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Finders Keepers Isn’t an Investment Strategy

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Think you’re having a rough workday? At least you didn’t make a $900 million clerical error.

Felix Salmon, Emily Peck, and Anna Szymanski discuss the finances of the USPS, the fate of brick-and-mortar retail after the pandemic, and Citigroup’s $900 million payment to Revlon lenders…that they sent by accident.

 

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They had a Japanese trader who instead of selling 1 share for 125,000 yen ($1,000 US), sold 125,000 shares for 1 yen (1 cent), and the exchange refused to undo the trade and the bank lost $100 million.

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