French media claims £3.7bn 'rogue trader' is scapegoat

National newspapers led the onslaught on SocGen suggesting that so-called "rogue trader" Jerome Kerviel was being made a scapegoat.

The general air, mirroring the views of Paris bankers, was of utter disbelief and shock. Inevitably, that was tinged with the shame that such a disastrous event could happen in France, often a critic of the aggressive capitalism of London and Wall Street.

Commentators pointed out that the scandal came as a bitter blow to new president Nicolas Sarkozy's claim that he would revitalise the country's commercial sector.

"The bank would rather charge some poor guy than own up to their own failings," read a commentary in Le Figaro by the hugely respected economic professor Elie Cohen, of the prestigious Sciences Po research centre in Paris. The paper made it clear that even Bank of France governor Christian Noyer called the case "unbelievable".

LibÈration, the left-wing journal, wrote: "With this huge hammer blow in the middle of the subprime market, it's difficult not to pose some delicate questions. Who are those responsible for the madness of risking so much money on the markets if it's not the banks and their customers?"

Le Parisien: Under the ironic headline, The Man Who Blew Up The Bank, it ran an editorial suggesting a "monumental computing mess-up" might be ultimately responsible for the crisis, with many more employees of SocGen to blame.

Le Monde: Maintaining its reputation for undramatic commentaries, France's most famous paper said conclusions could not be drawn until a full inquiry.