Firm Accidentally Buys $31 Billion In Capcom Stock

Keane Ng

New member
Sep 11, 2008
5,892
0
0
Firm Accidentally Buys $31 Billion In Capcom Stock



Oops. Someone must've spilled coffee on their keyboard over at the offices of the UBS AG investment firm, because the firm's Japan unit somehow accidentally bought [http://www.forbes.com/feeds/reuters/2009/02/25/2009-02-25T114939Z_01_LP830339_RTRIDST_0_UBS-TSE-CAPCOM-UPDATE-3.html] $31 billion in Capcom stock.

Intending to place a 30 million yen order to buy and sell the Capcom stocks, UBS says that a computer error caused their system to up that order to 3 trillion ($31 billion USD) instead. Luckily, someone was actually doing their job when it happened, and the order was cancelled soon afterward, no harm done to either party or to the Tokyo Stock Exchange, which had just seen the biggest trade in its history occur thanks to some crummy computer.

The company, obviously, doesn't even have that much stock to sell, Capcom's Seth Killian said.

"And we were *this* close to getting gold fronts for the whole team," Killian Paul Wall [http://www.capcom-unity.com/s-kill/blog/2009/02/25/capcom_does_the_happy_dance_almost].

That aside, the snafu should have little effect on the stocks concerned. "We see this as causing almost no harm for us," Capcom spokesman Ryosuke Tanaka said.

That's good, but someone needs to either get fired or fix the damn system at UBS. Unless it's really just working fine, and some investor just really, really likes Street Fighter IV. That I wouldn't find hard to believe, and now probably wouldn't be a bad time at all to buy Capcom stock, would it? Excuse me while I call my money man...

(Image [http://flickr.com/photos/39533439@N00/1896658981/])

Permalink
 

reaper_2k9

Keeper of the Beer
Oct 22, 2008
493
0
0
Wow that's one hell of an error lucky they could get it corrected, although I'm sure the people at Capcom would have done a happy dance.
 

Ronwue

New member
Oct 22, 2008
607
0
0
Talk about epic computer fail. I wonder what would have happened to the guys buying the stock if the order would have gone through. And those people need better programmers.
 

Echolocating

New member
Jul 13, 2006
617
0
0
Intending to place a 30 million yen order to buy and sell the Capcom stocks, UBS says that a computer error caused their system to up that order to 3 trillion ($31 billion USD) instead.
A computer error? Yeah right. And the dog ate my homework.
 

LordMarcusX

New member
Jan 29, 2009
86
0
0
Lvl 64 Klutz said:
Um... 31 trillion yen is $310 billion, not 31...
Check xe.com. ¥100 ~ $1, so ¥3,000,000,000,000 ~ $30,000,000,000.

Edit: Oh wait, 31 trillion yen. Wait, doesn't the story just say 3 trillion?
 

scotth266

Wait when did I get a sub
Jan 10, 2009
5,202
0
0
Interesting news... I wonder what the reaction would have been if they hadn't caught it that quickly.
 

BubbleGumSnareDrum

New member
Dec 24, 2008
643
0
0
I don't know how you could accidentally buy 31 billion dollars of anything.

Unless you accidentally bought a stealth bomber or something. :p
 

Jamash

Top Todger
Jun 25, 2008
3,641
0
0
Kalezian said:
is it me.......or does that guy look evil.......and not the good kind of evil, the bad kind......
He looks like a villain or henchman from a Jackie Chan film, so he's evil of the bad (acting) kind.
 

Unknower

New member
Jun 4, 2008
865
0
0
Computer error? Well, I think someone just wasn't good at zeros.



CaptainEgypt said:
I don't know how you could accidentally buy 31 billion dollars of anything.

Unless you accidentally bought a stealth bomber or something. :p
A stealth bomber? Hell, you could buy a whole squadron of B-2s with that amount of money.