So this is how Alex builds fantasy stories out of his bad information base. He's decided that he's proven the people in the CIA did insider trading on American and United before 9-11, though he hasn't proven that at all. He has a couple of suspicious facts that he can point to, which he's decided on an explanation for with no evidence. As it turns out, his explanation was wrong, but he's used that incorrect explanation to create a background for this new conspiracy about the policy analysis market. Because these folks got away with insider trading on 9-11, which they didn't, they decided to institutionalize that insider trading through this market, which they weren't doing. This is an important dynamic in Alex's conspiracies. Oftentimes, the things he's saying are built on multiple levels of non-existent foundation.