The JPMorgan Chase & Co. Management Task Force did eventually release a report about the whole shemozzle. Here are my favorite quotes about what happened: This individual immediately made certain adjustments to formulas in the spreadsheets he used. These changes, which were not subject to an appropriate vetting process, inadvertently introduced two calculation errors, the effects of which were to understate the difference between the VCG mid-price and the traders’ marks. (p. 56) Specifically, after subtracting the old rate from the new rate, the spreadsheet divided by their sum instead of
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