Posted on 05/06/2010 1:58:32 PM PDT by Newton
In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses in what possibly could have been 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 firm in question that handled the erroneous trade is Citigroup [C 4.04 -0.14 (-3.35%) ]. The bank said it has no evidence of a bad trade but is investigating the situation.
(Excerpt) Read more at cnbc.com ...
Good, the bank better investigate, because all the pornos and barneys over at SEC are having their usual party and the music is too loud to hear the sirens.
Let me translate - this is a preemptive strike against those who would blame the administration. It wasn’t the administration, it was an evil (and probably Republican) trader, who made the mistake because he was too busy reading his bible, and donating to Tea Party causes, or so says CNBC.
It couldn’t be because of the any financial crises.....obammy is steering us in the right direction and Europe is a paradise.../s
It was another *dry run*.
Then why didn’t the market go back to where it was before the alleged bad trade?
Wait a minute, what was George Bush doing this afternoon?
That sort of mistake alone would not result in a 10% drop in the market.
What will the spin be next week when we lose another 400 points?
Oh good, we can keep spending. Let’s set up 10 or 20 more regulatory agencies so this never happens again. ;-)
It was a cyber attack im sure of it
Punchline coming....
Imagine what would happen if they still used Roman numerals!
"Buy MMM shares at XCIV!... No, I mean (M)(M)(M) shares at CXIV!"
<rimshot/>
Anybody see Soros lately?
If they knew for certain that it was a glitch the market would have recovered quickly.
‘may have’
May not have.
I’m thinking a big hit is coming to the U.S....
yeaaah!!THAT’S the TICKET!!! f’n idjits....what kindergarden let them out in the real world?
Anybody see Soros lately?
He’s still alive so he’s around somewhere. When he dies, we’ll know exactly where the evil bastard is.
Oh, BS!
Who believes anything that tool says?!
They’re lying. The currency markets tell the true story.
This is absolute balderdash. P&G traded 28.5 million shares today.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.