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chrischeatham@xxxxxxxxx wrote:
>
> CIA PROBE: MILLIONS OF SHARES SOLD ON EVE OF DISASTER; DID BIN LADEN
> PULL OFF THE SICKEST SHARE DEAL EVER?
> DAILY MAIL
> 09/18/01
>
> The CIA has asked the City regulators in London to investigate
> suspicious sales of millions of shares before last Tuesday's attacks
> in America in the belief that the paper trail will lead to the
> terrorists.
>
> MORE
>
> Osama Bin Laden could have pulled off a sick financial coup shortly
> before the attacks that devastated America.
>
> Britain's City watchdog, the Financial Services Authority, has
> launched an inquiry into unusual share price movements in London
> before last week's atrocities.
>
> Other investigations have been launched in the U.S., Germany, Japan
> and Italy. The authorities fear that the Saudi-born multi-
> millionaire's followers might have used a technique known as 'short
> selling' shares in commodities such as insurance companies, airlines
> and tourism which they knew would plunge after the attack.
>
> Short selling involves borrowing shares from a broker, then selling
> them.
>
> You use the money raised to buy the shares when the price has gone
> down, give them to the broker and pocket the difference.
>
> So if you sold a million shares at GBP 8 each, and they then went
> down to GBP 5, you could make a quick GBP 3million less the broker's
> fees and commission.
>
> 'It would be a particularly ghoulish kind of insider dealing,' said
> one source.
>
> 'But if we find anyone profiteering out of the tragedy it could be a
> good lead for the investigation into exactly who is responsible.'
>
> The authorities are also looking for any unusual buying activity in
> sectors likely to go up, such as building or arms manufacturers.
>
> Germany's security watchdog has launched an inquiry into 'suspect'
> share price movements in the run-up to the atrocities.
>
> It is expected to home in on Munich Re, the world's biggest
> reinsurer, which lost 13 per cent of its value in the week before the
> attacks.
>
> Fellow reinsurer Swiss Re and the French insurance giant Axa also
> suffered price falls before the outrage.
>
> In cases of widespread short selling, the brokers start to follow the
> trend to cover themselves and this can force the market down.
>
> U.S. Treasury Secretary Paul O'Neill said: 'We are going to track
> down every terrorist and confiscate their money wherever it is in the
> world.
>
> 'And I think we'll have the co-operation of every financial
> institution in every civilised society.
>
> 'We're going to shut these people down.'
>
> A similar investigation is under way in Japan, where it is believed
> to be focusing on dealings in futures contracts.
>
> In the futures market, investors bet on the future price of shares or
> commodities and can make enormous gains if their gambles prove
> correct.
>
> Bin Laden comes from a wealthy Saudi business family and is believed
> to have financial tentacles reaching across the globe.
>
> He is reported to have used a Milan brokerage to invest in European
> stock markets.
>
> The Swiss authorities are also looking closely at his links with
> their country's notoriously secretive banking system.
>
> END
>
>
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>
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