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Context of 'Early September 2001: NYSE Sees Unusually Heavy Trading in Airline and Related Stocks'

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The highly respected Jane’s Terrorism and Security Monitor reports that US intelligence is worried that bin Laden is planning a major attack on US soil. They are said to be particularly concerned about some kind of attack on New York, and they have recommended stepped-up security at the New York Stock Exchange and the Federal Reserve. [NewsMax, 10/5/1999]

Entity Tags: New York Stock Exchange, Osama bin Laden

Timeline Tags: Complete 911 Timeline

The Securities and Exchange Commission (SEC) later announces that they are investigating the trading of shares of 38 companies in the days just before 9/11. The San Francisco Chronicle reports that the New York Stock Exchange sees “unusually heavy trading in airline and related stocks several days before the attacks.” All 38 companies logically stand to be heavily affected by the attacks. They include parent companies of major airlines American, Continental, Delta, Northwest, Southwest, United, and US Airways as well as cruise lines Carnival and Royal Caribbean, aircraft maker Boeing and defense contractor Lockheed Martin. The SEC is also looking into suspicious short selling of numerous insurance company stocks, but, to date, no details of this investigation have been released. [Associated Press, 10/2/2001; San Francisco Chronicle, 10/3/2001]

Entity Tags: US Securities and Exchange Commission, New York Stock Exchange

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

The trading ratio on United Airlines is 25 times greater than normal at the Pacific Exchange. Pacific Exchange officials later decline to state whether this abnormality is being investigated. [San Francisco Chronicle, 9/19/2001]

Entity Tags: United Airlines, Pacific Exchange

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

The New York Stock Exchange closes. It is a short distance from the WTC. [MSNBC, 9/22/2001]

Entity Tags: New York Stock Exchange

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

The New York Stock Exchange, closed since the 9/11 attacks, reopens. During the next five days, the Dow Jones drops nearly 2000 points, but then soon rebounds to above pre-9/11 levels. The attacks caused more than $20 billion in property damage to buildings in New York City and Washington. According to one estimate, the work stoppage and other loss of economic output costs about another $47 billion, making the attacks the costliest man-made disaster in US history. [ABC News, 9/10/2002]

Entity Tags: New York Stock Exchange

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

$2.5 million in put options on American Airlines and United Airlines are reported unclaimed. This is likely the result of the suspension in trading on the New York Stock Exchange after the attacks which gave the SEC time to be waiting if the owners showed up to redeem their put options placed the week before the 9/11 attacks. [San Francisco Chronicle, 9/29/2001]

Entity Tags: New York Stock Exchange, American Airlines, United Airlines

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

Slate reports that two years after the 9/11 attacks, neither the Chicago Board Options Exchange nor the Securities and Exchange Commission will make any comment about their investigations into insider trading before 9/11. “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.… So, unless the SEC decides to file a complaint—unlikely at this late stage—we may never know what they learned about terror trading.” [Slate, 9/10/2003]

Entity Tags: US Department of Justice, US Securities and Exchange Commission, Chicago Board Options Exchange

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

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