According to multiple sources, a trader entered a “b” for billion instead of an “m” for million in a trade possibly involving Procter & Gamble, a component in the Dow. (CNBC’s Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff.
Sources tell CNBC the erroneous trade may have been made at Citigroup.
[Source: CNBC] Are they fucking kidding me? You mean that these financial geniuses have come up with innovative financial products that generate wealth out of thin air but can’t tell if it meant billion or million? If our simple computers can ask us, “Are You Sure?” each time I hit submit on some random shopping site, why can’t these geniuses have a “Are you sure you mean a billion because you know this is going to cause a worldwide panic and decimate lot of people’s wealth?” Although I doubt, that person would hesitate even if he see such a dialog box. On the bright side, let us be thankful that ‘t’ isn’t next to ‘m’ on the keyboard.
This isn’t even the first time the stock market has reacted in panic over a trivial matter. Some months back, oil prices spiked significantly over the news that Nigeria, one of the world’s largest oil exporting countries had a coup. Except it wasn’t Nigeria but in fact, Niger. I guess, politically correct white financial analyst aren’t even sure such a country exists.