9/11 and Alvin Krongard: Israel’s Agent at the CIA
Christopher Bollyn, Mar 27 2012
To the embarrassment of investigators, it has also emerged that the firm used to buy many of the “put” options, where a trader, in effect, bets on a share price fall, on United Airlines stock was headed until 1998 by “Buzzy” Krongard, now executive director of the CIA. Until 1997, Krongard was chairman of Alex Brown Inc, the US’s oldest investment banking firm. Alex Brown was acquired by Bankers Trust, which in turn was bought by Deutsche Bank. His last post before resigning to take his senior role in the CIA was to head Bankers Trust, Alex Brown’s private client business, dealing with the accounts and investments of wealthy customers around the world.
– Chris Blackhurst, “Mystery of Terror ‘Insider Dealers’”, Independent (UK), Oct 14 2001
A single US-based institutional investor with no conceivable ties to al Qaeda purchased 95% of the UAL puts on Sep 6 as part of a strategy that also included buying 115,000 shares of American on Sep 10. Similarly, much of the seemingly suspicious trading on Sep 10 was traced to a specific US-based options trading newsletter which recommended these trades.
– 9/11 Commission Report, footnote on p 499
The informed insider trading of stock options carried out by people with prior knowledge of the terror attacks of 9/11 is once again in the news. Max Keiser of the Keiser Report recently interviewed Lars Schall, a German journalist who has written extensively on the “terror traders” of 9-11. In the center of the discussion of the informed trading done by people who evidently knew the attacks were coming stands one very conspicuous individual, A B “Buzzy” Krongard, then Executive Director of the CIA. Krongard would be considered a “person of interest” in any proper criminal investigation of 9-11 or the insider trading that preceded it. Krongard has been suspected of being connected to the suspicious trading since Oct 2001. In one of my first articles about 9/11, “The Profiteers of 9/11”, I wrote the following:
Investigations into the unusually high number of “put” options, betting that the price of United Airlines (UAL) and American Airlines shares would fall, have revealed that Alex Brown Inc, an investment banking firm, purchased many of these option contracts. Alex Brown Inc was, until 1998, managed by the man who is now the executive director of the CIA, A B “Buzzy” Krongard. Krongard, 64, former head of Baltimore-based Alex Brown, the US’s oldest investment bank, joined the CIA three years ago as a counselor to DCI Tenet. Krongard switched careers shortly after helping engineer the $2.5b merger of Alex Brown and Bankers Trust New York Corp, gaining $71m in Bankers Trust stock in the process. Bush 43 appointed Krongard executive director of the CIA on Mar 26. From Feb 1998 until Mar 2001, Krongard served as counselor to the DCI. Until 1997 Krongard was chairman of the investment bank A B Brown, having previously worked in various capacities at Alex Brown. Krongard was quoted on the relationship between Wall Street and the CIA in a WaPo article. If you go back to the CIA’s origins during WW2 in the OSS, Krongard told the WaPo, “the whole OSS was really nothing but Wall Street bankers and lawyers.”
The hypothesis of my book “Solving 9/11: The Deception that Changed the World” is that the terror attacks were a false-flag operation planned and carried out by Israeli military intelligence with the assistance and support of Zionist agents in high positions in the US government. These Zionist agents would include people like Dov Zakheim at the Pentagon and Michael Chertoff, then Assistant Attorney General, who was responsible for the federal investigation and prosecution of the crimes of 9/11. In this position Chertoff managed the federal “non-investigation” of 9/11 in which the crucial evidence was confiscated and destroyed without being properly examined. My hypothesis is not that 9/11 was an “inside” job, but that it was an Israeli-planned false-flag operation. The Israeli operation was facilitated by highly-placed Zionist agents within the US government, military, and intelligence spheres. If Buzzy Krongard is a suspect in the crimes of 9-11, the question that needs to be answered is: Was Krongard acting as an agent for Israeli military intelligence at Alex Brown and the CIA? The evidence indicates that he served as an agent for Israel in both positions. Alvin Bernard Krongard, born 1936, is the son of Raphael Harris Krongard and Rita Keyser Krongard. Both his mother and father were born in Baltimore to Jewish immigrant families from Poland/Russia. His first wife, Patricia Lion, was also Jewish. While Krongard’s Jewish roots are never mentioned in the various articles about him, his Jewish ethnicity clearly plays the key role in his efforts to support Israeli enterprises in the US. When a high-level person like Krongard conceals his Jewish roots while actively serving the state of Israel it indicates that he is seeking to hide his true identity and loyalty to a foreign state. For such a person to be the administrative chief of the CIA says a great deal about the degree of Israeli penetration of the US intelligence community.
