S&P: Exchanges' glitches put ratings at risk
Kevin McCoy, USA TODAY 2:24 p.m. EDT September 20, 2013
Downgrade warning comes after a series of recent trading-market disruptions have heightened a crisis of market confidence among investors.
Along with the Nasdaq flash freeze, other recent trading disruptions have caught the attention of even casual investors, causing a crisis of market confidence:
• A 2010 "Flash Crash" sent the Dow Jones industrial average boomeranging down nearly 1,000 points and back up in minutes.
• Separate electronic breakdowns in 2012 that disrupted the initial public offering for Facebook and forced the BATS exchange to withdraw its own IPO.
• A 2012 computer glitch that led financial services firm Knight Capital's computers to buy and sell millions of stock shares for about 45 minutes, causing $440 million in losses.
• A Goldman Sachs technical error in August that caused the investment bank to send accidental trade orders to U.S. options exchanges.
Sunday, September 22, 2013
LOSS OF CONFIDENCE? ARE FUCKING KIDDING ME?
5 years after the banksters came this close to creating another Great Depression, S&P (one of the bankster's collaborators) thinks market glitches reduce "confidence."
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