who bought those put options and what happened to ernest backes?

this issue does not need any further explanations to you guys on this forum. all of y'all already heard bout put options and further knowledge upfront the 911 attacks i guess. i am from switzerland, the land of the holocaust and now also the land of the who-ordered-those-put-options-we-dont-tell-it-is-bank-privacy-land. lets go to the story:

_____________________________________________________________


911-research.info...

1. As yet unidentified market participants with very likely CIA affiliations skimmed off billions of dollars through insider trading in certain derivatives (options) due to obvious and apparent foreknowledge of the events of 9–11. 2. Larry Silverstein, a New York real estate magnate, gained several billion dollars through insurance coverage for the destroyed buildings of the World Trade Center. The entire nature of Silverstein's jackpot transaction in the weeks before 9–11 is extremely suspicious, and it indicates clear and distinct foreknowledge of the events of 9–11. Moreover, it indicates foreknowledge of the fact that the government would falsify and suppress certain facts relating to the destruction of the World Trade Center on 9–11–1."


"The uncollected money raises suspicions that the investors – whose identities and nationalities have not been made public – had advance knowledge of the strikes." They don't dare show up now. The suspension of trading for four days after the attacks made it impossible to cash–out quickly and claim the prize before investigators started looking. "... October series options for UAL Corp. were purchased in highly unusual volumes three trading days before the terrorist attacks for a total outlay of $2,070; investors bought the option contracts, each representing 100 shares, for 90 cents each. [This represents 230,000 shares]. Those options are now selling at more than $12 each. There are still 2,313 so–called "put" options outstanding [valued at $2.77 million and representing 231,300 shares] according to the Options Clearinghouse Corp." "...The source familiar with the United trades identified Deutsche Bank Alex. Brown, the American investment banking arm of German giant Deutsche Bank, as the investment bank used to purchase at least some of these options..."
San Francisco Chronical, 29th September


does anybody got the original newspaper?

_____________________________________________________________


in matter of fact, the san franciso chronicle newspaper was the only media worldwide (except www sites) doing any publicity about put options.. there were some small swiss newspaper writing about that too but it never gained worldwide attention.

_____________________________________________________________

original link from sept. 25th 2001
www.br-online.de...

Die Spur führt nach Angaben von Backes in die Schweiz, zu Konten einer Organisation, die vor Jahren von dem inzwischen verstorbenen Rechtsanwalt Francois Genoud gegründet worden war und offenbar noch immer besteht, sagt Backes: "Einer dieser Berührungspunkte ist, dass der Schweizer Anwalt engste Verbindungen mit der Familie von bin Laden hatte, dass er einer der Berater der Familie, einer ihrer Bankiers war. Gewusst wird, dass er den Terrorismus unterstützte und der Vermögensverwalter des Hitler-Vermögens war und auf der Terrorwelle war."

so guys.. what does that mean? let me give you a small translation on that:

The put options trace leads into switzerland to a bank account like ernest backes said. It's a organisation founded by lawyer Francois Genoud. This organization could even existing until today. Backes said: "This swiss lawyer had very close contacts to the bin laden family, he was a banker of the bin ladens. He supported the terrorism and was also involved within nazi germany and the hitler money".

genoud died in 1996, his home in lausanne switzerland looks like a museum for nazis. hell no his two kids do not like to speak about him and his nazi relations. i tryed to get in contact and i was.. thats when i find out how powerful the nazi movement still is.. Wordwide!!

what backes didnt say.. the organization he mention in the san franciso chronicle is called ODESSA, Organisation der ehemaligen SS Angehörigen. This means, Organization of ex SS members.

This organization seems to be very powerful, even when most the people out here in switzerland never heard anything from them. Other swiss bankers said that the whole case is closed and under the "bank privacy law" protected so nobody can really find out. It looks like this organization is familiar with the american nazis called "National Alliance Front" founded by William Pierce, the author of the book "the turner diaries".

This book is crazy anyway, looks like to be the bible for the neo nazis, at the end of the book somebody fly an airplane with some daisy cutters bombs on board into the pentagon. William Pierce is born on sept 11th 1933. Whatever, neo nazis in europe celebrate every sept. 11th for william pierce's birthday and aswell the world trade center attacks.

learn more about the turner diaries
en.wikipedia.org...


