Blaze
Dances with Hate
Joined: 17 Jul 2004
Posts: 787
Location: AO1
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 Posted: Sun Jul 03, 2005 1:13 am Post subject: Bad keystroke leads to $251 million stock buy |
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Bad keystroke leads to $251 million stock buy
Published: July 1, 2005, 2:28 PM PDT
By Reuters
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A Taiwan stock trader mistakenly bought $251 million worth of shares with a misstroke of her computer keyboard, 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 miskeyed in a small order from Merrill Lynch on Monday, creating confusion when many small companies inexplicably surged past the 7 percent trading limit.
"Something like this is difficult to explain to superiors," a Fubon executive said Tuesday.
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Fubon said that the trader was unfamiliar with new computer systems and will be fired. The company will also examine its procedures of placing orders, it said.
"There is a paper loss of more than $400 million (in Taiwan dollars)," the executive said.
"However, with a good outlook for stocks in the second half, there are no plans to sell the shares in the near term."
Story Copyright © 2005 Reuters Limited. All rights reserve
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So we see here yet another fine example of a company who cannot or will not provide proper training terminating an employee. I guess she should known that software (probably proprietary) before she applied to the company. |
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