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Binny may have made a market profit from 9-11
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 2001-09-15 |
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