_____________________________________________________________


btw.did somebody see james bond "casino royal"?
they speak about 911 and those put options.

_____________________________________________________________

i also found this informations about ernest backes on david ickes website:

www.davidicke.com...
Saturday, 25 March 2006

Remember The October Surprise? Who Is Ernest Backes And Why Does George H. Bush Want Him Out Of The Picture?
'One man that the ruthless and diabolical George H. W. Bush wants dead or out of the picture probably more than anybody else goes by the surprising and unknown name of Ernest Backes. And it may come as even a bigger surprise that Backes isn't even a "fat cat" political foe or an undercover FBI agent with information about Bush's Iran Contra drug smuggling days.'



www.arcticbeacon.com...


Remember The October Surprise? Who Is Ernest Backes And Why Does George H. Bush Want Him Out Of The Picture?
Ernest Backes, finanacial officer for the Clearstream network, holds the "financial keys" to the many Illuminati scandals, including the October Surprise, The Vatican Bank scandal and more.
24 Mar 2006


By Greg Szymanski

One man that the ruthless and diabolical George H. W. Bush wants dead or out of the picture probably more than anybody else goes by the surprising and unknown name of Ernest Backes.

And it may come as even a bigger surprise that Backes isn't even a "fat cat" political foe or an undercover FBI agent with information about Bush's Iran Contra drug smuggling days.

Although not a big shot, the information he learned as a backroom banking officer for the Clearstream Banking Network is big news and pins Bush right to wall for lying about what has come to be known as the "October Surprise."

Regarding the Iranian hostage crisis, Bush has always denied any wrongdoing or that he negotiated secretly with Iranians for keeping the American hostages locked up until Ronald Reagan became President.

But Backes claims he has first hand information, contradicting Bush. The bank officer, one of the men who handled the transactions, claims that the Clearstream network was a principal conduit in the "October Surprise" and that millions of dollars in bribes, negotiated by Bush in his secret trip to Iran, was actually used to hold the hostages until Reagan was elected instead of immediately releasing the captive Americans.

His information also shoots a big hole in U.S. foreign policy where American politicians always have gone on record saying "they never negotiate with terrorists," this phrase said over and over again as American soldiers or civilians faced torture and death while being held captive.

But according to Backes, Bush did negotiate with terrorists, cutting a treasonous deal to keep American hostages in bondage until Reagan secured the White House.

In the past, Backs has told his story before, mainly ut of the earshot of the mainstream American media, appearing on radio shows overseas, as even Tim Sebastian of BBC World is familiar with his story.

But now Backes has essentially gone underground, as the powers that be have turned up the heat in anticipation of his upcoming book in May, detailing the Clearstream connection with October surprise, as well as financial connections to the Vatican Bank scandal and the infamous Bank of Ambrosiano.

Although Backes is not doing interviews, he said this in a recent email regarding appearing the Investigative Journal, a American talk show hosted by Greg Szymanski:

I never comment anything any longer on phone - nor by mail. All my contact possibilities are controlled by "services" from all over the world and my house is under camera-control since recent days," said Backes in an email this week from his home overseas..

" I stopped giving radio interviews some time ago, and will not start again. All those things I experienced throughout these last five years will very extensively be explained in my next book to be issued this next month of May.

"As far as the Iranian hostages question is concerned, Tim Sebastian of BBC World is fully aw

aware of this story and might well be of assistance."

Regarding Clearstream acting as the principal conduit of the October Surprise, it's important to recall in November 1979, the U.S. Embassy in Iran was seized, and 52 Americans were held hostage. Their capture, and the Carter administration's failure to win their release, becoming a major issue in the 1980 presidential campaign.

As newspaper reports revealed, Carter had frozen billions in Iranian assets in U.S. banks, money that was being claimed by American firms and individuals who had lost property in the Islamic revolution. American and Iranian officials were negotiating the amount of funds to be released in return for freeing the hostages.

The Iranians also wanted Carter to release arms that had been ordered and paid for by the deposed Shah. Reagan campaign officials allegedly met with Iranian representatives several times during the 1980 campaign, promising arms and money if Iran delayed release of the hostages until after the November election. This scandal would become known as the "October Surprise."

