Business Maverick: Citi’s $900 Million ‘Clerical Error’ Is Worst Wall Street Bungle in a Long Time

It was a mistake for the ages — a “clerical error,” as Citigroup told lenders — that’s now plunged the bank into a battle between the Perelman empire and a corps of sharp-edged investment funds that have become its impatient creditors.

A spokeswoman for Citi declined to comment. A representative for Revlon said in an emailed statement that Revlon itself didn’t pay down the loan, or any portion of it., a former restructuring and bankruptcy adviser. “This is probably knocking around some very big rooms at Citibank.”At the center of the story is an increasingly ugly battle between Revlon and a group of lenders whothe cosmetics company and demanded immediate repayment of a term loan that Revlon has coming due in 2023.

“This is what the investors asked for — they wanted their loan to be paid off,” said Bloomberg Intelligence senior distressed debt analyst Phil Brendel. “Given their suit is against Citibank as well, it isn’t clear why they would hand the money back.”

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Business Maverick: Dollar Pressure Endures; Storm Delays Hong Kong: Markets WrapThe dollar remained near a more than two-year low while Asian stocks traded Wednesday with diverging moves despite a record close for U.S. equities. The morning session for Hong Kong’s equity market was canceled due to a typhoon.
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Business Maverick: Fidelity Assets Under Management Reach Record $3.3 TrillionFidelity Investments’ assets under management reached a record of $3.3 trillion at the end of June, a 15% increase from the year prior, as a surge in stock trading and new accounts helped bring in money.
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