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| 0:00.0 | This is Planet Money from NPR. |
| 0:03.0 | Last summer, one of the biggest banks in the universe made one of the biggest mistakes |
| 0:11.3 | in the universe. |
| 0:12.8 | And it all starts with this one guy in Delaware. |
| 0:17.7 | This guy in Delaware works at Citibank. |
| 0:20.1 | On any given day, he and a team oversee millions and millions and millions of dollars moving |
| 0:25.8 | through the bank's pipes. |
| 0:27.5 | Because sometimes banks loan money to people or businesses, but other times they basically |
| 0:32.5 | just babysit other people's loans. |
| 0:35.4 | So sometimes when lenders have lent money to a company, they'll pay Citibank to just |
| 0:40.3 | administer the loan to oversee it. |
| 0:42.7 | Like when a company makes interest payments to its lenders, Citibank helps move that money. |
| 0:47.5 | So that's this guy's job. |
| 0:49.2 | Check the right boxes, approve the payments, off it goes. |
| 0:52.3 | Money trundling along from borrower to lender or lender to borrower. |
| 0:56.6 | And on August 11th, they're supposed to send out a payment on behalf of Revlon, the |
| 1:01.4 | makeup company. |
| 1:02.8 | Revlon borrowed money in 2016 and has to make periodic interest payments on that loan until |
| 1:07.6 | 2023. |
| 1:09.4 | So every few months, Citibank sends a couple million dollars from Revlon to the lenders, |
| 1:13.9 | the people that lent Revlon money. |
| 1:15.8 | Our guy in Delaware is but two eyes in what Citibank calls its six eyes approval process. |
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