Reagan won the election, but Carter officials continued to negotiate with the Iranians. Finally, around the turn of the year, an accord was reached under which the United States would release $4 billion but no arms. However, the Iranians did not release the hostages immediately. A few days before Reagan's inauguration, (January 16, 1981) Backes recalled in a previous article and radio interview

"Cedel got an urgent joint instruction from the U.S. Federal Reserve Bank and the Bank of England to transfer $7 million in bearer bonds, $5 million from an account of Chase Manhattan Bank and $2 million from an account of Citibank, both in offshore secrecy havens. The money was to go to the National Bank of Algeria, and from there to an Iranian bank in Teheran."

Backes said he also was informed that the $7 million was a small fraction of sums being sent from around the world and concentrated in the Algerian bank. He was told point blank the transfers were linked to the fate of the hostages.

In a featured article appearing on the internet at www.inthesetimes.com Backes said the Fed and the Bank of England were not members of Cedel, and by its rules had no right to order the transfers. Since two of his superiors were absent the day of the money transfer, Backes said he informed the president of the Cedel administrative council, Edmond Israel, and he then acted to execute the order after Israel, now honorary chairman, did not respond to phone and e-mail messages.

On January 20, 1981, about 15 minutes after Reagan took the oath of office, the hostages were finally freed, as Reagan and then Vice President George Bush have always steadfast, saying the payoff never happened.

An account of Backes' story is also told in a French book called "Revelations," a book he co-authored but never translated into English or released in the U.S. The book, however, has been translated into Italian and can be found under the title of "Soldi - il libro nero della finanza internazional," meaning Money - The Black Book about International Finance.

Backes has also made allegations in past interviews that the deep politics underlying the Clearstream network, appears also to have been a major funding conduit for Al Qaeda and if traced properly, could lead to the real culprits behind 9/11.

And according to Backes, the Clearstream network (run by Cedel) was the principal conduit and financing mechanism used for the Vatican and Banco Ambrosiano scandal.

In a previous interview with Lucy Komisar of In These Times in March of 2002, Backes had this to say about the 1980's Vatican bank scandal, as by 1980 Backes had become Cedel's No. 3 official in charge of client relations.

"I think I was fired was because I knew too much about the Ambrosiano scandal,'' he recalled.. "Banco Ambrosiano was once the second most important private bank in Italy, with the Vatican as a pr

principal shareholder and loan recipient. The bank laundered drug-and-arms-trafficking money for the Italian and American Mafias and, in the''80''s, channeled Vatican money to the Contras in Nicaragua and Solidarity in Poland.

"The corrupt managers also siphoned off funds via fictitious banks to personal shell company accounts in Switzerland, the Bahamas, Panama and other offshore havens. Banco Abrosiano inspired a subplot of The Godfather, Part III. Several of those behind the swindle have met untimely ends. Bank chairman Roberto Calvi was found hanged under Blackfriars Bridge in London. Michele Sindona, convicted in 1980 on 65 counts of fraud in the United States, was extradited to Italy in 1984 and sentenced to life in prison; in 1986, he was found dead in his cell, poisoned by cyanide-laced coffee. (Another suspect,

"Archbishop Paul Marcinkus, the head of the Vatican Bank, now lives in Sun City, Arizona with a Vatican passport; U.S. authorities have ignored a Milan arrest warrant for him.

Although Marcinkus died last month after Backes was quoted, just two months after Backes' dismissal in 1983, Cedel general manager Gerard Soisson, 48, was found dead in Corsica, where he'd gone on vacation. Backes recalled that top Cedel officials had the body returned immediately and buried, with no autopsy, saying he had died of a heart attack as his family suspects he was murdered.

"If Soisson was murdered, it was also related to what he knew about Ambrosiano,'' Backes said in the Komisar interview. "When Soisson died, the Ambrosiano affair wasn't yet known as a scandal. After it was revealed, I realized that Soisson and I had been at the crossroads. We moved all those transactions known later in the scandal to Lima and other branches. Nobody even knew there was a Banco Ambrosiano branch in Lima and other South American countries."

For more informative articles, go to www.arcticbeacon.com

Oi there, and welcome to ATS. This was a very long and in-depth post, and kudos for your hard work, but a couple of things you'll want to be made aware of:

1.) When you're quoting an external source verbatim, you need to use the "EX" tags. This is to avoid us getting into any sort of copyright infringement thingy with other sites.

