[JackFr]

We had $X billion dollars in bonds we needed to finance, that day. The traders thought they had to finance $X-1 billion dollars.

We had good collateral to borrow the the money, but it was the money we needed.

The legal-books-and-records system gave us the right starting number. The transferring it to the trading-book-dashboard was a manual process. So they traded all day based on the wrong number. No one noticed until operations called the desk with about a half hour left in the trading day to say “Do you guys realize you’re short a billion?” Ten minutes to figure out what went wrong. The clerk who keyed in the wrong number didn’t get dinged that badly, cause 8-9 people saw both numbers and no one else noticed.