Krongard’s paternal grandparents immigrated from Lowicz, Poland, to the US in 1904. The family name and first names were changed. Krongaard is a Scandinavian name that his grandfather took after they arrived in the US. Krongaard means land or property of the “crown”. The immigration records indicate that his grandfather Morris Krongard did not enter the US under that name. Krongard’s mother, Rita (Rebecca) Keyser, was born in Baltimore to Abraham and Ethel Keyser, Russian Jewish immigrants who had also arrived in the US in 1904. She was raised in Washington, where she attended high school and graduated from Strayer Business College. She worked as a legal secretary for a Washington maritime lawyer before her marriage to Raphael Harris Krongard in 1931. The Krongards lived in Ashburton, Maryland, and had three children: Alvin, Howard Joel, and a daughter, Marilyn, who died in 1946. Alvin Krongard graduated from Princeton and went on to serve on “active duty” in the US Marine Corps in the Mediterranean from 1958-1961. Although the details are not given it seems likely that he served in Lebanon where the US Marines were sent in 1958. He returned to the US and married Patricia Lion. He worked at her family business, Lion Brothers, from 1961-1969. After a two year stint at Bache/Stern Brothers Boyce he joined the Baltimore investment bank of Alex Brown in 1971. After twenty years, Buzzy Krongard became CEO of Alex Brown in Jul 1991. As CEO of the US’s oldest investment bank, Krongard was well placed to assist companies spawned by Israeli military intelligence. Under Krongard, Alex Brown became a leading US partner for these Israeli companies. In May 1996 Krongard and Mayo A Shattuck went to Israel on a three-day trip during which they met with then prime minister Shimon Peres. As the Baltimore Sun reported shortly before their trip to Israel:
A B Krongard, Alex Brown’s chairman and chief executive, and Mayo A Shattuck, president and CEO, are to meet with Israeli PM Peres and Dov Lautman, the prime minister’s special emissary for economic development. “Obviously, this is a trip of some significance,” Shattuck said, “We want to be perceived as the premiere underwriter and adviser for high-tech and health care companies in Israel. The time has come to build stronger affiliations at the senior management level.” The meeting with Peres was arranged through Giza Group, one of Israel’s leading private investment banking firms, Shattuck said. When Alex Brown officials meet with Peres, they expect to talk about how the company can link Israeli firms to US capital markets, Shattuck said. Alex Brown, which had $809m in revenues in 1995, is known worldwide for its expertise in taking high-tech and health care companies public. Last year, it managed 64 initial public offerings, tops in the US. R William Burgess, head of Alex. Brown’s technology investment banking group, compared Israel to Silicon Valley in California and Route 128 in Boston, which have spawned some of the world’s largest high-tech companies. “My hope would be to do several initial public offerings a year for Israeli companies and several mergers and acquisitions,” said Burgess, who will also make the trip. Alex Brown has been doing business with companies in Israel for at least five years.
In 1996, Alex Brown was serving as the financial advisor for Scitex, an Israeli company connected to military intelligence. Yair Shamir, the son of Yitzhak Shamir, was general manager of Scitex. Krongard’s three-day visit to Israel and meeting with the prime minister was arranged by the Giza Group, a Tel Aviv-based investment banking firm. At the time of Krongard’s visit, Aviv Boim was a vice president of Giza Ltd. Boim remained at Giza for two more months, until Aug 1996, and then joined Krongard’s company as an associate of Alex Brown from Aug 1996 to Feb 1998. Aviv Boim worked with Alex Brown’s technology group in London, where he managed initial public offerings, mergers, and acquisitions concerning Israeli companies. On Oct 2 1996, the Baltimore Sun reported that Krongard was “still bullish on Israel.” Krongard had addressed the Maryland/Israel Development Center the previous day. “There is great market demand for Israel’s products,” Krongard said, “Israel has the brain power. Its human capital is exceptional.” The Maryland/Israel Development Center was started in 1992 as a nonprofit group to form business partnerships between Maryland and Israeli companies. The article noted that just the week prior to his speech at the Maryland/Israel Development Center, Krongard and Alex Brown had taken the Israeli company Orckit Communications Ltd public. “Tel Aviv-based Orckit makes systems that enable telephone companies to provide high-speed voice and digital transmission,” the Sun reported. Yair Shamir was a director of Orckit. Orckit is a company that was created by the former commander of Unit 8200, the signal intelligence branch of the Israeli military, as Efi Landau reported in Globes (Israel):
Even Orckit’s win in the large tender of the US telephone company GTE, one of the eight largest telephone companies in the world, did not persuade company president Yitzhak Tamir to grant an open, on the record, press interview. However, cracks can be seen in the shrouds hiding the company from the media, contributing perhaps to the recognition that the company’s most precious asset is its workers, and it cannot hurt if more is known about them. Orckit was established in 1990 by Military Intelligence electronic unit 8200 graduates Eric Paneth and Yitzhak Tamir. The unit has provided Israeli high-tech a significant proportion of its engineers and managers. Paneth was commander of the unit, replacing Zohar Zisappel, chairman of the RAD-Bynet group.