2.) Quotes themselves need to be a bit smaller. A good rule of thumb is that if what you are quoting amounts for more than half of your post, it almost certainly needs to be trimmed down. This isn't to say you can't use quoted material, rather you should be basically using snippets of the material you are quoting, and giving your own analysis, theories, etc, on that snippet. This also helps break up your post into segments more easily read by the audience.

3.) Here is a thread I made some time ago that will help in how to break up quotes into seperate segments, etc... For external quotes, just use "ex" instead of "quote".

Again, welcome to ATS, and formatting of your quotes aside, great legwork!

Woe dude, you've done your homework! Read half of your stuff, will be back to check out your links and rest later, and also thanks for posting the info!

Here is the San Francisco Chronicle (September 29, 2001) article you asked if anyone had in your post. It is hosted on the SFGate archive website which references both the Examiner and Chronicle newspapers, in this case republishing the Chronicle article you asked about: Suspicious profits sit uncollected - Airline investors seem to be lying low

The quote you mentioned is in the "SHORT-SELLING OF INSURANCE" section of the article (capitalization was present in the article to denote section.)

Spokesmen for British securities regulators and the AXA Group also confirmed yesterday that investigations are continuing.

The source familiar with the United trades identified Deutsche Banc Alex. Brown, the American investment banking arm of German giant Deutsche Bank, as the investment bank used to purchase at least some of the options. Rohini Pragasam, a bank spokeswoman, declined comment.

Investigators' attentions previously had been drawn to Germany because of the residence there earlier in the year of some of the principal suspects in the Sept. 11 attacks and unusual patterns in the short-selling of insurance, airline and other financial company stocks there prior to the attacks.

Last weekend, German central bank president Ernst Welteke said a study pointed to "terrorism insider trading" in those stocks.

There are many reasons the bets against United and American could have been innocent, in view of the tough time the airline industry has had this year and heavy losses experienced by both airlines in particular. But the trades were not replicated in the stocks or options of any of the airlines' competitors.

-(Christian Berthelsen, Scott Winokur, Chronicle Staff Writers)

Source

Here are a couple of additional articles that may prove interesting if not already read:

CNN: Probes into 'suspicious' trading

Telegraph: Bin Laden rigged oil and gold prices - bank chief

The 9-11 commission's reasons for declaring the trades immaterial or unconnected appear to include a lack of substantive or verifiable connection to Al Qaeda on the part of the investors, and the likelihood that the high volume of suspect trades were motivated by a single newsletter's investment recommendations or information sent out the Sunday prior to the attacks. I cannot find links pointing to the publisher of that newsletter, or any other evidence of what it may have suggested or related and how those suggestions or information may have been related to the trades in question, unfortunately. It could be argued that the commission could not release that information due to the possibility that it could reveal the identities of investors who might be reasonably expected to become endangered were their identities revealed, given the suspicion and speculation surrounding what happened.

In other words, it's possible that this really is a coincidence, but also that it isn't, and if it isn't, that the commission nonetheless had arguably plausible reasons for their conclusions. That said, I'd personally very much like to know more about this newsletter in question and its publisher or publishers, as well as what they based their recommendations or information on.

EDIT: For clarity and to add links.

[edit on 8/16/2007 by AceWombat04]

Great, so you know a lot of put options were placed on the airlines for that day. NOW, do some research on the subject for ALL of 2001. 9/11/01 was not the only day, or even the highest total day of options on the airlines that year. Several other days that year saw thousands of options on UAL and AA.

As for the insurance on the WTC, silverboy tried to purchase LESS insurance for the complex, the banks made him purchase more.

Originally posted by 911putoptions
so guys.. what does that mean? let me give you a small translation on that:

The put options trace leads into switzerland to a bank account like ernest backes said. It's a organisation founded by lawyer Francois Genoud. This organization could even existing until today. Backes said: "This swiss lawyer had very close contacts to the bin laden family, he was a banker of the bin ladens. He supported the terrorism and was also involved within nazi germany and the hitler money".

genoud died in 1996, his home in lausanne switzerland looks like a museum for nazis. hell no his two kids do not like to speak about him and his nazi relations. i tryed to get in contact and i was.. thats when i find out how powerful the nazi movement still is.. Wordwide!!

what backes didnt say.. the organization he mention in the san franciso chronicle is called ODESSA, Organisation der ehemaligen SS Angehörigen. This means, Organization of ex SS members.

