Urban Myth Exploded! - 9-11, the SEC, and the fake Israeli Money Trail
author: Thoughtcriminal
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There is no evidence available to us that the accusations levelled against unknown Israelis by Walter Storch of The Barnes Review are true. There are no SEC press releases, nor are there any mentions of the SEC naming unknown Israeli traders in the three sources suggested by Walter Storch. Therefore we can safely conclude that the Israeli money trail is nothing but an urban myth that has planted itself in cyberspace.
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The mass adoption of the internet as a new medium of information has been a double edged sword. Never before has so much information been so readily accessible to so many people in such a cheap and efficient manner. Anyone with access to a computer and an internet connection has the ability to learn about any topic that they wish to study with a multitude of sources available for them to browse. Or if one chooses to set up a web page, one can freely post whatever they wish to on their site. Sounds great, doesn't it? Yes and no. The downside to the internet is that not all the information that appears on it can be verified. And with the ability to hyperlink, false information can proliferate throughout cyberspace in a matter of hours. For those interested in learning and doing research, the proliferation of false information is an obstacle that needs to be overcome. Hyperlinking plays a key role in the spread of falsehoods. When a false bit of information is hyperlinked to dozens or even hundreds of sources, the information takes on the cloak of truth since many will question how one bit of information can be wrong when so many sites use it. This creates a web (pardon the pun) of erroneous information because it allows users to refer to other sites as reference points to back up the original false claim. [b]9-11 Conspiracy Theories[/b] The internet has been a boon for conspiracy theorists. In the pre-internet days, conspiracy theorists had to rely solely on books, mail, and conventions to discuss their theories on topics ranging from the [url=http://www.cris.com/~gproctor/jfk.htm]JFK assassination[/url] to the [url=http://www.charles-family.mansonmurder.com/charles-manson-murders-sen.html]Manson Murders[/url]. With the wide acceptance of the internet, conspiracy theorists are able to easily publish and discuss their theories in a medium with a large interactive audience. The 9-11 terrorist attacks have created a massive topic for internet conspiracy theorists. Whether one believes the conspiracy theory that the US government promulgates, or whether they believe Israel or the US government did it doesn't matter since so much incorrect information is so readily accessible and so widely accepted. One theory in particular that has wide acceptance in the conspiracy community on the internet is that the Israeli Mossad conspired in the 9-11 terrorist attacks. Much information is published on the internet to argue the theory's merits such as the presence of the [url=http://www.whatreallyhappened.com/fiveisraelis.html]five cheering Israelis[/url] across the river in New Jersey when the towers came down, or the warnings that some received prior to the attack from the [url=http://www.odigo.org/]Odigo Messaging Program[/url] (Odigo is an Israeli company). One key aspect of this theory is the establishment of a money trail leading to Israelis. The days leading up to 9-11 saw a [url=http://www.hereinreality.com/insidertrading.html]noticeable increase in trading, and in particular, selling of stock[/url]. For conspiracy theorists, this flurry of selling indicates that there were many people who knew that the attacks would occur and that they would occur on 9-11, and that they knew which stocks to dump since those stocks would be adversely affected by the attacks. Therefore, whoever "sold short" just prior to 9-11 had foreknowledge of the attacks, and may have had a role in planning the attacks. With this in mind, conspiracy theorists who believe that Israel and the Mossad planned or committed the attacks needed to establish a money trail through the shorting of these key stocks. Enter Walter Storch of [url=http://www.barnesreview.org/]The Barnes Review[/url]. [b]The Article That Produced the Israeli Money Trail to the 9-11 Attacks[/b] Not long after the 9-11 attacks, Walter Storch of [url=http://www.barnesreview.org/]The Barnes Review[/url] worte a piece entitled: [url=http://tbrnews.org/Archives/a048.htm]SEC Secret Probe of Stock Dealings Before 9-11[/url]. In this article, the author claims that: Quote:
Between August 26 and September 11, 2001, a group of speculators, identified by the American Securities and Exchange Commission as Israeli citizens, sold "short" a list of 38 stocks that could reasonably be expected to fall in value as a result of the pending attacks.
