Hedge Fund Manager Admits Profiting from 9/11 and Other Terrorist Attacks
In this incredible video clip, British hedge fund manager David Yarrow openly describes how he profited from the 9/11 attacks by short selling key shares in the minutes after the first attack on the World Trade Center. Yarrow also admits having similarly profited in response to the 2004 Madrid train bombings and the July 7, 2005 London bombings.
The clip is from a 2009 BBC documentary series called The City Uncovered with Evan Davis. Presenter Evan Davis begins the segment saying: "On 9/11, David Yarrow was watching television in a hotel room in America. In the minutes after the first plane hit the World Trade Center, his trading instincts kicked in. Seeing the market was about to plummet, he shorted key vulnerable shares, like airlines."
Yarrow, the managing director of Clareville Capital, then says: "On 9/11, between the two planes, in those 15 minutes, we did a sufficient amount of remedial work on the portfolio that by the time the second plane went in, the fund, which we can always see the price of, actually started ticking up, and ticking up, and did so for the next 10 or 12 days, because we were in a position that we could suppress risk." He continues, "And the same with the Madrid bombings, and the same with the dreadful London bombings in the summer four years ago."
You can watch all three episodes of The City Uncovered with Evan Davis here:
(The interview with David Yarrow appears in the second episode, about 29 minutes through.)
For a more detailed analysis of Yarrow's admission, see my previous posting, "British Hedge Fund Manager Admits Profiting from 9/11 Short Selling."