Banking Imperfections Galore!!!
From being in banking for while now, I notice that there are tons of errors in client books, models, valuations and all sorts of things. I'm curious to hear what some of the biggest blunders you've seen and hear some of the stories about how the client / boss caught or didn't catch these in the client meeting. I'm sure there are some great stories!
You must work at Piper Jaffray.
No, Goldman fool.
That's the surprise, but true.
A GS Partner on WSO, that's got to be a first.
The Piper Jaffray/OP-bashing is pretty pointless.
BBMMBoutique: human errors are a constant. I remember reading a government statistics document and they had PDF'd an Excel sheet with an error in it: rather than seeing a value at the bottom cell, you saw the error message. I've seen other companies spell the name of their industry wrong in the title page. Granted, this is an emerging market (though the private sector tends to hire Brits), but even in good ole' US of A, I was looking at an equity research report from a BB on mega-large-cap stock (think XOM, AAPL, GS, etc) that had a typo in one if its headings: "to soon to tell".
Of course, these are merely embarassing, but harmless. On the more harmful side, I've seen a consultancy turn in a project in which they confused the client for the subject: imagine receiving a study on yourself, instead of your investment target. I also saw another consultancy having a missing ZERO or two in an investment model.
Things happen. The world is full of dweebs, and they often live to prove it.
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