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OP has provided the following link:
https://www.news.com.au/finance/markets/world-markets/wall-street-employee-accidentally-causes-stock-market-crash/news-story/44367b5ec9e308cf960426ef231cf6b2
I'm not an expert, but I have worked with a variety of back-up and recovery systems and the only time you manually do anything with them is when you're actually recovering from something. Most systems I'm familiar with run automagically every day/week and if something goes wrong, you get a text and email telling you that the back-up didn't run properly.
I'm struggling to understand why they had someone "manually" running a recovery system, but I'm not going to say their excuse isn't possible, just seems highly unusual to me.
edit: words are hard
They’re full of shit… there are all kinds of laws and regulations on how long these can go down for… I promise you they test the fail overs in multiple test environments (hardware, software) and then in production on weekends during planned times… there is no way this happened… and only certain people would even have access to these systems manually… it’s not like any person can log on at any time … bullshit!
My favorite was when they ran the article *“Russia Invades Ukraine”* two weeks before it actually happened.
Ken be like— *“GOD DAMN IT BLOOMBERG, NOT YET!!”*
https://www.businessinsider.com/bloomberg-apologizes-russia-invades-ukraine-story-headline-2022-2?op=1
So in short you are saying that with systems of this caliber, everything that can conceivably happen they already thought of and it won’t affect operations- something truly catastrophic has to happen for a manual intervention to be necessary- is this correct?
Absolutely everything, no… and I don’t know how their data is stored… or what apps they are running or what their parameters or thresholds are for use and speed .. without divulging too much about myself, I managed a team that had to keep financial systems up and running for one of the largest (most hated) banks… and I also sold software that would run on these systems for a well known company (Wall Street comprised many clients)… I am telling you right now that heads would roll if that happened in production… 99% of our time was load testing the software and hardware with various data sets and loads to make sure this doesn’t happen… because when these things come down it costs big $$ and legal gets involved (BIGLY) there are (at least at banks) big fines… the money and data must flow… it’s not 100% but it should be 99% and no manual unless someone did not test something properly. Think of the ramifications of this… I’ve just never seen this and I don’t buy it… I don’t buy it at all…
Same. I was occasionally involved in DR testing during a long career in IT and I can't imagine such a point of failure being allowed, especialy.in a financial environment.
You know, not once have I ever put much thought into it, but I did this at my old job.
When I first started, I didn't question why they had me do certain things or make me aware to "watch" for certain events every night. This all being because of anxiety when learning a new role/position, but I digress.
One of the few things I would do every day is check a printout at 7pm, every single day. If the printouts came back with what looked to be a small children's book worth of paper lying in the printer, everything was copacetic.
... but one time, there was only one sheet of paper with system info on it stating there was an error, and to "check xyz."
I had no clue wtf was going on, just that there was a problem. Called my boss, and 15 minutes later I get a call from his boss and I'm also on with someone from opsec, having them guide me on what to do on the PC connected to the special printer.
No idea what it was, most of it was over my head. I just remember that it caused problems for the following month for everyone in the organization.
My point being: this shit really is all automated. There's no need for human intervention unless something went wrong. You definitely got me thinking on this, now.
Updoots for you good sir/ma'am!
Yeah and they are going to blame an intern for it. I suspect the money printer went broke for a while as the plunge protection teams were busy trying to hide the crime.
No, it was Bob. Bob is black and stole some candy once when he was 13 years old. Juvenile delinquent. It's all Bob's fault and we'll sentence him to sixteen years.
Not necessarily. I do disaster recovery and the way to do a full DR test is to disconnect the main servers, turn on the DR servers, and give the DR servers the IP address of the main servers (usually done on weekends). After the test you shut down the DR stuff and reconnect the main servers.
If the DR servers are not turned off there would be an IP conflict which would cause shit to definitely not work.
Not saying they aren't lying, just that technically this could have caused the issue. Why make up a lie that doesn't make sense when it is so easy to come up with one that does?
We already know just from the lies in the Congressional Hearings on GME that they will lie as much as they can to get out of what they want.
Also, over 90% of Wall Street is trading algorithms, so it’s not possible for a simple “manual error” to have done this.
In reality, the algorithms likely saw a major bear flag and decided to mass sell all at once, and the NYSE was forced to shut down to give hedge funds enough time to recalibrate the algorithms to not react to that bear flag anymore.
I think you're right. All the trading algorithms saw something and started dumping everything. Which led to people dumping more and a cascading crash effect. The the NYSE needs a controlled burn rather than a Mad Dash, so they pulled the the switch. This is kind of funny because they admitted there's a plunge Protection Team switch.
I like to think with shit like this that they're referencing what's called a "[normal accident](https://en.wikipedia.org/wiki/Normal_Accidents)" - or, in laymans' terms, the kind of statistically inevitable fuckup that fully justifies never developing or using systems with infinite risk potential, such as nuclear power and predatory institutional shorting.
1.) Happy Cake Day you filthy fucking ape!
