OOOPS! CITIBANK WIRES $500 MIL BY MISTAKE

OOOPS CITIBANK WIRES $500 MIL BY MISTAKE

Citibank can’t get back $500 million it wired by mistake, judge rules

After committing one of the “biggest blunders in banking history,” Citibank won’t be allowed to recover the almost half a billion dollars it accidentally wired to Revlon’s lenders, a US District Court judge ruled.

Citibank, which was acting as Revlon’s loan agent, meant to send about $8 million in interest payments to the cosmetic company’s lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all, Citi (C) accidentally sent $900 million to Revlon’s lenders.

Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.


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3 Comments

  1. IT SURE WASN’T TO ME OR I WOULD BE IN SOME NON-EXTRADITABLE COUNTRY BY NOW.

    1. dawg417 – I am the guy people love because I am so honest, But then they get pissy when I do the same with them.
      Author

      That only happens to people who dont need it like us peons do.

  2. jhsniwe

    Citibank HR didn’t have the budget to hire anyone with an IQ >90.

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