Ah, more tragedy on Wall Street. Who's gonna give them cash to make their mistake go away? That's how it works, right?
This investment company just lost half a billion dollars due to a software bug? I call BS.
There is no way on earth I am going to believe that any company would deploy software that is so buggy it cost half a billion dollar mistake. That's a ridiculous story. Programmers test software. Financial trading software will be the most tested and robust system around. Or am I to believe that with so much money at stake, the big shots won't notice a bug here or there? Or maybe they employ Martians to write software. Ludicrous.
Same looting that 'mysteriously' cost Goldman Sachs 1.1 billion a week or two ago. Looters. The shill is being called before the governments can stop the laundering. It's putrid news. Let them enjoy their jail cell makeovers firsthand, I say.
Speaking on Bloomberg Television, Knight Capital Chief Executive Officer Tom Joyce said the firm had "excess capital right now." On Tuesday night, it had put in new software that had a bug, he said.
"This issue was related to Knight's installation of trading software and resulted in Knight sending numerous erroneous orders in NYSE-listed securities into the market," Knight said. "This software has been removed from the company's systems."