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More time for French trader quiz More time for French trader quiz
(10 minutes later)
French police have been given a further 24 hours in which to question trader Jerome Kerviel, at the centre of a suspected massive share-dealing fraud.French police have been given a further 24 hours in which to question trader Jerome Kerviel, at the centre of a suspected massive share-dealing fraud.
Mr Kerviel presented himself to police voluntarily on Saturday. No charges have yet been brought against him.Mr Kerviel presented himself to police voluntarily on Saturday. No charges have yet been brought against him.
He is accused by his former employer, bank giant Societe Generale, of fraudulent trading that cost the bank 4.9bn euros ($7.1bn; £3.7bn).He is accused by his former employer, bank giant Societe Generale, of fraudulent trading that cost the bank 4.9bn euros ($7.1bn; £3.7bn).
But Mr Kerviel's family and lawyer say he is innocent.But Mr Kerviel's family and lawyer say he is innocent.
The case has stirred debate in France about the merits of speculative financial markets, with President Nicolas Sarkozy condemning the system as "haywire".The case has stirred debate in France about the merits of speculative financial markets, with President Nicolas Sarkozy condemning the system as "haywire".
Co-operatingCo-operating
"All is going well," financial prosecutor Jean Michel Aldebert told reporters on Sunday."All is going well," financial prosecutor Jean Michel Aldebert told reporters on Sunday.
"He is co-operating and is ready to explain what happened," he said."He is co-operating and is ready to explain what happened," he said.
In my opinion, it is his bosses and employers who should be looked into Sylviane Le GoffAunt of Jerome KervielIn my opinion, it is his bosses and employers who should be looked into Sylviane Le GoffAunt of Jerome Kerviel
Police have been granted another 24 hours to question Mr Kerviel. By early afternoon on Monday they must either free him or present him to a judge for the opening of a full judicial investigation into charges of fraud.Police have been granted another 24 hours to question Mr Kerviel. By early afternoon on Monday they must either free him or present him to a judge for the opening of a full judicial investigation into charges of fraud.
Mr Kerviel disappeared after the news of the losses Societe Generale had incurred broke on Thursday, fuelling speculation he had fled.Mr Kerviel disappeared after the news of the losses Societe Generale had incurred broke on Thursday, fuelling speculation he had fled.
But it is now reported that he was staying with his older brother, Olivier. Mr Aldebert said he had handed himself in voluntarily.But it is now reported that he was staying with his older brother, Olivier. Mr Aldebert said he had handed himself in voluntarily.
Police searched Mr Kerviel's Paris flat on Friday and also visited the Societe Generale headquarters, where he worked, leaving with documents and computer disks.Police searched Mr Kerviel's Paris flat on Friday and also visited the Societe Generale headquarters, where he worked, leaving with documents and computer disks.
Meanwhile, Societe Generale has said an alleged fraudulent position discovered by the bank last weekend was worth around 50bn euros (£37bn; $73.26bn).
In a statement it said action was taken to liquidate the deals, with the bank's traders working on the matter for three days, and the position was closed on 23 January.
Huge sumsHuge sums
Two legal complaints of fraud have been lodged against Mr Kerviel - one from a group of small Societe Generale shareholders, and the other from the bank itself.Two legal complaints of fraud have been lodged against Mr Kerviel - one from a group of small Societe Generale shareholders, and the other from the bank itself.
Acquaintances describe Mr Kerviel as shy and considerateAcquaintances describe Mr Kerviel as shy and considerate
But numerous analysts have queried how a middle-ranking employee could have been single-handedly behind such a colossal loss, reports the BBC's Hugh Schofield in Paris.But numerous analysts have queried how a middle-ranking employee could have been single-handedly behind such a colossal loss, reports the BBC's Hugh Schofield in Paris.
The losses were greater than the annual gross domestic product of many African countries - and overall Mr Kerviel was allegedly committing sums of more than 50bn euros, the size of France's entire annual budget deficit.The losses were greater than the annual gross domestic product of many African countries - and overall Mr Kerviel was allegedly committing sums of more than 50bn euros, the size of France's entire annual budget deficit.
"We must stop with this system that has gone haywire and that has gone haywire and that has lost track of its aim," said President Sarkozy, speaking on a trip to India."We must stop with this system that has gone haywire and that has gone haywire and that has lost track of its aim," said President Sarkozy, speaking on a trip to India.
"It appears to be time to... inject a bit of common sense into all these systems," he added."It appears to be time to... inject a bit of common sense into all these systems," he added.
'Shy''Shy'
Meanwhile, Mr Kerviel's acquaintances have described a shy, considerate person who liked judo and sailing.Meanwhile, Mr Kerviel's acquaintances have described a shy, considerate person who liked judo and sailing.
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 priceSOCIETE 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
An aunt told French news agency AFP her nephew "must have been manipulated".An aunt told French news agency AFP her nephew "must have been manipulated".
"They are an honest family, who have nothing to reproach themselves for," Sylviane Le Goff said."They are an honest family, who have nothing to reproach themselves for," Sylviane Le Goff said.
"The young man has always been serious, reserved. In my opinion, it is his bosses and employers who should be looked into," she said."The young man has always been serious, reserved. In my opinion, it is his bosses and employers who should be looked into," she said.
She added that her sister had gone to Paris on Thursday to try and "comfort" her son.She added that her sister had gone to Paris on Thursday to try and "comfort" her son.