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They brought NASDAQ down to accomodate their 'do over' - why can't I get a 'Mulligan' after I make a stupid trade?
"Trading on the Nasdaq was halted on Thursday for more than 3 hours, and the only formal explanation that we got was that it was a "technical issue". On Tuesday, Goldman Sachs made thousands of "erroneous trades" that are now being canceled. If those trades had not been canceled, it could have cost Goldman "hundreds of millions of dollars" according to the Wall Street Journal. How nice for them that they get a "do over". When Knight Capital made a similar "trading error", they were not so fortunate."
This is easily one of the dumber things I have read in a long time. That amount of money is nothing to Goldman. Any glitch at any time would cause a swing of that size for Goldman.
Money's never a thing is it? How do you get paid your hefty salary?? Your certainly not creating a good for the people. Hardly providing a service either.
I don't know if some of these issues are just too hard for people to understand, or if they simply don't understand the impact that all of the Financial industry fraud/manipulation is having on our society.
It's not clear if all the erroneous orders electronically submitted by Goldman's systems on 8/20 were filled or cancelled. For all we know, the trades may have been profitable.
The unrelated freeze at NASDAQ on 8/22 was triggered by a connectivity issue with the NYSE ARCA exchange.
It's not clear if all the erroneous orders electronically submitted by Goldman's systems on 8/20 were filled or cancelled. For all we know, the trades may have been profitable.
The unrelated freeze at NASDAQ on 8/22 was triggered by a connectivity issue with the NYSE ARCA exchange.
" If those trades had not been canceled, it could have cost Goldman "hundreds of millions of dollars" according to the Wall Street Journal."
" If those trades had not been canceled, it could have cost Goldman "hundreds of millions of dollars" according to the Wall Street Journal."
This seems to be the buzz that started it all:
"Many of the trades may wind up being erased but the error could still cost the firm upwards of $100 million, according to a person familiar with the situation."
The OP's doomsday link attempts to lend credibility by attributing the remark to the WSJ. when it's an anonymous source's speculation. This rag chose to lead with sensational speculation from an anonymous source because that's the sort of thing many of their readers accept as fact.
"Many of the trades may wind up being erased but the error could still cost the firm upwards of $100 million, according to a person familiar with the situation."
The OP's doomsday link attempts to lend credibility by attributing the remark to the WSJ. when it's an anonymous source's speculation. This rag chose to lead with sensational speculation from an anonymous source because that's the sort of thing many of their readers accept as fact.
I stated I wasn't 100% sure in another post. I checked out the link and didn't consider the most unbiased source.
Do I think Goldman's is a moral company and wouldn't cheat to get ahead? No. But this isn't a solid case whether its true or not.
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