04-22-2018, 12:10 AM
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#196 (permalink)
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Master EcoModder
Join Date: Aug 2012
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Has anyone mentioned the largest theft ever? At least $400 Million worth of imaginary money:
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$400 million? Ha!
https://www.rt.com/business/424751-d...illions-error/
Quote:
Germany’s biggest bank said an “operational error” led to the accidental collateral payment of €28 billion ($35 billion) to an exchange it does business with. The incident occurred in late March, sources told CNN Money.
It’s not clear how much money Deutsche Bank intended to pay, but the transferred sum is $5 billion more than Deutsche Bank’s entire market value.
The bank said it was moving the money as collateral to its account at Eurex, a major international exchange focused on European derivatives. Investors are sometimes required to post more collateral as security for repayment.
“The error was identified within a matter of minutes, and then rectified.
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Imaginary collateral?
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