Waters: Excel Here to Stay...For Now

Vincent Kaminski, professor at Rice University in Texas

Microsoft Excel has, in the past, been heralded as one of the greatest, most-powerful software applications of all time. But in the wake of the London Whale fiasco in 2012, which saw JP Morgan lose $6 billion on a poor series of credit default swap index (CDX) transactions, the bank pointed to data entry errors in Excel spreadsheets as a contributing factor in a 129-page report last year.

One of the bank's risk models malfunctioned because a trader had "made certain adjustments to formulas in th