IT GOES DEEPER · THE ARCHIVE · DEEP STATE & COVER-UPS · CASE 2731-03

The Put Options

FILE DATE 2001
CROSS-REFS 03
STATUS NEVER CLOSED
SUMMARY
Unusual bets against airline stocks in the days before. The Commission traced them; the footnote satisfied no one.
FULL DOSSIER
The put options: unusually high volume of bearish bets on United and American Airlines stock in the days before 9/11, reported immediately and investigated. Documented resolution: the 9/11 Commission (and SEC investigation behind it) traced the trades to parties with 'no conceivable ties to al Qaeda' — one large UAL put position belonged to a U.S. institutional investor as part of a documented strategy. The lore survives because the underlying data (the volume spike) is real and the resolution lives in a footnote (Commission Report, ch. 5 n. 130) nobody reads.
SOURCES ON RECORD
019/11 Commission Report, ch. 5 note 130 (2004)
02SEC investigation summaries
03Poteshman, 'Unusual Option Market Activity,' Journal of Business (2006)
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