Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/564/6834

From The Socialist newspaper, 28 January 2009

Ferengi dealers

'ROGUE TRADER' Jérôme Kerviel, sacked by the French bank Société Générale after amassing the biggest trading losses in history - £3.5 billion - revealed that he 'made a stock market killing' out of the 7/7 bombings in London.

Only days before the attacks he gambled on the markets that the share price of global insurance giant Allianz would tumble. When the London bombings took place in 2005, killing 52 commuters and injuring 700, the price of Allianz stock crashed and within minutes Kerviel had made about £350,000.

However, Kerviel claims that his ex-employers also "made a fortune" on the day of the 9/11 terror attacks in New York.

In fact, making money out of human disasters is meat and drink to hedge fund managers and city traders the world over - a point highlighted recently in the BBC2 documentary The City Uncovered.

In it, several mega-rich hedge fund managers boasted of how much money they made for themselves and their rich clients out of other people's suffering.

One talked of the gains he made from 'short-selling' airline shares immediately after 9/11 and after other terrorist acts such as the Madrid and London bombings.

Another, almost salivating, regaled the programme presenter with a tale of his highly profitable gamble that the sub-prime market would collapse, a situation in which millions have lost their homes.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 28 January 2009:

JOIN THE MARCH FOR JOBS

Defend jobs and services

Era of illusions in capitalism ending

The crisis in manufacturing: Fighting for jobs and living standards

No pay discrimination against young people

Ferengi dealers


Slaughter in Gaza

Coventry protest over Gaza onslaught

Israel: Thousands march in Jaffa against Gaza massacre

Students' angry sit-ins


Anti-racism

Stop the racist BNP

Stop the deportation of Yahya Al-Faifi


Socialist Party campaigns

Socialist councillor opposes Tory plans for education privatisation

Labour's abandoning of the working class

Croydon: Striking against academies

Scotland: Step up opposition to cuts

Fast News


Socialist Party workplace news

Fighting council cuts

Say 'no' to the Metro privateers

Amicus Unity Gazette left with egg on its face

Unison right wing exposed

Victory for left in Glasgow Unison

Solid support for Glasgow strike

Building a fighting Unison leadership


Education

Build a mass movement for free education

Save our school!


Marxist analysis: history

Germany 1919 The Spartacist uprising


International socialist news and analysis

Russia: Bosses sack auto-factory union leader

Courageous socialist activist, campaigning journalist and human rights activist


Socialist Party news

Obituary - Barry Malone


Socialist Party reviews

A People's History of Sports in the United States

The Reader


 

Home   |   The Socialist 28 January 2009   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Stock market:

triangleThem & Us

triangleSuper-rich shareholders cause of pension deficits

triangleWorld economy: 'biggest danger to capitalism is capitalism'

Market:

triangleThe Socialist inbox

triangleClosure of Nottingham unit shows dismantling of NHS

triangleThem & Us

triangleUni market 'failure', two-year degrees - end cuts, scrap fees!

Rich:

triangleMajority of kids poor in some areas

triangleCapitalists fear for their system at Davos

triangleFor workplace trade union organisation against sexual harassment

Reports and campaigns

Reports and campaigns

21/2/18

Strike

German engineering strike puts shorter week on agenda - but could have won more

21/2/18

Cardiff

Cardiff Refugee Rights gig success

21/2/18

Nottingham

Nottingham hospital black alert

21/2/18

East Midlands

Lively discussion at East Midlands Socialist Party conference

21/2/18

West Midlands

Tremendous determination on show at West Midlands conference

21/2/18

Wales

Successful Socialist Party Wales conference sets tone for the year ahead

21/2/18

Bradford

Bradford protests against kids' service cuts

21/2/18

May Day

May Day, May Day! Celebrate solidarity!

21/2/18

Kirklees

Labour councillors push through savage cuts in Kirklees budget

21/2/18

Salford

Save Salford nurseries!

21/2/18

Caerphilly

Victory: Pontllanfraith leisure centre saved

21/2/18

Council

Northants council crisis - protesters demand an end to cuts and privatisation

21/2/18

Leicester

Leicester Uni makes Tory fee tripler David Willetts chancellor - sack Willetts!

21/2/18

UCU

Bosses divided - university pension strikes can win!

21/2/18

Mansfield

Chatsworth ward victory shows we can save our NHS

triangleMore Reports and campaigns articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 0798 202 1969

East Mids: 0773 797 8057

London: 020 8988 8786

North East: 0191 421 6230

North West 07769 611 320

South East: 020 8988 8777

South West: 07759 796 478

Southern: 07833 681910

Wales: 07935 391 947

West Mids: 02476 555 620

Yorkshire: 0114 264 6551

ABOUT US

ARCHIVE

Alphabetical listing


February 2018

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999