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New The scale is the boggle.
What boggled me was the fact that an office of JP Morgan was throwing around hundreds of millions or billions of dollars based on simple risk calculations in a spreadsheet that was not checked for accuracy.

It shows that management didn't care how Iksil made his money as long as he did so. IOW, management wasn't doing its job but was sitting back and collecting all the rewards.

Yeah, that's not really surprising. But still...

New nah, largest phone company in the US
tracks all of its equipment on excel spreadsheets by lowest cost contractors who are not really skilled and don't really care. Now guess what software is building derivative tranches? Betcha that shit is in there somewhere
Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free American and do not reflect the opinions of any person or company that I have had professional relations with in the past 57 years. meep
New Got out just ahead of that
I was working for a company that did mortgage paperwork. We picked up Ameriquest's appraisal business, more than doubling our income. (I think it was more like tripling. It was a lot.)

I left the company soon after. Now they're not doing so well. C'est la vie.

New I was tossed out about 2 years before the peak
The 1st year the windows centric project manager tried to replace Oracle/Perl/dozens of linux box parallel processing and my hand picked project successor that I had been training and then working with for years, and gave it to a Windows buddy who attempted to rewrite it for a SQL Server/VB environment with a variety of reporting tools tacked on.

It had taken me 6 months to sell/plan it, once sold: 3 months to create the infrastructure (buy big solaris/little linux boxes, Gbit/FC/large disk), while coding dozens of variations of possible production methods using Perl and Oracle and SyncSort and (whatever), created a full month's worth of processing and then optimized it down to a week, threw a chair at my boss when he told me to work SMARTER (thanks towelboy), and then babysat it for 2 month's of productions, then trained my mentee and moved onto my next project, occasionally being called in for design/code meeting for addons.

It ran for 3 YEARS and was the largest amount of profit that company had ever seen, at the cost of 20% of a perl/unix programmer and 50% of a clerical assistant/production person. Paid for the lights and rent and a lot of celebrations (of which I was not part of).

It took him about a year before he turned it on. In that process he alienated the current staff on purpose, most left and/or were fired, and there were multiple failed monthly productions, in which the company had to write checks to ameriquest in the $300,000 range.

After he claimed it was all my system's fault, and then turned his on, they lost the account within a couple of months and destroyed the database division of the company.

Expand Edited by crazy Feb. 28, 2013, 01:38:47 PM EST
     Kwak: How Excel blew up the London Whale. - (Another Scott) - (39)
         Not surprised ... and yes, I worked at a bank -NT - (drook)
         No boggle at all - (crazy) - (5)
             The scale is the boggle. - (Another Scott) - (4)
                 nah, largest phone company in the US - (boxley)
                 Pocket change - (crazy) - (2)
                     Got out just ahead of that - (drook) - (1)
                         I was tossed out about 2 years before the peak - (crazy)
         Excel error blows up the world. - (Another Scott) - (27)
             interesting - (boxley) - (25)
                 Meh. - (Another Scott) - (15)
                     they do go bankrupt when the debt service is 90% of their - (boxley) - (14)
                         And where has that happened? -NT - (Another Scott) - (13)
                             Re: And where has that happened? - (boxley) - (12)
                                 US cities control own currencies? -NT - (Another Scott) - (11)
                                     Of course... in "Bocksley-nation" -NT - (folkert) - (4)
                                         boxleystan - (crazy) - (3)
                                             My favorite stan is musial. -NT - (mmoffitt)
                                             Snrk. -NT - (malraux)
                                             hemenahemanahemana - (boxley)
                                     weimar ring a bell? -NT - (boxley) - (5)
                                         Let me know when you have a $1,000,000 bill. -NT - (Another Scott) - (4)
                                             have to wait till I get home where I have a color printer -NT - (boxley) - (3)
                                                 they have them in kentucky - (boxley) - (2)
                                                     Heh. :-) -NT - (Another Scott)
                                                     NC -NT - (crazy)
                 Felix: Chart of the day - Reverse Causality Edition - (Another Scott) - (8)
                     It won't matter - (crazy) - (3)
                         Re: It won't matter - (folkert) - (2)
                             Uh huh... - (hnick) - (1)
                                 haha... - (folkert)
                     Finally: The explanation is found. - (Another Scott) - (3)
                         And something I can understand! :) -NT - (a6l6e6x)
                         Beautiful comment - (drook) - (1)
                             ..which leads to Another: - (Ashton)
             Here's Thomas Herndon's paper, and the data files. - (Another Scott)
         it isn't an Excel problem - (lincoln) - (3)
             I think the point is - (jake123) - (2)
                 Because it is taken for Golden... - (folkert) - (1)
                     Any software can give you a polished turd - (lincoln)

tilly remembers how to smell.
98 ms