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Tiny mistake - USD 335 Million desaster
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Tiny mistake - USD 335 Million desaster

Unbelievable ... a broker in Japan was supposed to sell 1 share in tiny J-Com Co. for YEN 610,000.

What did he do?

He sold 610,000 shares for 1 YEN.

Bad mistake, very bad mistake.

Competition realized it and snapped up many, many shares, until Mizuho Financial Group realized the mistake. They tried to buy back as many shares as possible, but some 96,236 shares (more than 6 times of all shares outstanding) remain with the buyers. Most of them want to sell the shares back for the offered price of 912,000 YEN, reaping in nice profits. Some of them, like UBS, supposedly even more than USD 100 Million.
Others are hoping for even higher prices.

Today, the loss for the company is estimated at USD 335 Million. But letīs see, what the next days will bring.

What a story!

I guess, that trader had a really bad day. And bonuses will not be very high this year.
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Comments on 'Tiny mistake - USD 335 Million desaster'
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slayer slayer
2005/12/16
Oh my God! This is unbelievable... "Hey Boss, got a minute? Look, when I sold that share... Well, I made a small mistake. How can I explain? ...". :)

ravn ravn
2005/12/17
peanuts! ;)

Hallo Besucher!
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drb

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