Storch suggests that the SEC identified Israeli citizens as being some who sold short prior to the attacks. With the quick nature of the internet, this bit of information travelled throughout the realm of cyberspace and found its way onto may internet sites, and in particular 9-11 conspiracy sites. Many sites that are run by theorists who hold that Israel played a key part in the attacks reference Storch's article. There are literally hundreds of sites where Storch's article is referenced, thus giving it the image of truthfulness. However a closer look shows something quite different. [b]Lack of Source For the Allegation[/b] Just where did Storch obtain his information that the SEC identified Israelis as being among those who profited from the attacks by selling stock beforehand? The [url=http://www.sec.gov/]U.S. Securities and Exchanges Commission[/url] is the government body in charge of investigating suspicious and criminal activity involving securities trades. With the amount of media pressure placed on the SEC to find out who these individuals were who profited from the attacks, the SEC promised to investigate. Whenever the SEC has any information to release to the public, it does so in the form of a press release. A look at the [url=http://www.sec.gov/news/press/pressarchive/2001press.shtml]2001 SEC Press Release Archives[/url] shows that no mention of Israelis being involved in 9-11 short selling can be found on the website. Then where did Walter Storch obtain this information? On a [url=http://www.libertyforum.org/]discussion forum I frequent[/url], the topic of possible Israeli involvement in the 9-11 attacks is certainly a hot topic. The Israeli money trail claimed by Storch is used by proponents of the "Israel planned or did the attacks" theory. Noticing that all the internet sources claiming this used Storch's article as the reference point, alarms sounded. Several posters including [url=http://www.libertyforum.org/showprofile.php?Cat=&User=boston_liberty&page=1&what=showmembers]Boston Liberty[/url] decided to send Mr. Storch emails about his piece and in particular about how the SEC mentioned that Israelis were implicated in short selling. Mr. Storch quickly replied to Boston Liberty and wrote: Quote:
The statements about the stock manipulations (in Toronto and New York) were pulled down by myself from various news internet sites at the time...mostly October of 2001. As I recall, the San Francisco Chronicle, the New York Times and the Manchester Guardian had these stories. Our comments were a combination of the published material. Please note that almost immediately, there was a blackout on this story and it has never, repeat, never been repeated anywhere.
Boston Liberty decided to do a check of the internet and those specific news agencies to see exactly what they said. He found the following articles from the following sites: Quote:
[b]Guardian UK[/b] [url=http://www.guardian.co.uk/september11/story/0,11209,601358,00.html]Regulators begin paper chase for Bin Laden funds[/url] [url=http://www.guardian.co.uk/september11/story/0,11209,601425,00.html]Law to be tightened on money laundering - Channels for suspected terrorist funds face scrutiny[/url] [url=http://www.guardian.co.uk/september11/story/0,11209,601657,00.html]Terror 'made fortune for Bin Laden'[/url]
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[b]New York Times[/b] [url=http://query.nytimes.com/gst/abstract.html?res=F0081FF63D5F0C758DDDA00894D9404482]AFTER THE ATTACKS: THE INVESTIGATION; F.B.I. Was Seeking 2 of the Hijacking Suspects at the Time of the Attacks[/url] [url=http://query.nytimes.com/gst/abstract.html?res=F50D1FFD3C5F0C748DDDA00894D9404482]AFTER THE ATTACKS: MARKET PLACE; An Inquiry On Stock Gains Yields Little[/url] [url=http://query.nytimes.com/gst/abstract.html?res=F7061EFE3B5F0C738EDDA00894D9404482]A NATION CHALLENGED: THE REGULATORS; S.E.C. Plans An Extension Of Its Waiver Of Some Rules[/url] [url=http://query.nytimes.com/gst/abstract.html?res=FB0711F8345E0C7B8EDDA00894D9404482]A NATION CHALLENGED: THE MARKETS; Regulators Find No Evidence That Advance Knowledge of Attacks Was Used for Profit[/url]
