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"Rogue" Trader Highlights Possible 9/11 and
7/7 Insider Trading
"Best trading day in the history of Société
Générale was September 11, 2001"
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According to an article in The London Times today, Société
Générale rogue trader Jérôme Kerviel
profited enormously on the day of the 7/7 London bombings. He
has also revealed how his company made huge profits on September
11th 2001, prompting some to return to questions over insider
foreknowledge of both terrorist attacks.
The article
states:
“The best trading day in the history of
Société Générale was September
11, 2001,” he said. “At least, that’s what
one of my managers told me. It seems that profits were colossal
that day.
“I had a similar experience during the London attacks
in July 2005.”
A few days earlier he had bet on a fall in the share price
of Allianz, the German insurance giant, he told Le Parisien.
Everyone was losing money when the 7/7 bombings sent the insurance
sector into a downward spiral “except for me”,
he said. “Thanks to the positions I had, I earned €500,000
in a few minutes. It was the jackpot. I was jubilant.”
After the celebrations Mr Kerviel said he paused for thought.
“I understood that I was having fun when people had
just been hit by the bombs. I ran to the toilet and I was
sick. But the moment of weakness did not last long. I went
back into the trading room and I returned to work.”
(Article continues below)
Kerviel was charged almost exactly one year ago in the Société
Générale trading loss incident which
cost the financial services company an estimated €4.9 billion.
Until the Bernard Madoff fraud incident last month,
it was reported to be the largest fraud in banking history.
Société Générale claimed
that Kerviel worked the trades alone, and without its authorization.
Kerviel told investigators that such practices are widespread
and that huge profits routinely give the upper echelons of financial
institutions cause to turn a blind eye.
Many questions have been raised regarding massive trades that
foreshadowed the events of 9/11, with put options placed in
large quantities against American and United Airliners in the
days immediately prior to the attacks.
The investigation as to who was responsible for authorizing
the transactions led directly back to former
CIA director Buzzy Krongard.
In the case of the London bombings, the pound
fell 6 per cent against the dollar for no apparent
reason in the days before the attack.
"Currencies of established countries simply do not fall
that fast based upon any kind of economic or financial analysis,"
said a 35 year veteran economist. "Somebody – somewhere
– knew something. Or maybe I should say 'somebodies.'"
It is considered that such anomalous activity betrays prior
knowledge of the incidents.
We have since seen other suspicious trading incidents dovetailing
with foiled terror attacks. Specifically, in August 2006, surrounding
the infamous "liquid
bomb plot" and one year later in August 2007
with the so-called "Bin
Laden trades" when a mystery trader placed
245,000 put options on the Dow Jones Eurostoxx 50 index.
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