Money Stuff: The Podcast Audible Frustration: C, ME, ETF
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Mar 7, 2025 Dive into Citigroup's comical banking blunders, including a jaw-dropping $900 million mistake. Discover 23andMe's rocky path with privacy issues and a quirky pivot to dog DNA testing. Explore the intersection of genetic testing and crime-solving, addressing societal benefits vs. privacy concerns. Uncover the intricacies of ETF marketing, from high fees to the contrasting strategies of advisors versus self-directed investors. The hosts blend humor and serious topics, creating an engaging conversation about money and its unexpected twists.
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Citi's $900 Million Oops
- Citigroup mistakenly sent $900 million to hedge funds in 2020.
- The hedge funds kept the money, leading to a legal battle.
Trillion-Dollar Typos
- Citigroup made two large mistaken payments, $81 trillion and $6 billion, in 2023.
- Both were quickly reversed, but caused "audible frustration" within Citi.
Preventing Fat-Finger Errors
- Implement alerts for large or anomalous transactions to prevent fat-finger errors.
- Simplify user interfaces to minimize the risk of inputting data into incorrect fields.