15th September 2009
The Deal of the Century
“On September 23, 2008, Gerard LaRocca, a senior executive at Barclays Capital, the investment bank, got an emergency phone call from one of his employees in the bank’s operations department. The employee was looking at Barclays’ bank statement from its account with JPMorgan. There had been $7 billion in the account, and the employee had been authorized to move the cash from JPMorgan to the Bank of New York, which was Barclays’ regular, or custodial, bank.
But now the money was gone.
