Friday, May 07, 2010

After stocks plunge,search begins for cause

The gut-wrenching stock market plunge Thursday reflected growing worries about a widening financial crisis in Europe spinning out of control. But the afternoon freefall was intensified by a modern electronic trading system that can move hundreds of millions of shares of stock at the speed of light


fat finger trade

NBC reported that the wild ride, which played out largely from 2:30 to 3 p.m. ET, might have been caused by human error when a trader hit B for "billion" in a trade instead of M for "million."
(The media is forbidden to report that a cadre of Chinese,N.Korean and Russian hackers got in and caused the meltdown and so we give you the fat finger story)
The fact that one Neanderthal with a business degree can cause such damage to the economy has not been lost on investors who are nervous and jumpy as a plague of locust.
Politically correct sources say that it is wrong to profile incompetent people and so they will have to protect the identity  of the person who almost brought it all down.
As a guarantee he will be given a bonus and advancement and is on the calendar to visit the President in the White Hose where he will be given a lifetime achievement award.
The President has called on the Nobel Committee to include him in a list of nominees for the Nobel prize this year.

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