Wow BIG mistake - Chicagoland Sportbikes
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post #1 of 6 (permalink) Old 10-02-2002, 03:05 PM Thread Starter
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Wow BIG mistake

I just found out someone over at Bear Sterns made a huge trade Error that tanked the whole market into the end of the day.

They put the trade in to sell a share amount when it was meant to be dollar amount

i.e. if they wanted to sell 100,000 dollars worth of IBM they sold 100,000 shares. It pounced on some the less liquid stocks in the index and I suspect was done accross the whole s&p index. That's most likely 500 stocks. Now Bear Sterns is going to be liable for buying those stocks back and eating the loss. Plus possibly compensate the customer they did the trade for cause they knocked the stocks down to trade them.

What a mess...Where talking millions of dollars.

Brian (F.K.A. Crazy)

Gamertag: CRAZY403


“You can’t escape the responsibility of tomorrow by evading it today.”

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post #2 of 6 (permalink) Old 10-02-2002, 04:22 PM
YO MAMA
 
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wow now thats bad!



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post #3 of 6 (permalink) Old 10-02-2002, 05:30 PM
Please attend carefully..
 
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That reminds me of the brokerage firm that was making its systems Y2K compliant. To add the century to the date fields in the record, they just added 19000000. The problem is that they added it to the customer account balance, so it appeared that everyone had at least 19 million dollars in their account!

Luckily, this was caught before the files went live for the CS reps.

"Stupidity is also a gift of God, but one mustn't misuse it." - JP2

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post #4 of 6 (permalink) Old 10-02-2002, 11:01 PM
Who's faster Lupi
 
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ouch someone gona be looking for a new job

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post #5 of 6 (permalink) Old 10-03-2002, 01:17 AM
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Uh, whoops!

I'm betting that the unemployment count just grew by one person after today!

Jim Ptak
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post #6 of 6 (permalink) Old 10-03-2002, 08:50 AM Thread Starter
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Well the real truth came out this morning. Some guy at Bear put in a basket of sell orders for 4 billion dollars and was supposed to put it in for 4 million. I looked at a couple of his covering trades this morning and it looks like they could loose an easy 60 million bucks or more.

Brian (F.K.A. Crazy)

Gamertag: CRAZY403


“You can’t escape the responsibility of tomorrow by evading it today.”

-Abraham Lincoln


“Blessed are the young, for they shall inherit the national debt.”

-Herbert Hoover
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