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For purposes of indentifying individuals Foreign customers who
conduct business with US securities firms are required to file a form
W-8 (US customers file a form W-9). As GW has said many times "Make
no mistake" these people will be tracked down.
Ron McEwan
--- In realtraders@xxxx, "Jacobson, Alex" <AJacobson@xxxx> wrote:
> Yeah, but where you put them can be a bigger problem.
>
> -----Original Message-----
> From: David Hunt [mailto:david@x...]
> Sent: Friday, September 21, 2001 12:55 AM
> To: realtraders@xxxx
> Subject: RE: [RT] Put option volume multiplied days before 911-- Fwd
> from Bloomberg
>
>
> Interesting for Australians we don't get social security numbers
tattooed on
> our heads at birth!
>
> David Hunt
> http://www.adest.com.au/
> Australians phone: 02 9527 4690
> International: 612 9527 4690
> USA Phone Fax: 1 312 577 0491
>
> -----Original Message-----
> From: Jacobson, Alex [mailto:AJacobson@x...]
> Sent: Friday, 21 September 2001 2:38
> To: 'realtraders@xxxx'
> Subject: RE: [RT] Put option volume multiplied days before 911--
Fwd from
> Bloomberg
>
> Just a quick regulatory note. Any option position with more than a
200
> contract open interest MUST HAVE a soc. security number attached to
it. The
> brokerage firm involved has to supply -- within 24 hours -- what is
termed
> in the industry as a blue page report to the regulators. No
report .. no
> position and no closing trade. Could you buy the option via an
offshore
> haven account .. there is still a requirement on any open 200+
contract
> position. If they bought them via heaven they need to daytrade
out of them
> to beat the system. Obviously I hope they provided an additional
trail.
>
> -----Original Message-----
> From: calaxcorp@xxxx [mailto:calaxcorp@x...]
> Sent: Tuesday, September 18, 2001 1:41 AM
> To: realtraders@xxxx
> Subject: [RT] Put option volume multiplied days before 911-- Fwd
from
> Bloomberg
>
>
> Dear RTs,
>
> I don't know if this is old news to you, or...
>
> I feel further violated if "they" had also planned to beat us at
this
> "capitalistic" game ...
>
> Bill
>
>
> <Received from Bloomberg>
>
> UAL, AMR Options Soared; U.S. Probes Unusual Trading (Update1)
> 2001-09-17 20:33 (New York)
>
> Washington, Sept. 17 (Bloomberg) -- Trading skyrocketed in
> options that bet on a drop in UAL Corp. and AMR Corp. stock during
> the days before terrorists crashed hijacked United and American
> airlines jets into the World Trade Center and the Pentagon.
> Morgan Stanley Dean Witter & Co., which occupied 22 floors of
> the 110-story 2 World Trade Center, and Merrill Lynch & Co., with
> headquarters near the destroyed twin towers, also experienced pre-
> attack trading of 12 times to more than 25 times the usual volume
> in so-called put options that profit when stock prices fall,
> according to Bloomberg data.
> The U.S. Securities and Exchange Commission and German
> regulators today said they are investigating whether terrorists
> raised money from insider trading on their knowledge of attacks
> that devastated New York's financial district and closed U.S.
> stock markets for four days.
> ``They not only set out to destroy capitalism, but also to
> beat us at our own game,'' said Duke University law professor
> James Cox. ``These are people who hate capitalism and see that you
> can turn capitalism against itself.''
> Some airline, insurance, and brokerage stocks had jumps in
> the days before the Sept. 11 attack in so-called put options,
> which profit when a company's shares fall.
> One day before two American Airlines jets were hijacked and
> crashed, for example, 1,535 contracts changed hands on options
> that let investors profit if AMR stock falls below $30 per share
> before Oct. 20. That was almost five times the total number of
> those October $30 put options traded before Sept. 10, according to
> Bloomberg data. AMR shares fell $11.70 today to $18.
>
> `Terrorist Involvement'
>
> Those 1,535 contracts were worth $1.6 million at today's
> closing price compared with $337,700 at the end of trading on
> Sept. 10, according to Bloomberg data. A contract represents
> options for 100 shares.
> Similarly, October $30 put options for UAL soared, with 2,000
> contracts traded on Sept. 6, three trading days before the attack.
> A total of 27 contracts had traded previously. UAL shares fell
> $13.32 today to $17.50. The 2,000 contracts were valued at $2.4
> million today, compared with $180,000 on Sept. 6.
> ``We've heard those reports about terrorist involvement in
> our markets,'' SEC Chairman Harvey Pitt said in a statement. ``Our
> enforcement division has been looking into a variety of market
> actions that could be linked to these terrible acts including the
> subjects of the rumors.''
> Trading records may help show whether Osama bin Laden or
> other terrorists were behind suspicious trading in airline,
> brokerage, and insurance stocks or options, and may help
> securities regulators trace a money trail to some of those
> responsible for the attacks at the World Trade Center.
>
> Evidence of Murder Plans
>
> ``It's a matter of great interest to intelligence. To the
> extent we find this evidence, we shouldn't just focus on it as
> proof of insider trading but as evidence of a desire to commit
> murder and terrorism,'' said Columbia University law professor
> John Coffee.
> Deutsche Boerse AG spokesman Frank Hartmann said that
> exchange and German regulators also are examining trading in
> stocks, options, and futures before the Sept. 11 attack. On Sept.
> 6 and Sept. 7, trading almost doubled the average for the past six
> months in shares of Munich Re, the biggest reinsurer. Initial spot
> checks had found nothing irregular, Hartmann said.
> A spokeswoman for the Chicago Board Options Exchange declined
> comment. Japanese securities regulators also are examining trading
> patterns of Topix futures at the Tokyo Stock Exchange and Nikkei
> futures at the Osaka Stock Exchange, the Jiji news service
> reported, without citing sources.
> The prospect of insider trading based on knowledge of the
> attacks suggests a good deal of sophistication on the part of far-
> flung terrorist networks, which may have used U.S. markets to
> raise money for more assaults.
>
> `Sophisticated Strategists'
>
> ``It sure presents these people on a whole different level as
> sophisticated strategists rather than religious zealots,'' Coffee
> said. ``I suppose from their standpoint ... they're trying to pay
> for future terrorist activities by profiting from their past
> terrorist activities.''
> At Morgan Stanley, trading in October $45 put options jumped
> to 2,157 contracts between Sept. 6 and Sept. 10, almost 27 times a
> previous daily average of 27 contracts. Options to sell Merrill
> Lynch shares for $45 apiece before Sept. 22 had 12,215 contracts
> traded from Sept. 5 to Sept. 10, 12 times the earlier daily
> average of 252. Morgan Stanley shares fell $6.40 today to $42.50.
> Merrill Lynch shares fell $5.37 to $41.48.
> Other brokerage and insurance companies where options trading
> surged include:
> -- Citigroup Inc., which has estimated that its Travelers
> insurance unit may pay $500 million in claims from the World Trade
> Center attack. It had a jump in trading of October options that
> profit if shares fall below $40 apiece. Almost 14,000 of those
> options contracts were traded from Sept. 6 to Sept. 10 -- about 45
> times the previous daily average. Citigroup shares fell $2.85
> today to $39.60.
> -- Bear Stearns & Cos., where investors traded 3,979
> contracts from Sept. 6 to Sept. 10 on September options that
> profit if shares fall below $50. The previous average volume for
> those options was 22 contracts. Bear Stearns shares fell $3.79
> today to $46.45.
> -- Marsh & McLennan Cos., the biggest insurance brokerage,
> which had 1,700 employees working in the World Trade Center.
> Traders on Sept. 10 exchanged 1,209 contracts on options that
> profit if company shares fall below $90 through the third week of
> September. Previously, 13 contracts had traded on an average day.
> Marsh & McLennan shares fell $2.50 today to $84.50.
>
>
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