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typo causes $225mil loss to Japan firm

rh71

rh71

No Lifer
http://news.yahoo.com/s/ap/20051209/ap_on_bi_ge/japan_botched_trade
Excerpt: The trouble began Thursday morning, when Mizuho Securities tried to sell 610,000 shares at 1 yen ? less than a penny ? apiece in a job recruiting firm called J-Com Co., which was having its public debut on the exchange.

It had actually intended to sell 1 share at 610,000 yen, or $5,041.

Worse still, the number of shares in Mizuho's order was 41 times that of J-Com's true outstanding amount, but the Tokyo Stock Exchange processed the order anyway.

Mizuho says it tried to cancel the order three times, but the exchange said it doesn't cancel transactions ? even if they are executed on erroneous orders.

By the end of the day, Mizuho Securities ? a division of the nation's second-largest bank, Mizuho Financial Group, Inc. ? had lost at least $225 million. That total could rise, Mizuho Securities spokesman Hideki Sakuma said Friday, adding that the mishap was sparked by human error.
Click to expand...
some heads are gonna roll...
 
the dude will only have to work like 225 years to make it back... he's probably got an awesome salary. 😀
 
i think this was old news. well, a mistake is a mistake.

unLIKE CITIBANK, among the biggest companies in the world (bad when you make bad press) got BANNED from doing investment banking in Japan and CITIBANK's big cheese had to do the

same BOW... lol... yeah, sword pending too.
 
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