Oops! Trader mistakenly spends $251 million (Taiwan Stock Trader)

[Lochloosa]

http://msnbc.msn.com/id/8382753/?GT1=6657


Updated: 1:13 p.m. ET June 28, 2005
TAIPEI, Taiwan - A Taiwan stock trader mistakenly bought $251 million worth of shares with a mis-stroke of her computer, meaning her company is looking at a paper loss of more than $12 million and she is looking for a new job.

The trader with Fubon Securities made a typo while filling in a small order from Merrill Lynch on Monday, creating confusion when many small firms inexplicably surged past the 7 percent trading limit.

“Something like this is difficult to explain to superiors,” a Fubon executive said on Tuesday.

Ya think!:eyes:

[Parche]

1. trade

Sum Ting Gon Wong

[whistle]

2. Hey, shit happens!

[KansDem]

3. "FUBAR at Fubon"

Sounds like the title of an avant-garde play! Or a 1950s American western...

[tanyev]

4. Huh.

Somebody actually got fired for a royal screw-up. She should apply for a job with the Bush administration. They would never do that to her.

[indepat]

5. The system should require a re-confirm for any order seemingly in error

[anotherdrew]

7. you got that right, wonder it doesn't happen more often

[AlCzervik]

6. oh dear! Reminds me of "rogue trader"-Bearings bank

[jtb33]

8. Sounds like they need a software upgrade...

along the lines of:

"You are about to spend a TON of money. Do you want to proceed?" Y/N


;)