The official story is that a rogue trader cost the French bank Société Générale $7 billion dollars. This official story may well prove to be true, but at this point we know the story primarily through the statements of higher up officials at the bank. These officials have a strong incentive to lay the blame for trading losses on a rogue trader acting without the approval of higher-ups, even if this may not in fact be the case.
I have no inside knowledge, and the story being presented may in fact prove accurate. However, reporters would be well-advised to remember to attribute their statement to sources and acknowledge that these are allegations by interested parties. At this point, we are still looking at an "alleged rogue trader."
Thanks to an anonymous reader for this one.
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