The Wall Street Journal recently placed a story on its front page that details an investigation by WSJ that showed many companies granted their executives stock options following the 9-11 related drops in their stocks. So what? Where is it written you can not buy stock or set options when your stock is down? If executives believe in their companies, one would hope they do exactly this.
But while WSJ seems to have no problem going after corporate America for doing something that is clearly legal, the WSJ continues to be silent on the real 9-11 options scandal. We continue to hear from sources inside the CBOE that there was a cover-up as to who bought put options on airline stocks just before 9-11. It remains a state secret as to who exactly profited from 9-11 through the purchase of those put options.
Our sources tell us that the CBOE was told to stop the investigation into who bought the put the options. "Documents were destroyed," a friend at the CBOE tells us.