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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."
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.
As I'm understanding this the trades in question were not the fault of GS, there is other firms that were affected too.
from the article posted;
Quote:
However, let's certainly not blame all of the "technical issues" in the financial markets on hackers. What happened to Goldman Sachs on Tuesday appears to be very much their own fault...
Quote:
Originally Posted by KUchief25
Government takes care of their friends. The game is rigged and the house always loses. That is the way things have been going.
yep, and considering that the obama administration is loaded with former goldman-sachs employees, you have to wonder where the pressure came from to shut down the nasdaq to "fix" the problem.
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