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9-11 and Alvin Krongard - Israel's Agent at the CIA

March 27, 2012

To the embarrassment of investigators, it has also emerged that the firm used to buy many of the "put" options [related to 9-11] - 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, Mr Krongard was chairman of Alex Brown Inc, America'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'”, The Independent (UK), October 14, 2001

A single U.S.-based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 [2001] as part of a strategy that also included buying 115,000 shares of American on September 10. Similarly, much of the seemingly suspicious trading on September 10 was traced to a specific U.S.-based options trading newsletter…which recommended these trades.
9/11 Commission Report, W.W. Norton, 2004, footnote on p. 499

Alvin Bernard "Buzzy" Krongard was Executive Director of the C.I.A. from March 2001 until November 2004.  Previously he had served as a consultant to C.I.A. Directors George J. Tenet (1997-2004) and Robert James Woolsey, Jr. (1993-1995).  

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 C.I.A..  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 October 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 Central Intelligence Agency, A.B. "Buzzy" Krongard. Krongard, 64, former head of Baltimore-based Alex Brown, America's oldest investment bank, joined the CIA three years ago as a counselor to Director of Central Intelligence George Tenet. Krongard switched careers shortly after helping engineer the $2.5 billion merger of Alex Brown and Bankers Trust New York Corp., gaining $71 million in Bankers Trust stock in the process.

President Bush appointed Krongard executive director of the Central Intelligence Agency on March 26. From February 1998 until March 2001, Krongard served as counselor to the director of central intelligence. 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 Washington Post article. If you go back to the CIA's origins during World War II in the Office of Strategic Services, Krongard told the Post, "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 U.S. 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 U.S. 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 C.I.A.?  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 United States.  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 Central Intelligence Agency says a great deal about the degree of Israeli penetration of the U.S. intelligence community.  

Alvin Bernard Krongard at Princeton, 1957

Krongard's paternal grandparents immigrated from Lowicz, Poland, to the United States in 1904.  The family name and first names were changed.  Krongaard is a Scandinavian name that his grandfather took after they arrived in the United States.  Krongaard means land or property of the "crown".  The immigration records indicate that his grandfather Morris Krongard did not enter the U.S. 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 U.S. 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 Krongard's 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 U.S. Marine Corps in the Mediterranean from 1958-1961.  Although the details are not given it seems likely that he served in Lebanon where the U.S. Marines were sent in 1958.  He returned to the United States 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 C.E.O. of Alex Brown in July 1991. 


As C.E.O. of America's oldest investment bank, Krongard was well placed to assist companies spawned by Israeli military intelligence.  Under Krongard, Alex Brown became a leading U.S. 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 theBaltimore Sun reported shortly before their trip to Israel:

A. B. Krongard, Alex. Brown's chairman and chief executive, and Mayo A. Shattuck III, president and chief operating officer, are to meet with Israeli Prime Minister Shimon Peres and Dov Lautman, the prime minister's special emissary for economic development...

"Obviously, this is a trip of some significance," Mr. 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 Mr. Peres was arranged through Giza Group, one of Israel's leading private investment banking firms, Mr. Shattuck said.

When Alex. Brown officials meet with Mr. Peres, they expect to talk about how the company can link Israeli firms to U.S. capital markets, Mr. Shattuck said.

Alex. Brown, which had $809 million 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 United States.

R. William Burgess Jr., 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 Mr. 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, the Zionist terrorist who killed Folke Bernadotte before becoming prime minister, 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 August 1996, and then joined Krongard's company as an associate of Alex Brown from August 1996 to February 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 October 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 February 1998 Buzzy Krongard joined the C.I.A. as a consultant to director George Tenet.  In a bizarre move, Krongard left his $4 million a year job as head of Bankers Trust (BT).  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 9-11.

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 C.I.A.?  What we do know is that Krongard had worked closely with computer companies spawned by Israeli military intelligence.  After he joined the C.I.A. as counselor to the director, Krongard soon became engaged in setting up the C.I.A. 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 C.I.A. computer network under Buzzy Krongard's reign? 

In October 1999, the Washington Post reported on the genesis of In-Q-Tel:

A lot of people wondered what CIA Director George J. 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 director of central intelligence.

"The idea is for In-Q-It to fund promising technologies..." 

"The idea for the venture-capital fund was hatched in conversations between the new CIA director, George Tenet, and a former investment banker named A. B. "Buzzy" Krongard, who joined the agency in February 1998 as counselor to the director.

The director of the C.I.A. 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 C.I.A.?  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 C.I.A. in March 2001 and remained at that position for more than three years, until November 2004.  He was responsible for getting C.I.A. security contracts for Blackwater in Afghanistan and Iraq.  Later, his brother Howard (a.k.a. "Cookie"), as Inspector General of the State Department, 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.

"Krongard exhibited the requisite secretiveness when asked to explain his interest in intelligence and how he came to land a job in [George J. Tenet]'s inner circle," the Washington Post reported on March 17, 2001, the day after he was named Executive Director of the C.I.A. "If you go back to the CIA's origins during World War II in the Office of Strategic Services, 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 C.I.A. from March 2001 until November 2004.  In this position he was certainly aware of the plane-into-building drill planned for September 11, 2001 at the National Reconnaissance Office, a sub-agency of the C.I.A.  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 C.I.A.

Alvin Krongard, his second wife Cheryl, and Jim Kimsey.  Cheryl Gruetzmacher was raised in Iowa and married Edward S. Gordon in May 1992.

The Krongard house sits on a 80 acre wooded estate off 1400 W Seminary Avenue in Lutherville, just north of Baltimore, Maryland.

Howard Joel Krongard, Alvin's brother, as Inspector General at the State Department, blocked investigations of massive fraud by military contractors in Iraq and Afghanistan.  At Congressional hearings, Howard feigned ignorance that his brother was a director of Blackwater, one of the key contracts being examined.  Buzzy had awarded the C.I.A. contract to Blackwater. 

Selected Sources:

Atkinson, Bill, “Alex. Brown chief bullish on Israel despite violence,” Baltimore Sun, October 02, 1996

Berger, Joseph, “A Diner That Was the Special of Every Day,” New York Times, December 3, 2010

Blackhurst Chris, “Mystery of terror insider dealers,” The Independent (UK), October 14, 2001

Chief Steps Down At Alex. Brown, New York Times, September 15, 2001

Directors and Senior Management at Orckit, SEC Filing for 2002

Flocco, Tom, “Profits of Death – Insider Trading and 9-11,”, December 6, 2001

Gaffney, Mark H., “Black 9/11: A Walk on the Dark Side,” Foreign Policy Journal, February 11, 2011

Landau, Efi, “Orckit Expands Sideways,” Globes (Israel), May 3, 1998

Ruppert, Michael C., CIA Executive Director “Buzzy” Krongard Managed Firm that Handle “Put” Option on UAL,, October 9, 2001

Schall, Lars, “Insider trading 9/11 ... the facts laid bare,” Asia Times, March 21, 2012

Schall, Lars, “9-11 Insider Trading and Germany’s Elusive Gold Reserves,”, March 24, 2012  

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