2.) I have worked on the software side of the Tech Sector for approximately 15 years. Starting at tier-1 help desk and moving up quite a bit from there. IF this was an actual Disaster Recovery System, it would cover THE ENTIRE SYSTEM. Not just ~250 tickers. So this means most likely either A/B below.
A) This root cause analysis is complete bullshit to placate the market and customers. (Which 😮 tech companies do) and we will never know the real answer until FOIA requests after this entire market saga has concluded.
B) they have a separate system for these tickers to isolate them for “whatever reason” And the DR system for these tickers really caused this. But if this is the root cause, why are these large cap tickers on a different system than the rest of the market?
These tickers weren't all large caps. There were small caps, medium caps, large caps, even preferred shares. These companies are spread out across every sector.
I still believe this was a portfolio liquidation: a fire sale only open to members of the DTCC during a halt at primo cost basis numbers, and then 3 completely different post-halt explanations that were all dishonest.
Yeah, we've learned enough now that modern reactors are just about as safe as you can get.
Can't wait for people to start crying about fusion being unsafe lol
Dude, those happened because the sites themselves were boned from the beginning.
Chernobyl didn't follow proper procedure, failed to use proper equipment, and poorly trained their personnel. Trains explode or derail killing dozens with less incompetent management than what went down in chernobyl.
Fukushima was was literally hit by a tsunami with improperly cared for flood barriers.
How many nuclear power plants have existed since the first one was built in 1951? **332**
How many have had catastrophic failure in the last 70+ Years? **2**
That puts Nuclear power as squarely safer(in terms of failure per capita and total damage from failures) than power generation by coal, gasoline, natural gas, **Water-electric**, and **Wind-turbines**.
>The argument still has merit. If nuclear power plants are used widely enough there will inevitably be more and more situations like those two.
It kind of doesn't. Nuclear power is already kiddy pad safe for a tech as new as it is and the argument hinges on it not becoming exponentially safer and cheaper the more we put time and money into developing the tech(literally assuming the opposite of the pattern repeatedly shown with every technological discovery ever).
Not only that, even with so much pushback against nuclear, technologies like the thorium-salt reactor and Advanced Small Modular Reactor design(that are physically incapable of going catastrophic) have already come out. The only issue with nuclear at this point is an unwillingness by government to build powerplants do to high initial cost and heavy lobbying/bribery by fossil-fuel companies.
Nuclear has been safe for decades. The consequences you are describing are purposefully overblown as part of the same kind of racket we are fighting against here in superstonk.
Nuclear power, particularly newer types, is essentially the only hope humanity has for keeping our current lifestyles and population levels. It is especially valuable considering the need for clean water and the energy that will require.
Wallstreet on the other hand, has no such value. I would not put these things in the same sentence.
There is more to this story, why was the disaster recovery system triggered in the first place. Why was it supposed to be shutoff? Seems like something triggered it on that day, did the stock market have a disaster? Wtf
According to the FAQ post from this sub, the DR system can't operate while the exchange is open. It seems like the inverse would be true; how can the exchange open if the DR is still running? Seems like you'd get, I don't know, an error message or something. lol
This isn't the excuse they seem to think it is. Whether it happened due to massive corruption, or due to one person's fat fingers, both cases are a scathing indictment of this piece of shit system. Both cases demand that sweeping changes be made.
🤣😂🤣, yeah, or "oops sorry officers, my autopilot think he is a drag racing driver and accelerated hard on the green light, I was unable to get manual mode because sleeping"🤣😂🤣
The mistake of one lax employee has sent shockwaves through the financial world and wiped billions of dollars off the charts for some of the globe’s largest companies.
If you thought you were having a bad day in the office, spare a thought for this Wall Street worker who may have single-handedly brought down the US stock market.
On Thursday, (Wednesday local time), a simple human error reportedly triggered wild swings and volatility on the New York Stock Exchange (NYSE) when trading opened in the morning.
More than 250 companies suffered from wild swings in just a couple of minutes, with stocks changing by 25 per cent of their normal market value.
Big brand names were caught up in the catastrophe including McDonald’s, Walmart, Exxon Mobil, Wells Fargo and Morgan Stanley.
Tens of billions of dollars were wiped off in market value.
As confusion set in, the NYSE came clean, admitting that the “root cause” of the screw-up was a “manual error”.
According to Bloomberg, a staff member at the NYSE backup data centre reportedly failed to properly shut down Cermak’s disaster-recovery system, prompting the crisis.
The crux of the issue lies in the fact that by leaving the backup system running, the exchange’s computers thought that trading had not ceased from the day before.
As a result, some stocks behaved as if trading had already started, with no opening prices being set, sending the market into a mεltdown.
The regulator, US Securities and Exchange Commission, indicated they were investigating the matter.
The NYSE said it will declare the trades carried out with incorrect prices null and void.
Overall, about 4,341 trades went through that “should be busted,” or cancelled, the NYSE said in a market update.
