- 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  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).
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."
Alvin Bernard Krongard at Princeton, 1957
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 the Baltimore Sun reported shortly before their trip to Israel:
"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.
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.
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 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.
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.
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.
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.
Blackhurst Chris, “Mystery of terror insider dealers,” The Independent (UK), October 14, 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