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[b]San Francisco Chronicle[/b] [url=http://sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/09/18/MN63703.DTL]SEC investigating airline stock deals - Investors bet against United, American[/url] [url=http://sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/09/19/BU184559.DTL]New scrutiny of airlines options deals[/url] [url=http://sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/09/21/BU33737.DTL]Brokers help probe - Pre-attack trades look suspicious[/url] [url=http://sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/09/22/BU27558.DTL]Data shows heavy airline-stock short selling[/url] [url=http://sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/09/29/MN186128.DTL]Suspicious profits sit uncollected - Airline investors seem to be lying low[/url] [url=http://sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/10/03/BU187948.DTL]Stock-trading probe expands to Canada[/url] [url=http://sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/10/03/BU224108.DTL]Canada asked to aid SEC probe - Trading before Sept. 11 checked[/url] [url=http://sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/10/07/BU197903.DTL]Terrorism's long, tangled money trail[/url]
[b]None of the articles from the three sources given by Walter Storch mention Israeli traders or any SEC statement on Israeli traders[/b]. [b]Did the SEC Really Say Anything At All?[/b] The SEC investigators have not mentioned any individuals or groups under suspicion of having profited by selling stocks short, especially Israelis. A [url=http://www.newsmax.com]NewsMax[/url] that appeared on June 3, 2002 stated this: [url=http://www.newsmax.com/archives/articles/2002/6/2/62018.shtml]Still Silence From 9-11 Stock Speculation Probe[/url] Quote:
And it is not just the SEC and FBI that is still mired in the 9-11 profiteering probe. Japan, Germany, the U.K., France, Luxembourg, Hong Kong, Switzerland and Spain have their own investigations running. Like their U.S. counterparts, nothing has been forthcoming.
Doesn't sound like much you say? Well let's look at two recent articles that have just been published. This article, entitled What You Think You Know About Sept. 11 ... ... but don't. appeared in [url=http://slate.msn.com/]Slate.com[/url] on September 10, 2003. In the article, we are told: Quote:
5. [i]The misconception[/i]: [b]Terrorists or their supporters profited by speculating on airline stocks before 9/11[/b]. What's wrong with the story: Terrorists may have profiteered, but the evidence is sketchy. As was widely reported after 9/11, the options market for United and American Airlines was unusually busy in the days before 9/11, with an extremely heavy volume of "put options"?bets that the airline shares would fall. By the end of September 2001, both the Chicago Board Options Exchange and the Securities and Exchange Commission had launched investigations into the unusual trading. Since then, they've been silent. Two years later, neither the exchange nor the SEC will comment on its investigation. Neither has announced any conclusion. The SEC has not filed any complaint alleging illegal activity, nor has the Justice Department announced any investigation or prosecution. This does not mean terrorist wagering didn't occur: It might well have. The absence of any complaint suggests the SEC found nothing illegal, but that's not definite. The SEC and the Chicago board seal the records of their investigations and won't offer any explanation?even if there is an innocent one?for the strange trading. So, unless the SEC decides to file a complaint?unlikely at this late stage?we may never know what they learned about terror trading.
The SEC has sealed the records of their investigations. On September 19, 2003, David Roeder of the [url=http://www.suntimes.com]Chicago Sun-Times[/url] wrote [url=http://www.suntimes.com/output/terror/cst-fin-fbi19.html]No profiteering on terror attacks[/url]. Within it, we learn: Quote:
Somewhere out there are hedge funds or individual investors who profited from the Sept. 11, 2001 terrorist attacks. But they had no foreknowledge of the catastrophes, an FBI spokesman said Thursday. Spokesman Ed Cogswell said the FBI has closed its investigation of stock and option trading that took place days before the attacks. He said the investigation turned up "absolutely no evidence'' of anyone with inside knowledge of what would happen.
Here we see that the FBI has closed their investigation as well, and no mention of anyone profiting has been made. [b]Conclusion[/b] There is no evidence available to us that the accusations levelled against unknown Israelis by Walter Storch of The Barnes Review are true. There are no SEC press releases, nor are there any mentions of the SEC naming unknown Israeli traders in the three sources suggested by Walter Storch. Therefore we can safely conclude that the Israeli money trail is nothing but an urban myth that has planted itself in cyberspace.
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