Losses and lawsuits
Our regular review of the losses and problems caused for financial firms falling foul of fraud, management failure, human error and other operational hazards, as taken from the full descriptions in the IC Squared First Loss Database
Bear Stearns makes trading error
A trader at New York-based Bear Sterns erroneously placed an order in October to sell $4 billion instead of $4 million’ worth of shares tracked to Standard and Poor’s (S&P) Stock Index. Bear Stearns said the error had no material impact
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