Contrary to the 'troofers' nonsense, it looks like a wash.
The investor who bought the 'puts' (betting the stock would go down within a certain period of time) also bought 115,000 shares of American Airlines.
Which indicates he was gambling that American shares would recover from the recent hit they had taken in Sept 01 and that United's stock price would drop. That is a common strategy when buying puts.
Of course, troofers like Gaffney are clueless and decided to ignore the American share purchases as it didn't 'fit' the conspiracy. The later 'puts' of American Airlines were a result of an investment newsletter recommendation that was circulated around the same date. It was their subscribers who were buying.
Both events looked suspicious at first glance, but had simple explanations that were investigated by several agencies and not just the SEC. Naturally, when there is nothing illegal going on, the investors identity are kept 'private.'
Which of course, has troofers jumping up and down screaming 'conspiracy!!'
The markets were a mess prior to 911. The Dow had lost around 8%-10% in Aug/Sept and there was a lot of pessimism about where the markets were heading. A bear market is prime for 'puts' and both United and American had already seen their stock prices dropping.
American Airlines had already lost more than 10% in the month before 911, again a prime time to buy their stock or puts, depending on which way you think the stock is heading.
The only 'conspiracy' is the troofer scam to sell more books.