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 ...
In a realted story: Monkeys may fly out my butt...
Film at 11...
for large lots they use shorthand, like 6m for 6000000. It’s less error prone than typing the zeroes.
Sounds like a load of crap to me. I guess we’ll find out soon enough if the Japanese markets crash when they open.
It’s being spun as a trader error? When Greece comes to America what will they blame it on then? Bush? Halliburton?
We need a congressional study.
He turns 80 in August.
I was listening to Tom Sullivan, and he says that excuse is “Bull”! He didn’t say exactly what he thought caused it, but that a mistake by a trader wouldn’t cause that crash.
Sounds like someone’s making up excuses for some reason.
“Anybody see Soros lately?”
Have any INTERPOL officers seen him lately?;)
Tom Clancy is a genius again. Re: Debt of Honor
I mentioned earlier that this was going to wind up being the White Racist Christian TeaBagger Dittohead’s fault. I didn’t understand how when I posted it, but I’m now beginning to see how it might take shape. Thanks for the post.
Hmmm... If “B” and “M” were alongside each other on the keyboard, or if they were on the “same hand” when typing I might believe a “mistake”. However, neither are the case (unless the man is a hunt and peck typer, and then how would this mistake have been made)... Awfully interesting. I mean I understand typos are possible (I make many myself), however it’s usually a keystroke that doesn’t “take” leaving a letter out or off the end (a problem with my keyboard), or hitting a letter next to the one I mean to hit, or reversal of letters, or typing “and” instead of “an” due to muscle memory. To me this just doesn’t make sense as an “innocent error”.
Not buying the BS on this one.
Are you writing a newsletter today?!?! I can’t wait to read it! All these ‘bull market’’economy is recovering’ people are getting their shirts handed to them. Watching the Greece riots live was unbelievable. Just a foreshadowing of things to come here. It’s amazing as it all starts to unravel.
Basically, it did. We were already down 200 points before the wheels came off. Of course, with the program trading going on and the hitting of massive quantities of stops, of course the market had to take some other lumps.
This day was a yawner compared the steady sell-off we saw the day Lehman went in September 2009. That took us down 900 points.
What's a few hundred billion these days anyway.
The media is destroying the USA, for purely political partisan reasons. It has refused to live up to its first ammendment responsibilities and actively investigate and hold accountable, what is quickly turning out to be America’s most incompetent Executive administration, in our history.
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