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| Charges over French bank losses | Charges over French bank losses |
| (9 minutes later) | |
| Preliminary charges have been filed against the trader blamed for huge losses at French bank Societe Generale, according to his lawyer. | Preliminary charges have been filed against the trader blamed for huge losses at French bank Societe Generale, according to his lawyer. |
| Jerome Kerviel will be investigated for breach of trust, falsifying documents and breaching computer security, but not for fraud. | |
| His lawyer, Elisabeth Meyer, said he had been released on bail, but would not disclose his whereabouts. | |
| Societe Generale says his actions cost it 4.9bn euros ($7bn; £3.7bn). | Societe Generale says his actions cost it 4.9bn euros ($7bn; £3.7bn). |
| Earlier, a Paris prosecutor said Mr Kerviel concealed his trades to make him appear an "exceptional trader", but he did not mean to damage the bank. | |
| 'Great pretender" | 'Great pretender" |
| "He did not do it directly for his personal gain. He acted as a trader, he certainly acted outside the authorisation he'd been given to trade on the market, but he didn't do it expressly to damage the bank through fraudulent operations," said prosecutor Jean-Claude Marin. | "He did not do it directly for his personal gain. He acted as a trader, he certainly acted outside the authorisation he'd been given to trade on the market, but he didn't do it expressly to damage the bank through fraudulent operations," said prosecutor Jean-Claude Marin. |
| SOCIETE GENERALE IN FIGURES Founded in 1864467bn euros in assets under management (as of June 2007)22.5m customers worldwide120,000 employees in 77 countries Societe Generale share price | SOCIETE GENERALE IN FIGURES Founded in 1864467bn euros in assets under management (as of June 2007)22.5m customers worldwide120,000 employees in 77 countries Societe Generale share price |
| Societe Generale says Mr Kerviel had a position, or a bet, worth about 50bn euros ($73bn; £37bn) on the future direction of European shares. | |
| That was more than the bank's value - about 35bn euros - and about the size of France's entire annual budget deficit. | That was more than the bank's value - about 35bn euros - and about the size of France's entire annual budget deficit. |
| To avoid that potentially catastrophic loss the bank had to unwind Mr Kerviel's trades, but that still cost it 4.9bn euros. | To avoid that potentially catastrophic loss the bank had to unwind Mr Kerviel's trades, but that still cost it 4.9bn euros. |
| Societe Generale said Mr Kerviel's background in handling the administration of trades enabled him to fool those monitoring traders' activities. | Societe Generale said Mr Kerviel's background in handling the administration of trades enabled him to fool those monitoring traders' activities. |
| It says Mr Kerviel invented deals that, on paper, balanced out his bets. | It says Mr Kerviel invented deals that, on paper, balanced out his bets. |
| Journalists have yet to get a glimpse of Mr Kerviel | Journalists have yet to get a glimpse of Mr Kerviel |
| But the bank's internal controls are being questioned. | But the bank's internal controls are being questioned. |
| Mr Marin says the European derivatives exchange, Eurex, questioned Mr Kerviel's trading positions in November. | Mr Marin says the European derivatives exchange, Eurex, questioned Mr Kerviel's trading positions in November. |
| He also said Mr Kerviel told police that other traders had exceeded their trading limits. | He also said Mr Kerviel told police that other traders had exceeded their trading limits. |
| But the bank insisted it was the victim of a complex deception. | But the bank insisted it was the victim of a complex deception. |
| Speaking on French radio, Daniel Bouton, chief executive of Societe Generale, said: "This fraud has been committed by a great pretender, who has succeeded in navigating the many sophisticated control systems that we have, to permanently conceal what he was doing, while also going about his normal activities." | Speaking on French radio, Daniel Bouton, chief executive of Societe Generale, said: "This fraud has been committed by a great pretender, who has succeeded in navigating the many sophisticated control systems that we have, to permanently conceal what he was doing, while also going about his normal activities." |
| Societe Generale's shares were down 6% on Monday. | Societe Generale's shares were down 6% on Monday. |