruppert's From
the Wilderness website
is at http://www.copvcia.com/