Societe Generale And Its "Rogue Trader"

Think a low-level trader could lose 7.1 billon dollars without the bank that he works for knowing it? This is the story that Societe Generale, a bank in France, would have us believe. I do not believe it for a minute. Neither do many other people: Among financial veterans of other trading floors as well as financial experts across Europe on Thursday, there was widespread incredulity that a junior employee like Mr. Kerviel could have racked up such huge losses without the knowledge of his superiors.