26 February 1993: World Trade Center bombing
On this day in 1993, Kuwaiti-born terrorist Ramzi Yousef carried out his planned attack on the World Trade Center in New York, killing six people.
The World Trade Center formally opened in April 1973, and quickly became one of New York's most important commercial and cultural areas. The complex accounted for 1.25 million square metres of office space across seven buildings (the last was finished in 1985). The North and South Towers (the Twin Towers) formed the core of the "superblock" and rapidly became a key part of the Big Apple's skyline, and a tourist attraction in their own right.
The symbol of American prosperity also became a target for Kuwaiti-born terrorist Ramzi Yousef (AKA Abdul Basit Mahmoud Abdul Karim). Yousef, who studied engineering at Swansea University, went to a terrorist training camp in Pakistan in the late 1980s. He entered America on 1 September 1992 and met with several fellow terrorists to plan an atrocity they hoped would convince America to abandon its support for Israel.
On 26 February they filled a van with explosive materials, including fertiliser and a gas cylinder, and detonated it in a garage directly beneath the North Tower (using a fuse to delay the detonation long enough to allow them to escape). They hoped the North Tower would collapse, bringing down its twin.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The explosion destroyed five floors and released smoke throughout the building. Experts believe the explosion would have toppled the towers had the van been close to the foundations. In the event, there were six deaths and 1,042 people injured. Yousef was caught in 1995 and sentenced to life imprisonment. His uncle, Khalid Sheikh Mohammed, organised the 11 September 2001 attacks that destroyed the towers, killing nearly 3,000 people.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.
He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.
Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.
As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.
Follow Matthew on Twitter: @DrMatthewPartri
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published
-
UK wages grow at a record pace
The latest UK wages data will add pressure on the BoE to push interest rates even higher.
By Nicole García Mérida Published
-
Trapped in a time of zombie government
It’s not just companies that are eking out an existence, says Max King. The state is in the twilight zone too.
By Max King Published
-
America is in deep denial over debt
The downgrade in America’s credit rating was much criticised by the US government, says Alex Rankine. But was it a long time coming?
By Alex Rankine Published
-
UK economy avoids stagnation with surprise growth
Gross domestic product increased by 0.2% in the second quarter and by 0.5% in June
By Pedro Gonçalves Published
-
Bank of England raises interest rates to 5.25%
The Bank has hiked rates from 5% to 5.25%, marking the 14th increase in a row. We explain what it means for savers and homeowners - and whether more rate rises are on the horizon
By Ruth Emery Published
-
UK wage growth hits a record high
Stubborn inflation fuels wage growth, hitting a 20-year record high. But unemployment jumps
By Vaishali Varu Published
-
UK inflation remains at 8.7% ‒ what it means for your money
Inflation was unmoved at 8.7% in the 12 months to May. What does this ‘sticky’ rate of inflation mean for your money?
By John Fitzsimons Published
-
VICE bankruptcy: how did it happen?
Was the VICE bankruptcy inevitable? We look into how the once multibillion-dollar came crashing down.
By Jane Lewis Published