Mayo Shattuck III

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On 9/11 Mayo Shattuck III] was chairman of Deutsche Banc Alex Brown, the US private client and asset management division of Deutsche Banc. This has been tied in some quarters to the put options purchased before the attacks, as Cooperative Research comments:

September 14, 2001: Deutsche Bank Exec Resigns, Prompting Speculations of 9/11 Connection Mayo Shattuck III resigns, effective immediately, as head of the Alex Brown unit of Deutsche Bank. No reason is given. Some speculate later that this could have to do with the role of Deutsche Bank in the pre-9/11 purchases of put options on the stock of companies most affected by 9/11. Deutsche Bank is also one of the four banks most used by the bin Laden family.
[http://www.cooperativeresearch.org/context.jsp?item=a091401shattuck#a091401shattuck (Source)

We've seen not the slightest evidence to support such a claim, though, and at first glance it makes no real sense. Why would Brown resign because of the put options, which weren't yet even being reported in the press? If anyone has an explanation that's based on more than conjecture then we've yet to see it.

Further, while Cooperative Research do their best to put a conspiratorial spin on this by saying "no reason is given" for the resignation, that simply isn't true.

The Washington Post

September 17, 2001 Monday Final Edition

MONDAY MORNING

SECTION: FINANCIAL; Pg. E01

...After 16 years with venerable Baltimore investment firm Deutsche Banc Alex. Brown, Chairman Mayo A. Shattuck III has resigned. The 46-year-old executive led Alex. Brown through two mergers, the first with Bankers Trust and the second two years ago when the firm was acquired by German investment house Deutsche Bank.

Shattuck is leaving the firm to get away from the strain of helming an investment bank that essentially has headquarters on two continents -- Baltimore and Frankfurt, Germany, company executive said. "The combination of a lot of travel to Frankfurt and 3 a.m. conference calls just got a bit wearying," said Ben Griswold, the Baltimore-based senior chairman at Deutsche Banc Alex. Brown.

According to officials at the bank, Shattuck is to stay on indefinitely as a senior adviser and join the boards of two Deutsche Banc Alex. Brown subsidiaries, Bankers Trust Corp. and Bankers Trust Co.


A reason for the resignation was given, and it turns out that Shattuck was maintaining a connection with the company. Anyone might claim that the reason is false, and doubtless they will, but without some - or indeed any - evidence to support that, it's hard to see where this story will go.

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