French trader 'staked 50bn euros'

[DesertFox]

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

Bank Societe Generale said Jerome Kerviel, 31, appeared to have been operating alone.

When the bank reversed all the deals he 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".French trader 'staked 50bn euros'

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

More (http://news.bbc.co.uk/1/hi/world/europe/7211796.stm)

[Air Force Guy]

Societe Generale on Sunday accused its trader of using "fraudulent methods", and concocting "fictitious operations" to prevent detection. It said his background in trader oversight enabled him to fool those supposed to monitor traders' activities.

How's a mid-level manager get this much clout to pass through security measures and commit an enitre bank's resources thusly?
Regardless of his head knowledge, he still had to have had help from a higher (witless or co-conspirator) person or the security operating procedures were weak and worthless.