"Trading Error" = someone gets rich! But if it was us we'd be in jail...

Next time you get caught speeding just tell the cop you had a "Speeding Error" and he'll just let you go. Or if you destroy the Gulf, just say it was a "Cementing Error" and start blaming everyone but yourself, the person who was making millions off of an oil rig.

Why can big guys get away with anything, when we would go to jail if we caused $100 damage to someone else's property?

while he frantically multiplied the number of shares by 999,000,000 to put in a buy order to counteract the "slip."

Well, after he figured out that's what he needed to do. It looks like it took him about six minutes to figure it out.

I'm sure the brokerage is happy but he'll probably lose his job over it just to make the Feds happy. They'll keep the profit, of course.

Nothing to worry about. :eyes:

I see that Jim Cramer (who has no credibility at all) is spinning today's
market drop to a "glitch." I am not a financial expert, so I'm willing
to learn--but I have to say that this sounds like bunk spin, designed to
stave off more selling.

Jim Cramer, as we all know, is an ADMITTED shill for Wall Street--who is
firmly entrenched with Wall Street elites and power brokers. He's there
to make them money.

It makes sense that Cramer and his ilk would cook up some lie about the
reason for the drop--that deflects from the reality--that there is a lot
of instability and uncertainty. Frankly, I'm mystified as to what is
propping up the gains we've seen in 2010.

I don't believe Cramer's "glitch" theory. I think they're all panicking
and trying to save their own asses.

we don't. #5 K/R

They're just in cover their ass mode right now. My guess, too many people are suspicious why a panicked market suddenly reversed itself within minutes. Can't make the work of the PPT too obvious now can we.

The amount that would make you want to jump off a building. Nothing criminal there, just idiocy

What's the name of that stock that was at one cent at one point today? How many stop loss orders were triggered and people lost huge amounts of their investments? How many of people's portfolios were affected? As some people got very, very rich today, it was off of the backs of others who lost.

Conservatives say they wanted to start over with health care reform. Conservatives say they wanted to start over with financial reform. Let's go back even further and rebuild Wall Street to one - one millionth of its size. If a market can lose 9% of its wealth with a glitch then that market needs to be scrapped. Why in the hell do we need to have such a large concentration of our nation's money on Wall Street? Five banks handling 63% of our gnp? Good grief, that is begging for disaster unlike any disaster in the history of mankind. All the executives on Wall Street combined are not worth a bucket full of warm shit. One illegal alien toiling in a field picking vegetables does more for humanity and provides the essentials for others to exist than everyone on Wall Street, which produces absolutely nothing for society.

Can you eat a 'derivative' or a 'credit default swap'? Eat a few and then you will be wanting to pay that farm worker more than 5 bucks a day. No one on Wall Street should be allowed to earn more than $150k a year. Every one of them could be replaced with a five buck calculator. And if it takes someone with a more complicated scheme to process money then the system/scheme is too complicated. Finance isn't rocket science. It's adding and subtracting. Wall Street could be reduced to dust tomorrow and the human race could get along fine without them.

Instead of having all our money going through the greedy hands at Wall Street, each one stealing as much as they can, banks could go back like they used to be, back into their communities when all borrowing was backed up with actual collateral, you know 'real' stuff. Wall Street is 100% smoke and mirrors, pure illusion. A big con game. And those who actually produce things of substance others need to exist would get more for their hard work. Wall Streeters don't work. They connive, they plot, they scheme, they scam and they steal. But they don't produce a damned thing.

And if Wall Street can't be brought down, at least they ought to give you free buffets and free drinks like Vegas does. At least you'd get something out of those corrupt, lazy, non-productive bastards...

They cancelled all of the transactions that occurred during the glitch and refunded the money to the traders.