“If this glaringly amateur error was present in America’s largest bank by assets, and one which proudly boasts a ‘fortress balance sheet’, an error which just so happens feeds into countless other input cells driven by the firm’s VaR calculation, leading to capital allocation, trading, and overall executive decisions many of which have a direct impact on the firm’s exposure to $72 trillion in over the counter derivatives, what can one say about the thousands of other banks, which are not as closely ‘supervised’ by the Federal Reserve as JPMorgan is (supposedly).”

http://www.zerohedge.com/news/2013-02-12/how-rookie-excel-error-led-jpmorgan-misreport-its-var-years

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