UBS' (UBS -1%) loss on Facebook trading could be as much as $350M, reports CNBC, and the company...

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Micah Comments (366)
 
Finally the Masters of the Universe were forced to eat their own feedback. We all know these massive losses were meant for the retail muppets, but the big banks just can't help playing with fire and got caught off guard on this one.

Score one for the little guy...
8 Jun 2012, 03:50 PM Reply Like

Whitehawk Comments (2778)
 
I have absolutely no sympathy for UBS et al. They chose to buy the turkey and eat it when it spoiled (sell the stock at $30 after the excuse that they couldn't sell at $35). Judges need to throw out stupid lawsuits over this mess. If the investors want returns on FB, they shouldn't expect it anytime soon, and others should not have to foot the bill for their decision to buy in high.
8 Jun 2012, 07:21 PM Reply Like

Jan Von Braun Comments (72)
 
Tee-hee.
8 Jun 2012, 10:54 PM Reply Like

867046 Comments (399)
 
Wow, The ivy league golden boys spending the night in chump town.

The above report is too diplomatic in not stating the particular level of stupidity:

"These people said UBS (UBS - News) wanted 1 million shares, but when it did not receive confirmations, it repeated the order multiple times and was left with much more than it intended. "

How many stock trading platforms and internet commerce sites etc etc tell you explicitly to just press the order button once?

It would seem like it's almost an inborn survival skill even for web age Mongos not to insanely repeat a hung up software step in which each iteration could potentially debit some hard earned cash account.
9 Jun 2012, 03:52 AM Reply Like