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| Binny may have made a market profit from 9-11 |
| 2001-09-15 |
The Italian newspaper Corriere della Serra reported Saturday that associates of Islamic fanatic Osama bin Laden might have used short-selling to make a profit on Tuesday's terror bombing. The newspaper said the FBI is looking into possible short-selling of the stocks of reinsurance companies in the four trading days before the terrorist attacks on the United States on Tuesday. Short-selling can produce huge profits when a stock plummets because of bad news. The stocks of the three reinsurance companies — AXA in France, Munich Re in Germany and Swiss Re in Switzerland — dropped 13 percent to 15 percent in the week before the attack. Analysts suggested at the time that the drops were anomalous — unexplained — since the reinsurance business was healthy and premium payments were on the way up. In fact, before the terrorist attacks, the Financial Times on Tuesday published a positive report on the industry. |
| Posted by:Fred Pruitt |