French trader 'staked 50bn euros'

The French trader at the centre of a massive fraud case had gambled about 50bn euros ($73bn; £37bn) before being uncovered, his employer has said.

The Societe Generale bank said that Jerome Kerviel, 31, appeared to have been operating alone.

When the bank reversed all the deals he had allegedly made, it was hit with a loss of 4.9bn euros.

Lawyers for Mr Kerviel, who is being questioned by police, said their client had "committed no dishonest act".

"He did not siphon off a single cent, and did not profit in any way" from the bank's assets, the lawyers told AFP.

They also accused the bank of trying to "create a smokescreen which would divert public attention from losses that were significantly more substantial than those it accumulated in recent months".



http://news.bbc.co.uk/2/hi/business/7211796.stm