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Swiss Bank Threatens to Sue NASDAQ Over Facebook IPO
jfruh writes "On the day of the Facebook IPO, the NASDAQ's trading systems suffered multiple failures and couldn't confirm buy orders for several hours. Big banks buying shares for their funds and customers placed multiple orders as a result, and bought more Facebook stock than they intended to as a result. NASDAQ has agreed to set up a fund to compensate them for their losses, but apparently this isn't enough for Swiss bank UBS, which is threatening legal action."
on purpose ?
Well that's what you get buying the stock of a shit company.
Who submitted the orders, NASDAQ or the Swiss bank?
If the system is down, don't keep submitting orders. Or keep track of them yourself? Gee, you're a big bank, you can count!
The trading systems have disclaimers which cover this kind of eventuality (order execution times not being guaranteed).
Please stop harboring tax evaders and money launderers. You're supporting fraud, poverty, drug abuse, gun crimes, gang violence, etc. etc.
You clicked "BUY BUY BUY BUY BUY" during your greedgasm and Facebook flopped.
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if the price was going up, would they be returning the stock for a refund?
Did they ignore the bit where it says don't hit refresh in your browser?
But then, when you buy stock in a company with no real product and it tanks to about 50% it's IPO value, you can only blame yourself and your silly Bay of Pigs attitude towards business.
A feeling of having made the same mistake before: Deja Foobar
They for sure wouldn't be returning profits to NASDAQ if FaceBook price went up rather than down.
Why did anyone think this was going to be a good stock?
I assume none of the share buyers or anyone that was involved ever had or seen a FB account.
"That's right...I said it."
UBS is nothing but a bunch of whiners. They should hire Phil Gramm. Oh wait, they did.
These are getting to be fairly frequent events. See http://www.forbes.com/sites/davidleinweber/2012/08/01/another-tech-glitch-roils-markets-how-simulation-could-help/ for comments on the problems this morning, and how traders might be able to build their own early warning systems
Author, "Nerds on Wall Street: Math, Machines & Wired Markets" Wiley, 2009 http://tinyurl.com/y93o9ol Fellow in Fin
What the F are they complaining about... "Hey! We weren't able to buy your stupid stock and we didn't lose 44% of our money! We're going to sue!"
Was the lack of transparency on orders a result of a risk mitigation scheme in case there weren't enough retail investors to get suckered in? Now the banks can back out at taxpayer expense.
I assume none of the share buyers or anyone that was involved ever had or seen a FB account.
I would wager it was exactly the opposite. Likely the vast majority of the buyers had accounts and thought "hey, if everyone is using this, then it must be on the road to insane profitability!". The problem is none of these people realized that there was no business plan behind it - at least, none beyond selling members' personal information.
On top of that, a lot of people thought it would be the next Google. What they would have realized if they were paying attention before spending money is that in reality it is the next AOL.
Damn_registrars has no butt-hole. Damn_registrars has no use for a butt-hole.
When can we start executing bankers?
Is it time yet?
No? Gonna let them fuck some more people over... Okay..
Well the idea is still here. its a good one too. i guarantee any banker we apply it to wont rip another cent off from anyone.
We're gonna have to do it sooner or later too. They bought the regulators so they're free and clear unless someone grows some common sense.
USB, along with Barkley's and RBS (Royal Bank of Scotland) are all under investigation for rigging LIBOR. This is potentially the largest currency fraud in the history of the world. Literally 100 of TRILLIONS of US dollars may have been influenced by rigging interest rates.
http://articles.economictimes.indiatimes.com/2012-07-28/news/32906786_1_libor-global-benchmark-interest-rates-credit-card-rates
So USB getting press about how unfair NASDAQ is acting could be an attempt at a smokescreen while they deal with their own problems. It's been reported that these banks are willing to do almost anything to settle with regulators because they are terrified of the potential liability if any more information comes out. Bankruptcy is not out of the question, and neither is jail time.
One can only hope that this time these evil bastards finally get some small measure of what they deserve.
Why is Snark Required?
You see this is why Americans seem to think they are better than anyone else. They get pissed on by everyone for just about any flaw the rest of the world can drag up and all they have to say about is "I don't give a fuck" or some other inane response.
As soon as somebody else's country has a taste of the criticism pie, they whine and complain and say it isn't fair.
But when you are obviously moving money out of one country, and into anotehr and it is quite an obvious tax evasion, and the swiss bank and governement put a steel wall for you to iovnestigate FULLY knowing what wqas done was illegal, then you gotta understand why some people say "fuck off" tos wiss banks.
Switzerland should just ask Finland's PM Jyrki Kateinen and Jutta Urpolainen for some cash. We will help everyone.
Most of the banks I know spend at least $300,000 a year on equipment and salaries to block sites like facebook. Given how much they spend to stop their own staff accessing FB, why did they try and sell it to other people?
Let me repeat one more time: while your order is in any other state than fully canceled, filled, or rejected you MAY BE FILLED at any time!
So if you place an Immediate Or Cancel order you should expect that it may be filled 6 hours later? Should you still expect that your IOC order may be filled 48 hours later?
That's just fing stupid, your IOC isn't Schroedinger's cat!
Instead of suing people, I'd be more concerned that my employees were investing in Facebook. Their stock has been on a dive forever now and I kinda fail to see any indication that it'll all of a sudden soar through the clouds. Maybe I'm being the dumb one here, but my money goes elsewhere.
Having worked at UBS for a few years in one of their IT departments, this doesn't suprise me in the least. Nor does the "omgwtfbbq we didn't do anything wrong we're perfect who can we blame/sue?" reaction. From my own personal experience at the lower rungs of the ladder this is a mentality ingrained into the culture of that place that only gets worse the higher up you go... :/
Plausible Deniability
you see if you have every reason to believe that said planet is suitable for a colony but it turns out that say it is inhabited by Raptors or other Apex Predators (or has a periodic EM storms) then you are in the clear.
Any person using FTFY or editing my postings agrees to a US$50.00 charge
Poor UBS. They are fine with providing account information to US Authorities, but can't handle a little glitch.
I say they got a little of their just deserves.
I have seen my sell orders execute at a higher price than my limit price. Also my rare limit buy orders have also executed at less than my limit price. I am not a trader so I don't know if this is the law and this is how they should operate, or my company has special agreements with our market maker and stock option managing company not to screw the inexperienced geeks like me.
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact