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Massive Short-Selling Before the Attack...Somebody Knew

According to the Times of London, the CIA has asked financial regulators in the UK to investigate the suspicious short-selling of millions of shares of stocks in companies likely to be hurt by the Attack on America in the weeks prior to the attack.

There was unusual short-selling activity in airlines, arms manufacturers, retailers, insurance companies and others likely to suffer from the attack. This short-selling began approximately three weeks before the attack itself, and reached a crescendo on Friday, September 8.

The Friday before the attack, more than 10 million shares of Merrill Lynch were sold short, compared with a normal rate of 4 million. "Before the attacks, there was no pattern to this phenomenon," Richard Crossley, an analyst at Teather & Greenwood in London told the Times.

Insight: This means that there was widespread knowledge that the attack was coming, among people who command vast resources. It is proof positive that this was no small cell of terrorists, acting in isolation. The number of people who knew must have been in the thousands, and many of them were deeply involved in the very financial markets whose stability was going to be challenged.

A question must be asked: given that the attack was close to being an open secret, why was there absolutely no warning to our intelligence services? This type of activity in markets is supposed to be a red flag for impending surprise attacks.

Ironically, the covering of shorts during the afternoon was one of the factors that prevented US markets from going into freefall.

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