This is one of those annoying things that seems to have a few possible causes—I had the exact same problem with my Waterford Bombadil. In my case, it was the plastic bottom bracket cable guide that was at fault. The one that came on the bike new from Riv was black with only one mounting hole, but other than that I don't know what sort it was. Not only did it not fit on the bottom bracket properly, but it also forced the rear derailer cable to make two nasty bends. It was such a terrible fit I actually thought it might be on backwards (it wasn't). I chucked it out and replaced it with a $2 Shimano one... problem gone.
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