How Citibank By accident Paid Revlon’s $900 Million Mortgage : Planet Cash : NPR

picture Alliance / Marcus Brandt / Picture Alliance via Getty Images

April 6th, 2021, Schleswig-Holstein, Amt Rantzau: A blackbird has caught an earthworm.  Photo: Marcus Brandt / dpa (Photo: Marcus Brandt / picture alliance via Getty Images)

picture Alliance / Marcus Brandt / Picture Alliance via Getty Images

Last year Citibank accidentally sent $ 900 million to lenders for makeup company Revlon. In finance, wrong payments happen all the time, and it’s understandable, so to speak, that they have to be sent back. And everyone thought that was going to happen – except that the lenders wouldn’t. And then a surprising court ruling said lenders could keep it. What began as a nasty lender-borrower battle and escalated into the most incredible Wall Street gossip tells us a lot about who is currently in power in finance.

What happens in this episode when one of the largest banks in the world accidentally sends $ 900 million to exactly the wrong group of people – and tries to get it back.

Music: “Mentally, “”Playful Palmas, “”Bleep core,” and “Blip blip beep. ”

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