Replies to post #27260 on Coastal Capital Acquisition Corp (CCAJ)

[jervir]

O.T. Some days are worse than others...


Ever wish you could do a "re-do"?
There was a list of about 20 mistakes by traders all in the mega buck size. YIKES!
Glad I only have a small stach and my Ameritrade act. would never honor anything over my "allowance"!
GOOD days ahead!
Merry CHRISTmas to all! jerry


World News
The Times December 09, 2005

Fat fingered typing costs a trader’s bosses £128m
From Leo Lewis in Tokyo

CLUMSY typing cost a Japanese bank at least £128 million and staff their Christmas bonuses yesterday, after a trader mistakenly sold 600,000 more shares than he should have.

The trader at Mizuho Securities, who has not been named, fell foul of what is known in financial circles as “fat finger syndrome” where a dealer types incorrect details into his computer. He wanted to sell one share in a new telecoms company called J Com, for 600,000 yen (about £3,000).

Unfortunately, the order went through as a sale of 600,000 shares at 1 yen each.

That error alone would have been bad enough, but the consequences were much worse because 600,000 shares represents more than 40 times the total number issued by the company, and the vast discrepancy effectively created a technical shortage of shares, worth about £1.6 billion.