Tuesday, December 20, 2005
Reversing the numbers...
Two investors made a fortune on a typing mistake by Japanese brokerage, Mizuho Securities Co. last week.
Tetsuya Ichimura, a 24-year-old executive, invested 2.81 billion yen ($24.2 million US Dollars) on 3,701 shares of the company J-Com. on Dec. 8.
The same day a Mizuho trader mistakenly entered an offer to sell 610,000 J-Com shares for 1 yen (just under 1 US Cent) each. The Trader meant to enter an offer of 610,000 J-Com shares for 1 share ($5,258 US Dollars).
Ichimura subsequently sold all of his J-Com stocks on Tuesday when they surged to 912,000 yen (US$7,862) each, pocketing more than 560 million yen (US $4.8 million) in five days.
The blunder cost Mizuho nearly 40 billion yen (US $333 million).
It reminds me of when Uncle Broncochio misread the vicodin bottle reading, “take 1 every 8 hours,” to "take 8 every 1 hour.”
I think we’re all still paying for that one…
Cash Frock...
# posted by DH @ 11:47 AM 
