Hasnain says:

Shitty software UX leading to large money losses again, take #28581. The exposition of the actual bug as it happened and the screenshot of the software are scary. Also interesting was the callout from the judge that the recipients thought the payment was legit because they only started joking about it on their internal chat a day later - after they found out it was a mistake.

I should probably start subscribing to Bloomberg since Matt Levine’s columns are always solid.

“Last August, Citigroup Inc. wired $900 million to some hedge funds by accident. Then it sent a note to the hedge funds saying, oops, sorry about that, please send us the money back. Some did. Others preferred to keep the money. Citi sued them. Yesterday Citi lost, and they got to keep the money. I read the opinion, by U.S. District Judge Jesse Furman, expecting to learn about the New York legal doctrine of finders keepers—more technically, the “discharge-for-value defense”—and I was not disappointed. But I was also treated to a gothic horror story about software design. I had nightmares all night about checking the wrong boxes on the computer.”

Posted on 2021-02-18T06:37:09+0000