Very interesting.... let me bring up this article
- very well researched, but a bit hard to swallow:
"George H.W. Bush" = teenage nazi spy in Tesla's lab = "Curious George"
The primary source? Otto Skorzeny, Hitler's body guard, an ODESSA emigre to the U.S. Here's how Eric "Orion" Berman explains his source:

“I was dating one of his daughters. He knew that I’m Jewish, first of all, I’m an honest guy and he thought that I would really try to do something about this and bring some justice, yeah, to these wanted Nazi war criminals. His whole goal was.... they had screwed him over, including George Bush, they screwed him over..... and out of large sums of money over the years. This was his one last way of... you know, getting even with them.”

So take it for what it's worth. But I imagine there's much valuable information in the article, despite its more colorful aspects, especially when one bears in mind Prescot Bush's history.

And, for futher reference, regarding Cedel/Clearstream

What a tangled web... as the remains of the Deutsche Bank burns

@topicstarter
The requested article can be found at the archive of San Francisco Chronicle at SFC Archive

Cheers and thanks for linking to my page

tobi

[edit on 4-9-2007 by jahlives]

Originally posted by Swampfox46_1999
Great, so you know a lot of put options were placed on the airlines for that day. NOW, do some research on the subject for ALL of 2001. 9/11/01 was not the only day, or even the highest total day of options on the airlines that year. Several other days that year saw thousands of options on UAL and AA.

As for the insurance on the WTC, silverboy tried to purchase LESS insurance for the complex, the banks made him purchase more.

could you please post a link supporting either of those claims? thanks.

original from Swampfox46_1999
Great, so you know a lot of put options were placed on the airlines for that day. NOW, do some research on the subject for ALL of 2001. 9/11/01 was not the only day, or even the highest total day of options on the airlines that year. Several other days that year saw thousands of options on UAL and AA.

Just some points to this above: It's true that it wasn't the highest value of options traded that day. But on days where the volume was higher ALL of the US-airlines were affected more or less equally. Not on the days before 9/11 when only UAL and AA were affected.
The second point is that in the days before 9/11 a lot of options were bought on banks which owned floors in the WTC. There were remarkable moves of put options on Merrill Lynch and Morgan Stanley for example.
One other point is that european exchange surveillance started some investigations on options trades of big european re-insurance companies. They were hit quite hard on 9/11 especially AXA which own some bigger part of United Airlines which make them double vunerable for the events of 9/11.
It's not the amount of options bought which is supecious for me (and others). No it's more the companies involved in this trades (all affected airlines of 9/11, the banks of the WTC and the re-inssurance companies). Also the ratio between call and put options compared to the ratio in the months before 9/11 and after the event is one point.

One point to Larry Silverstein: What about his interview on CBS stating that building 7 had been pulled? A clear expression which is very common in de-construction business. What about his motives buying these towers? He must have known that these towers were not Class A workspace anymore. Estimates for renovation of the towers to make them prime workspace again and the needed decontamination of asbestos going up to 800'000'000 Dollars. No good business man would buy an investment knowing the fact that he shortly has to pay for renovation/desontamination. And I guess Silverstein is a good one.

Thanks to the OP, your postings sent me off on a tangent, getting caught up in all kinds of wicked webs until my eyes almost popped out.



Great work in putting this lot together, there's some interesting things to be found in all this by merely scratching the surface a little.

reply to post by jprophet420


Hi Jp... Here is a little info on American Airlines stocks that may be interesting to you:

Date
Opening Price

16th July 2001
$38

23rd July 2001
$36

20th July 2001
$35.05

6th August 2001
$34.35

13th August 2001
$33.87

20th August 2001
$32.45

27th August 2001
$33.65

4th September 2001
$32.01

10th September 2001
$29.95

17th September 2001
$16.00
finance.yahoo.com...


The price had fallen over 20% in under two months. Might investors have thought it could fall further, and so be tempted to buy puts?

