Stock Trader 'Accidentally' Buys $251M Worth of Stocks

[spacejamz]

Ouch...

Oops! Trader mistakenly spends $251 million

Taiwan stock trader looking for a new job after accidental share purchases

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.

Fubon said that the trader was unfamiliar with new computer systems and would be fired.

There is a paper loss of more than T$400 million, said the executive.

However, with a good outlook for stocks in the second half, there are no plans to sell the shares in the near term.

 

[Argo]

Imagine those shares go up 50%. She'd have the job back the same day.

 

[RagingBITCH]

I'm sure she'll have no problems finding another job trading stocks.

 

[Mo0o]

Originally posted by: Argo
Imagine those shares go up 50%. She'd have the job back the same day.

Doubt it, it would just mean she got lucky on a idiot mistake.

 

[AgaBoogaBoo]

Isn't there a confirmation screen or something?

 

[FleshLight]

They should just buy the rest of the company

 

[spacejamz]

Originally posted by: AgaBoogaBoo
Isn't there a confirmation screen or something?

or least some kind of edit check for transactions over a certain dollar amount...

 

[radioouman]

The stocks will go up, and they will make money on her mistake, yet they canned her. Nice.

 

[Baked]

This is last week's news. Did you get through a stringed tin can?

 

[spacejamz]

Originally posted by: Baked
This is last week's news. Did you get through a stringed tin can?

the article is dated 2 days ago and this ain't no repost....what exactly is the problem?

 

[gsaldivar]

lol

 

[blurredvision]

Originally posted by: spacejamz
The trader with Fubon Securities made a typo while filling in a small order from Merrill Lynch

They need to rename the company from Fubon Securities to Fubar Securities. Seems more appropriate.

 

[Pepsei]

on a side note, there's a big rumor that our company is buying Morgan Stanley (600 offices worldwide), and 6 of their directors has already left and joined us.

 

[mchammer187]

jeez what kind of investment company puts that power in the hands of a single trader

 

[Pepsei]

Originally posted by: mchammer187
jeez what kind of investment company puts that power in the hands of a single trader

i have the power to see every transaction done by brokers in our company, and i'm not a trader. lol.

 

[Argo]

Originally posted by: Pepsei
on a side note, there's a big rumor that our company is buying Morgan Stanley (600 offices worldwide), and 6 of their directors has already left and joined us.

There's a Morgan Stanley office in our building. What company do you work for?

 

[akubi]

Originally posted by: Argo
Imagine those shares go up 50%. She'd have the job back the same day.

I guess you aren't familiar with the term slippage and transaction costs. On a bulk order that size, the losses would be virtually unrecoverable.

 

[Juice Box]

Originally posted by: spacejamz

Originally posted by: AgaBoogaBoo
Isn't there a confirmation screen or something?

or least some kind of edit check for transactions over a certain dollar amount...

it all depends on the company's software.....each company makes their own trading software...and if they dont include that....well thats their own problem

 

[Mucho]

Ooops

 

[GasX]

crick here if you are sure you want to purchase $251 mirrion in stock

<click>

umm... DOH!