Nothing happened afterwards. So on February 6, 2013 I wrote again to the press department of Deutsche Bank in Frankfurt:

Media Request re Deutsche Bank – Alex Brown – 9/11 Informed Trading

Dear Ladies and Gentlemen,

May I remind you that I’m still waiting for an official statement with regards to my questions that I did forward to you on December 31, 2012?

On this occasion I would also like to ask you why then-chairman of the board of Deutsche Bank Alex Brown, Mayo A Shattuck III, actually renounced his post on September 12, 2001? So far I was not able to find an official explanation/statement related to it. However, given the circumstances, the whole thing looks a bit fishy, wouldn’t you agree?

Thank you for your attention!

Best regards,

Lars Schall.

A few hours later I received a response from Deutsche Bank in New York City, namely, from Duncan King, the Director of Press and Media Relation of Deutsche Bank in the Americas.

Having read Mr. King’s response, I contacted immediately the newspaper The Independent in the UK ([email protected]) with this e-mail in order to get in touch with Chis Blackhurst, the Editor of The Independent. Moreover, I copied the e-mail to Mr. King.

Media Request for Mr. Chris Blackhurst

Dear Ladies and Gentlemen,

Could you forward the following message to Mr. Chris Blackhurst, please?

Thank you!

Dear Mr. Blackhurst,

My name is Lars Schall, I am a journalist for finance from Germany. I have one question:

On which sources have you actually based your report for The Independent back in October of 2001, “Mystery of terror ‘insider dealers’”, when you wrote:

“To the embarrassment of investigators, it has also emerged that the firm used to buy many of the ‘put’ options … on United Airlines stock” was Deutsche Bank Alex Brown?

I know a long time has passed since then but I came across two serious scientific papers that suggest that informed trading on UAL via put options took place indeed:

–    Allen M. Poteshman: “Unusual Option Market Activity and the Terrorist Attacks of September 11, 2001”, published in The Journal of Business, University of Chicago Press, 2006, Vol. 79, Edition 4, page 1703-1726.

–    Marc Chesney, Remo Crameri and Loriano Mancini: “Detecting Informed Trading Activities in the Option Markets”, University of Zurich, April 2010.

However, when I asked the press department of Deutsche Bank, inter alia, for a comment on this – that Alex Brown traded massive put options purchases on United Airlines Company UAL through the Chicago Board Option Exchange (CBOE) – I was given this statement today:


Here is the statement for your piece.  Thank you for being in touch.

“We wouldn’t comment on this type of speculation.”



Duncan King

Director | Press and Media Relations, Americas

Deutsche Bank AG, Filiale New York

60 Wall Street, 10005-2836 New York, NY, USA

Thus, I am interested if the story related to Alex Brown and the put options on UAL that you have reported on was/is just “speculation,” as far as you were/are concerned.

For more information related to the scientific papers that I have mentioned:


Thank you very much for your attention!

Best regards,

Lars Schall.

Up to this moment of publication, Mr. Blackhurst / The Independent has not responded.

Moreover, I wrote on the same day (February 6) to Mike Ruppert, the author of the book Crossing the Rubicon:

Re Deutsche Bank’s computer systems on 9/11 // Alex Brown

Hi Mike,

Could you do me a favour, please? Could you get in touch for me with this former employee of Deutsche Bank?

Ruppert was contacted by an employee of Deutsche Bank, who survived the WTC disaster by leaving the scene when the second aircraft had hit its target. According to the employee, about five minutes before the attack the entire Deutsche Bank computer system had been taken over by something external that no one in the office recognized and every file was downloaded at lightning speed to an unknown location. The employee, afraid for his life, lost many of his friends on September 11, and he was well aware of the role which the Deutsche Bank subsidiary Alex Brown had played in insider trading.

I am sorry that I have to ask you for this, but here follows the reason why…



Then I showed him the e-mail that went to The Independent, including the response from Mr. King.