Paul Zarembka has taught at UB for over 40 years and currently works in the economics department. Zarembka is also the co-author and editor of “The Hidden History of 9-11-2001.”
Zarembka has written about possible insider trading surrounding the airlines involved, the collapsing and number of towers that fell on the day and has openly called into question the federal investigation done after the attack. Zarembka has dealt with both criticism and praise following the book’s release, but stands by his work.
“I don’t care if people call me a conspiracy theorist, go ahead,” Zarembka said in an interview. “The idea of discrediting those who don’t follow the known narrative was around back when [John F.] Kennedy was killed. It is just the term we have for it today. You can say I am pushing a narrative, but you could also say George Bush pushed a narrative after 9/11 too.”
9/11 is considered by many to be the worst attack on the U.S. since World War II. Four passenger airplanes were hijacked throughout the Northeast Region, with two being flown into the World Trade Center, one into the Pentagon and one that crashed in Pennsylvania. The event is still a sensitive subject in America, with many insulted by those who question its validity.
Zarembka said it is not his intent to “relive” the event, but instead discuss much of the questions that still surround 9/11 years later.
“It felt for a long time and still feels that certain things are not OK to talk about,” Zarembka said. “That only leaves more questions unanswered, it limits the information people get.”
Zarembka began questioning the attacks after attending a conference in Toronto about the JFK assassination shortly after 9/11. As a Marxist, Zarembka said he was used to looking at pre-established social notions and questioning them. Zarembka’s questions would only increase after the release of the 9/11 Commission Report on the attack.
Former President George Bush formed the commission a year after the attack to make a full report on what happened. The report includes over 1,200 interviews and is considered by many to be the official narrative.
Marxism helped him question the world around him with a “non-predominant” point of view, according to Zarembka. Zarembka can remember the lack of clarity around Kennedy’s death being echoed by the commission report. This made him read the report himself and come to a different conclusion that angered him.
Two of Zarembka’s concerns come from what he said is a lack of investigation. According to Zarembka, the report does not prove that there were exactly 19 hijackers on the plane or discuss the collapsing of 7 World Trade Center.
It was the third building to collapse on Sept. 11 and fell because of debris from the other towers landing on it. This started a fire that caused the structural damage leading to the building’s collapse, according to official reports.
Zarembka said that a fire would not cause the building to fall the way it did. In a video, the building is shown falling straight down to its base, not leaning to any side. Zarembka said that if a fire caused structural damage, the building would have to tilt.
“Most people don’t know three towers fell that day,” Zarembka said. “It wasn’t hit by a plane and the video of it looks like a controlled demolition. … The commission report mentions none of this either.”
Zarembka became more curious after reading a story in the Financial Press that discussed stock moves made by American Airlines and United Airlines.
Zarembka said that a large number of put options were bought in both companies. A put option is a type of stock purchase where the stock is set to a specfic price for a specific amount of time to sell.
“For example, if I buy the option at a fixed price of $30 for six months, I would then have six months to either sell the stock at anytime for $30 or hold on to that stock,” Zarembka said.
Zarembka said following the purchase, they were sold off roughly a month before the attack at a rate “10 to 20 times” more than a company “regularly” would sell them for.
Zarembka said that is is clear to him that somebody had to know the attack was coming to make such a move.
“After the attacks happened, their stock plummeted,” Zarembka said. “It is far more probable that someone knew of the attack, prepared for massive loss and stocked on assets that would soon be worth less. It is far more unlikely someone did this not preparing for it.”
Zarembka admits that it is still probable, but he said his research and statistics are alarming. He points specifically to the American Airlines sales as being “not accidental” based on the rate and amount of options sold.
According to Zarembka, articles detailing the information in his essay were released only a month after 9/11. Zarembka said that this information was not well-known because it did not support the “narrative” that Osama bin Laden bought the options in the company. The information in the “The Hidden History of 9-11-2001” suggests that bin Laden and Al Qaeda did not act alone and information was known within the U.S. about the attack, according to Zarembka. He said that UB did not help in publishing his works and it was his own effort.
“You can ask economists in the country, these aren’t made up facts,” Zarembka said. “What I think happens is that people are brainwashed from the obvious and don’t feel the need to look into things themeselves. The people who first reported on it must have been told to stop by somebody. My guess is that someone saw the information they had and knew it would not collaborate with what was being told.”
Thomas Zafonte is the senior sports editor and can be reached at thomas.zafonte@ubspectrum.com
Thomas Zafonte is a senior English major. He is a UB sports fan and enjoys traveling around Buffalo.
