Goldman Suspends 4 Senior Tech Specialists After Trading Glitch

First time accepted submitter sbjornda writes "A glitch in an internal system led to erroneous trades on some funds whose listings begin with the letters H through L. Goldman Sachs has put four Senior Technology Specialists on administrative leave as a result. From the article: 'The system, called a "trading axis," monitors the Wall Street bank's inventory to determine whether it should be a more aggressive buyer or seller in the market. But a technical error misinterpreted non-binding indications of interest, or IOIs, as firm bids and offers, leading to some trades that were vastly out of line with where market prices were, Reuters reported previously, citing a source familiar with the matter.'"

Re:Let me get this straight

[localman57]

In the grand scheme of things, though, it isn't that much money. Their plan to blow up a nursing home [theonion.com], for instance, won't be affected by the loss.

Punishment Fits the Crime

[cookYourDog]

Wreck a few trades: Suspension! Wreck the global economy: Free federal loans and an even greater share of aggregate wealth!

Surprised Goldman didn't sic the FBI after them

[JoeyRox]

Losing money for Goldman is a federal crime, punishable by a 10 year sentence with no trial.