BAD TRADE at Proctor and Gamble caused 172 point drop and then BAD TRADE @ MMM caused drop of 132 and then ripple effect...wow.
Public entited to full explanation and....?
Watch politicians’ knee jerk reactions.
Almost feels staged to me!
WE obviously need to reform Wall Street.
Bush’s fault. Tea Party’s fault. Rush’s fault. etc, etc, etc.....
Exactly.
REPORT: BAD TRADE TRACED TO CITI...
Stock Selloff May Have Been Triggered by a Trader Error
According to multiple sources, a trader entered a “b” for billion instead of an “m” for million in a trade possibly involving Procter & Gamble [PG 60.75 -1.41 (-2.27%) ], a component in the Dow. (CNBC’s Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff. Watch.)
Sources tell CNBC the erroneous trade may have been made at Citigroup [C 4.04 -0.14 (-3.35%) ].
“We, along with the rest of the financial industry, are investigating to find the source of today’s market volatility,” Citigroup said in a statement. “At this point we have no evidence that Citi was involved in any erroneous transaction.”
http://www.cnbc.com/id/36999483