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risk
by leon on October 16, 2008
How did Barclays end up with Lehman Brothers contracts that it never meant to buy? Blame it on a formatting error involving an Excel spreadsheet.
In a fascinating case, reported by The Register, Barclays intended buying the good bits of what was left of Lehman but a badly put together Excel spreadsheet, the work of a junior law associate, saw Barclays pick up some trading contracts it would never have wanted. The case is still before the courts.
Of course, it's easy to blame it on a formatting error. But you have to wonder how people can be so careless when the market is heading down the chute.
Permalink: Lehman Excel snafu hits Barclays
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