Citadel Securities, the retail arm of Ken Griffin�s Citadel Investment Group, has become the latest firm to report �significant losses� from Facebook trades on behalf of clients, according to people familiar with the situation.
News of Citadel�s losses comes a day after Knight Capital disclosed that it could incur losses of $30-$35 million in the second quarter on Facebook [FB 33.03 
1.03 (+3.22%) 
] trades alone.
1.03 (+3.22%) ] trades alone. Now this sounds like a kick in the pants if I was a poor sucker trying to buy Facebook stock at the open:
Advisers familiar with the situation at Fidelity said many investors are now finding out, nearly a week after the fact, that their orders were not executed at the prices they thought.
In other words you had to wait a week in order to see if you got in at $45 and are now sitting on a $12 a share loss or not. That sounds like they were using ENIAC mainframes at Nasdaq or something. The idea that you have to wait a whole week in order to figure out if you own a stock or not is just egregious. I hope the SEC levels stiff fines at everyone involved.
0 comments:
Post a Comment