Re <<huge>>
An interesting huge, in blink of eyes, as opposed to blinks of eyes. Too fast moving to catch for observers unless also watching, much regret.
You were right, with crazy crazy crazy
We are learning about the gold rush and I shall tell the kids.
In the meantime I guess some folks need to lose their job?
edition.cnn.com
Citibank can't get back $500 million it wired by mistake, judge rules
New York (CNN Business) — 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.
An exception to the rule
The law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.
But New York law has exceptions to this rule, known as the "discharge-for-value-defense."
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