Societe Generale told how its rogue trader evaded controls to bet €50bn – more than the French bank’s market worth – on European markets.

SOCIETE GENERALE detailed yesterday how a young trader evaded all its controls to bet some €50 billion — more than the French bank’s market worth — saying he hacked computers and used other “fraudulent methods” to cover his tracks, causing billions of dollars in losses.

The French trader accused of massive bank fraud is co-operating with police, who were expected to hold him for a second day of questioning today, officials said.