Citigroup mistakenly credits customer account $81 trillion

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a community supported watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more.

Register a free account to join the discussions. When you register an account and log in, you may enjoy additional benefits including access to market data/charts and additional members only rooms (including one for trade/barter with the community).

pmbug

Your Host
Administrator
Benefactor
Messages
21,621
Reaction score
9,116
Points
268
Location
Texas
United-States
Citigroup accidentally credited a customer account $81 trillion instead of $280 last April. It took three employees and several hours to realize and correct the error.
...
The event was considered a “near miss” because no funds actually left Citigroup. That amount would’ve been more than 1.5 times the market cap of the entire S&P 500—while dwarfing Citigroup’s own market cap of about $150 billion.

“Despite the fact that a payment of this size could not actually have been executed, ...


So what exactly would have happened if Citigroup had not caught and corrected the error? It's not like that $81 trillion actually existed.
 
The Porshe dealerships would be pissed when I had to cancel my order for the 1st dozen.
 
Back
Top Bottom