Friday 17 October 2008

Excel and its tremendous power

Got that from bobsguide and was laughing a long long time. Enjoy reading:

Spreadsheet error blights Barclays Lehman deal

Barclays has filed a legal relief motion after an Excel error lead to the inclusion of 179 contracts in its Lehman Brothers purchase agreement.
Clearly Gottlieb Steen and Hamilton who are representing Barclays in the transaction has asked the US Bankruptcy Court for the Southern District of New York to exclude certain contracts from the deal.
The law firm says that a junior associate had reformatted an Excel spreadsheet into a PDF document to post on the court's website.
However, the associate was unaware that the original document – which contained 24,000 individual cells, included some rows marked with an 'n' to signify those assets that Barclays would not be taking on, according to Finextra.
The law firm petitioned the court to allow the changes to "correct the record to accurately reflect Barclays' actual designations and confirm that those agreements that were erroneously posted are not closing date contracts".
Meanwhile, Barclays has said that it plans to raise £7.5 billion in capital to take its capital ratio up to the newly required levels set by the UK government.

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