Good Morning. This is an old story but funny just the same. Well perhaps not funny to the Bank it happened to.
One of Japan's top financial firms is struggling to limit enormous losses caused by one of its brokers. Mizuho Securities, the brokerage arm of Japan's second largest bank, says it will lose at least 220 million dollars because of a typing error. The advent of computerized share trading has opened up traditionally-exclusive stock markets, making them more accessible to ordinary investors and making the process of buying and selling shares much faster for professional brokers. Now Mizuho Securities in Japan has discovered that there's a down side to all this. Under instruction from one of its clients to sell a single share in a Japanese recruitment company at the market price of 610,000 yen, or around 5,000 dollars, one of its brokers made what may be the most expensive typing error in history. Instead the order went out to sell 610,000 shares, more than 40 times the total number of shares in the company, at a price of just one yen each. Mizuho spotted their mistake in less than two minutes but it was too late. The sale had already been authorized and sharp-eyed online investors began snapping up the non-existent shares at bargain prices.
Mizuho, which failed to own up to the mistake for several hours, is now trying to buy back all the shares at something close to the price it sold them for, but it admits it will lose at least 220 million dollars.
The government has demanded an inquiry into how the stock exchange's computer system failed to spot such an obviously nonsensical trade. Mizuho has cancelled its annual office party and there will presumably be fewer Christmas bonuses this year as well.
Imagine that… just the Christmas Party and some Bonuses that will not be distributed. Apparently banks do pretty well if they can survive a 220 million dollar error and only cancel the Christmas Party and Bonuses. That makes me wonder what was on the menu at their party… Perhaps Kobe Steak wrapped in a Mercedes-Benz SL-Class and something like a Mink-Stoll for a coaster? Wow just think what the Bonuses may have been…
You ever do those nasty typo’s? Oh I am the typo king… And some words you have to be very careful with leaving out or putting in an extra letter…holey smokes. I mean one can turn a great conversation into an out and out fight. Oh, and do not always trust spell check to solve your lack-of spelling traits…because you may peruse the letter you intend to send and be quite happy with it’s contents but, a slip of an “U” for an “O” can turn dinning utensil into an act of… well you figure it out. Just how many wars were started over a typing error? “General! General… we just received word the French sending out American Spy’s!!!” When in fact it could have been an order for American Fry’s… so beware what you see is not always what it was intended to be. But in any case please have a wonderful day. Yes it may be a Hump day but that doesn’t mean I think of you as a Camel…
Have a great day.
A huge Hug and enormous pats. …Hump day? Mmmm No camels were harmed in the making of this letter…
Mart
