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Excel Error by a Cleary Gottlieb Associate Alters Lehman Asset Deal

 
 
jespah
 
Reply Fri 17 Oct, 2008 08:22 am
From the Department of Big Oopses.

According to The ABA Journal Online, an associate at Cleary Gottlieb messed up when converting an Excel file to a PDF.

How much? Oh, by adding in previously hidden rows, which added 179 new contracts to a Barclays Capital agreement to buy Lehman Brothers assets. The error took about 3 weeks to be discovered and, instead of just deleting and reformatting, is now the subject of a motion in Bankruptcy Court. In all fairness, the hidden rows were created by a Lehman employee, and the whole thing was done under extreme time pressure.

And the moral of this tale is -- take your pick --
  1. Don't rush
  2. Blame the Associate
  3. It'll all wash out in Bankruptcy Court
  4. Lehman has the mark of Satan on it and, therefore, **** happens no matter what you do
  5. What was the question again?
  6. Other ___ (fill in here)
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