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SocGen rogue trader made €500,000 on 7/7

While the date 7/7 will go down in history in the UK as the worst terrorist attack yet experienced, with 56 people dead and substantial injuries incurred, SocGen rogue trader Jerome Kerviel used the situation to his advantage banking a €500,000 profit on a number of controversial bets. In his own words this was the beginning of this substantial winning streak which eventually ended in failure when he lost €5 billion and put the future of one of France's premier financial institutions at risk.

The emergence of such controversial trading during a desperate time in the history of the UK has further cemented Gordon Brown's impression of greed in the city. While the rogue SocGen trader was not the only person making money in the depths of the U.K.'s despair it is his apparent glee at the situation which has caused most offence. As he faces up to 5 years in prison if found guilty of various trading misdemeanours he also suggested that September 11, 2001 had been one of the best days ever in the history of SocGen, i.e. the day when terrorists struck at the Twin Towers.

While it has been common knowledge that many stockbroking firms and investors made substantial returns in the aftermath of the two terrorist attacks there is something unpalatable about the way in which they are discussing profits on such dark days.

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