What’s more, immediately before 9/11 American Airlines released a string of bad news:

12:48pm 09/07/01 [AMR] AMR NOTES 'POOR' ECONOMIC CONDITIONS, 'FALLING' DEMAND

12:49pm 09/07/01 [AMR] AMR SAYS DEFERRING JET PURCHASES BEYOND FIRM ORDERS

12:47pm 09/07/01 [AMR] AMR'S AMERICAN RETIRING 5 MORE 727 AIRCRAFT EARLY

12:48pm 09/07/01 [AMR] AMR: AMERICAN TO RETIRE ENTIRE 727 FLEET BY END OF 2002

12:46pm 09/07/01 [AMR] AMR SEES Q3 LOSS 'CONSIDERABLY LARGER' THAN Q2'S

12:47pm 09/07/01 [AMR] AMR ANTICIPATES 'SIGNIFICANT' LOSS IN Q4

12:49pm 09/07/01 [AMR] AMR SAYS CUTTING 2001-02 CAPEX BY NEARLY $1.2 BLN

12:50pm 09/07/01 [AMR] AMERICAN AIR FEELS SQUEEZE OF FUEL PRICES, LABOR COSTS

1:07pm 09/07/01 AMR warns of wider losses - William Spain

2:44pm 09/07/01 Analyst: Airline Stocks Face At Least Another Bad Quarter

2:51pm 09/07/01 [AMR] AMR DOWN 3.4% AT $30.08 FOLLOWING Q3 WARNING

4:04pm 09/07/01 Boeing stock rating cut over commercial growth - August Cole

www.marketwatch.com... strDayName=Friday&nextPage=371 41.5442824074-788605255

The following are messeges on Yahoo's investment board:

ALOHA EVERYONE !!!
by: TWAFA007 (M/Goldeneye, FL)
Long-Term Sentiment: Sell 09/07/01 02:59 pm
Msg: 13284 of 111136

Aloha...

As for stock quotes on AMR, I dont quote on stocks I dont own, but I will be a buyer after the 1Q,02, at the $20 mark +/- $2-3...
finance.messages.yahoo.com...

BIG LAY-OFF to be announce next week!
by: kingikabod
Long-Term Sentiment: Strong Sell 09/07/01 11:44 pm
Msg: 13297 of 111136

thougths?

Bear Market Will Be Long
by: thefrenchcurve 09/08/01 12:18 am
Msg: 13300 of 111136

Market bottom and recovery won't happen until 2Q of 2002 about April 1st, give or take a few days. Look for the new "irrational exhuberance" to begin about the 65-7000 DJIA level.

AMR Losses may TRIPLE
by: nnyjou 09/09/01 03:15 pm
Msg: 13338 of 111136

American Airlines' Losses May Triple --

FORT WORTH, Texas, Sep 09, 2001 (Fort Worth Star-Telegram - Knight Ridder/Tribune Business News via COMTEX) -- AMR Corp., whose American Airlines unit managed to fill 76.6 percent of its seats in August, nevertheless said Friday that it expects to post a third-quarter loss "considerably larger" than the $105 million it lost in the second quarter before one-time accounting items.

GOLDMAN CUTS AMR ESTIMATES-again
by: nnyjou 09/10/01 01:31 pm
Msg: 13352 of 111136

-- [B] After AMR warning, Goldman again cuts '01 airline EPS estimates --

By Elaine Grant
St. Louis, Sept. 10 (BridgeNews) - Goldman Sachs analyst Glenn Engel on Monday lowered his 2001 per share estimates for Delta Air Lines Inc., American Airlines parent company AMR Corp., Northwest Airlines Corp. and United Airlines parent company UAL Corp. The cuts come just days after Engel reduced his estimates for all major airlines.
* * *
The new cuts are in reaction to a Friday warning from AMR that it expects a larger third-quarter loss than previously anticipated. Analysts had been expecting a loss of 39 cents per share for the third quarter, but AMR said it expected its loss for the quarter to be "considerably larger" than the 68-cent-per-share loss reported in the second quarter.

Also:
AMRO Analyst Ray Neidl told CBS MarketWatch said "you can expect to see further warnings from other airlines next week" (the week beginning 10/11).
"Airline Stocks face at Least Another Bad Quarter"
www.marketwatch.com... strDayName=Friday&nextPage=371 41.6506365741-788611921

I hope this information helps a little.

reply to post by jprophet420

In its court papers, Swiss Re shows how Silverstein first tried to buy just $1.5 billion in property damage and business-interruption coverage. When his lenders objected, he discussed buying a $5 billion policy. Ultimately, he settled on the $3.5 billion figure, which was less than the likely cost of rebuilding.

linked from 911myths.com