FACEBOOK:
Of morons and idiots & a Swiss miss
I was dying to learn who the idiots were who bought Facebook stocks above the IPO price of $38.00 per share. Turns out some of the morons are monkeys at UBS, the reputed Swiss banking giant. They bought shares in the millions and, in fairness, encountered even greater morons at the stock exchange NASDAQ, who failed to confirm the trades to UBS traders. So the monkeys at the Swiss bank kept on buying, in the belief that previous trades were not executed. Well, they were, just not confirmed to them immediately. Two days later(!) NASDAQ caught up with the glitch-rich fiasco around Facebook's IPO, and confirmed tens of millions of shares in the hands of UBS. The damage? Reportedly these guys lost up to $350 million! Bananas anybody?
No comments:
Post a Comment