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Trader Says He Will Not Be 'Scapegoat' in French Bank Scandal


The French trader blamed for $7 billion in losses at a major bank says he will not be a "Scapegoat."

Jerome Kerviel told the French news agency AFP that he accepts his "share of responsibility" but insists his bosses must have known what he was up to.

The bank, Societe Generale, accuses Kerviel of placing more than 50 billion euros in unauthorized futures trades and evading internal controls with false documents and stolen computer codes.

He is charged with breach of trust, using false documents and unauthorized computer access.

Kerviel says he had "no personal ambition" in the affair, but got "carried away" with his risky trades.

French officials say he is under police protection. The trading losses are the subject of several investigations in France and the United States.

Some information for this report was provided by AFP, AP and Reuters.