This is a transcript of a piece I did for the 6pm News on Radio 4 on Thursday.
At the world economic forum, the mob of bankers are agog at the Societe Generale debacle.
They simply don't understand how a trader earning around £70,000 a year was able to evade SocGen's risk controls - and bet the entire bank that stock markets in Europe would rise this year.
His ability to vaporise the bank's capital represents a massive dereliction of SocGen's responsibility to look after the savings of its millions of customers.
Regulators around the world will be seeking reassurance that the same flaw does not exist in their banks.
What also intrigues the Davos crowd is the extent to which SocGen's actions in reversing its rogue traders' bets on Monday and Tuesday were responsible for the sharp drop in European stock markets.
This matters - because that fall in share prices in part spurred the US Federal Reserve to announce its emergency cut in interest rates on Tuesday.
Sir Howard Davies, the director of the London School of Economics and a former central banker, explains.
Davies told me: "Did the Fed know this was going to happen? If it didn't know it was going to happen, then why on earth wasn't it told? And if it did know it was going to happen could it not then see that it was likely to have an unusual effect on the market - and then was it reacting to a false market in a sense because SocGen was dumping a lot of shares on to the market?"
The notion that this rogue trader could have bounced the most powerful central bank in the world into a savage interest rate cut is alarming, to put it mildly.