UBS May Have Facebook Trading Loss of $350 Million
June 8th, 2012Who keeps pulling the trigger without confirmation? What a bunch of idiots.
Via: CNBC:
UBS is sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result, people familiar with the matter told CNBC.
That loss is some ten-times more than the $30 million number that is currently being speculated in the market by others.
The issue has to do with the failure to get confirmations and executions from the Facebook trade.
These people said UBS 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.
Posted in Economy | Top Of Page
