Wednesday, December 17, 2008

The financial crisis in a nutshell

So I got some checks mixed up, and put one intended for a bank account in the envelope to my health insurer. And the health-insurance payment? You guessed it, it went into the bank

So, what happened? Neither my bank or the insurer (or its bank) caught the errors. The checks were processed and paid even though the money went into accounts unrelated to the payees on them.

And you wonder why banks are in trouble?

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