Orckit (and Tikcro) are not your usual companies. These are typical Israeli military “dual-use” companies. They have hidden military and intelligence functions but are presented as normal commercial enterprises. With companies like Orckit, Buzzy Krongard and his team at Alex Beam certainly must have been aware that they were investing in companies closely tied to the Israeli military. In Feb 1998, Buzzy Krongard joined the CIA as a consultant to DCI Tenet. In a bizarre move, Krongard left his $4m/yr job as head of Bankers Trust. He had just completed the BT merger with Alex Brown in the fall of 1997 and suddenly he was leaving. Aviv Boim also left BT Alex Brown in February and joined Orckit as Chief Financial Officer. The merger between Bankers Trust and Alex Brown, the first between a bank and a securities brokerage since the Depression, however, went sour shortly after Krongard left the company. The newly-merged company reported a record loss in 1998 and was soon taken over by Deutsche Bank. Mayo Shattuck stayed on at Alex Brown, but resigned suddenly the day after 9-/1. While it is clear that Krongard jumped ship because he knew that the BT Alex Brown merger would soon fail, why did he go to work for the CIA? What we do know is that Krongard had worked closely with computer companies spawned by Israeli military intelligence. After he joined the CIA as counselor to the director, Krongard soon became engaged in setting up the CIA venture capital firm called In-Q-It (In-Q-Tel) that was supposed to keep the agency abreast of computer technology. How much Israeli software do you think found its way onto the CIA computer network under Buzzy Krongard’s reign? In Oct 1999, the WaPo reported on the genesis of In-Q-Tel:
A lot of people wondered what DCI Tenet had in mind a year and a half ago when he brought in Wall Street heavyweight A B “Buzzy” Krongard to serve as his “counselor.” Now they know part of the story. The man who helped underwrite Microsoft and AOL as head of Alex Brown & Co has done it again, helping Tenet & Co start up a CIA venture capital firm called In-Q-It that’s supposed to keep the agency abreast of computer technology. But Krongard’s influence at Langley extends well beyond this foray into Silicon Valley. “George will say, ‘Make this happen,’ ” said Krongard, 61, explaining in a telephone interview exactly what it is he does for the DCI.
The director of the CIA is often little more than a mannequin who gives a name and a face to the agency while the day-to-day operations are managed by the executive director like Krongard. George Tenet is similar to Leon Panetta. Both are sons of immigrants who owned diners, one in Little Neck, New York, the other in Monterey, California. What is it about Tenet and Panetta that made them suitable to be directors of the CIA? They are clearly not leaders of men or strong thinkers. Could it be that they were men who were known to be weak and amenable, and who could easily be controlled by people like Krongard? Krongard became the Executive Director of the CIA in Mar 2001 and remained at that position for more than three years, until Nov 2004. He was responsible for getting CIA security contracts for Blackwater in Afghanistan and Iraq. Later, his brother Howard (aka “Cookie”), as Inspector General of the State Dept, denied knowing that Buzzy sat on the board of Blackwater during Congressional hearings into his obstruction of the investigation of contract fraud and crimes carried out by Blackwater. The Congressional investigation did not result in any criminal charges being laid against either of the Krongard brothers. The WaPo reported on Mar 17 2001, the day after he was named Executive Director of the CIA:
Krongard exhibited the requisite secretiveness when asked to explain his interest in intelligence and how he came to land a job in Tenet’s inner circle,” “If you go back to the CIA’s origins during WW2 in the OSS,” he explained, “the whole OSS was really nothing but Wall Street bankers and lawyers.”
Krongard was the chief operating officer, the day-to-day administrative leader of the CIA from Mar 2001 until Nov 2004. In this position he was certainly aware of the plane-into-building drill planned for 9/11 at the National Reconnaissance Office, a sub-agency of the CIA. Although Krongard is probably not an architectural level planner of the terrorism of 9/11, the evidence indicates that he served as a highly-placed manager who served as an important conduit linking Israeli military intelligence with the CIA.
Alex Brown chief bullish on Israel despite violence, Bill Atkinson, Baltimore Sun, Oct 2 1996
A Diner That Was the Special of Every Day, Joseph Berger, NYT, Dec 3 2010
Mystery of terror insider dealers, Chris Blackhurst, Independent (UK), Oct 14 2001
Chief Steps Down At Alex Brown, NYT, Sep 15 2001
Directors and Senior Management at Orckit, SEC Filing for 2002 (pdf)
Profits of Death: Insider Trading and 9/11, Tom Flocco, From The Wilderness.com, Dec 6 2001
Black 9/11: A Walk on the Dark Side, Mark Gaffney, Foreign Policy Journal, Feb 11 2011
Orckit Expands Sideways, Efi Landau, Globes (Israel), May 3 1998
CIA Executive Director “Buzzy” Krongard Managed Firm that Handled “Put” Option on UAL, From The Wilderness.com, Oct 9 2001
Insider trading 9/11: the facts laid bare, Lars Schall, Asia Times, Mar 21 2012
9/11 Insider Trading and Germany’s Elusive Gold Reserves, Lars Schall, LarsSchall.com, Mar 24 2012