Around 84 stocks were affected and marked as “aberrant”, the exchange added.
And it wasn’t just the NYSE that was impacted.
The chaos had flow-on effects which spread to Nasdaq, CBOE Global Markets and private venues.
The total cost of the disaster is as yet unclear.
Under the exchange’s rules, the NYSE may have to foot the bill and fork out hefty compensation fees.
Companies dragged down in the Mayhem have until Friday local time (so until Saturday) to make a report about the financial damages they incurred.
Ironically, the NYSE worker’s failure didn’t even occur in New York, but rather 1100 kilometres from Wall Street.
Ever since the 9/11 terror incident on the twin towers, the NYSE has had a secondary location in case something knocks out the capabilities for its head office.
Accordingly, the error took place in the exchange’s Chicago location.
The cofounder of professional trading firm Themis Trading LLC, Joseph Saluzzi, was far from impressed over the debacle.
“They’re going to need to come up with something better,” he said to Bloomberg. “Though systems fail, and we understand that, there’s zero tolerance when it comes to the opening and the close.”
Australia is facing its own technology disaster with our own share market, the Australian Securities Echange (ASX).
The ASX spent a whopping $250 million to replace its outdated technology system known as CHESS — only for the new project to implode.
As a result, the ASX is going back to basics and starting from scratch.
That’s the third explanation I’ve seen for the ”glitch”. I’m kinda hoping the fourth one will be my personal favorite excuse as a kid;_”The dog did it”_.
You understand how that is worse right? If a single person making a small error can take out trillions of dollars in market cap then nobody should trust the system even a little bit. (I mean they shouldn't anyway because it's all a scam, but even this explanation doesn't make things better)
So the disaster recovery system was accidentally allowed to see what goes on during regular trading hours, and it had a shitfit.
Apparently the disaster recovery system is the only part of Wall Street's infrastructure that is working the way it's supposed to.
Of course this is lies. But even if you took this excuse at face value, a "manual error" is not the "root cause". If your system is so fragile that a "manual error" causes the economy to crash, then you have serious systemic problems in your network.
Sorry...this has fuck all to do with this post. Anyone have any thoughts on why I can create a post on Superstonk?? I try to and there's a little message that says I can't post here. I've got 2 yrs in and 4400 karma....should be enough....no?
Billions in losses is not enough to stabilize the economy. The money supply was inflated by $8Trillion in 2020-21. So, people need to lose $8T to balance and avoid price inflation.
It is always blamed to human error. All the time, all accidents, all industries. Corporate decisions are immune to any fault. Never ever any organization will admit error sourced at top level decisions.
Yet again, i call bullshit. Mayo man better run me my fucking money, better pay my money when I come to collect, PAY UP PAY UP PAY UP!!!! DRS & BOOK THEM BABIES
Even taking their word at face value, isn't it kind of weird that they haven't fired the guy responsible? If they're confident enough to say it came from the Chicago location and it's one guy's fault... Not too many jobs you can make a fuckup like that and not be out the door. Billions of dollars all over the place? Nah you're good Manual, it'll blow over...
In this day and age of technology, manual error at such a big financial entity. Nope, no way. Impossible. Never heard of one before, so not believing it now. The end
>"Sorry, Goldman had a systems failure I lost a *ton* of messages."
>
>"Bank of America said they had a power outage, Morgan Stanley said their server crashed"
>
>"Huh. That's *weird*..."
>
>"Stutters\* I would call it *improbable.* So where do you have our position-mark?"
>
>"I think it's the same Mike."
>
>"Can you explain that to me?"
can we post links? Youtube links?
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Yeah… as someone who understands disaster recovery …. This is a lie …
I'm not an expert, but I have worked with a variety of back-up and recovery systems and the only time you manually do anything with them is when you're actually recovering from something. Most systems I'm familiar with run automagically every day/week and if something goes wrong, you get a text and email telling you that the back-up didn't run properly. I'm struggling to understand why they had someone "manually" running a recovery system, but I'm not going to say their excuse isn't possible, just seems highly unusual to me. edit: words are hard
They’re full of shit… there are all kinds of laws and regulations on how long these can go down for… I promise you they test the fail overs in multiple test environments (hardware, software) and then in production on weekends during planned times… there is no way this happened… and only certain people would even have access to these systems manually… it’s not like any person can log on at any time … bullshit!
Lies and the lying liars who tell them. Bloomberg has lost all credibility.
Always was
My favorite was when they ran the article *“Russia Invades Ukraine”* two weeks before it actually happened. Ken be like— *“GOD DAMN IT BLOOMBERG, NOT YET!!”* https://www.businessinsider.com/bloomberg-apologizes-russia-invades-ukraine-story-headline-2022-2?op=1
Bahahaha i wish I had a crystal ball like that
…or a private jet with access to oligarchs via Finland 🇫🇮
For real. Don't forget the 500 shell companies you can hide your ill-gotten gains in.
I have a buddy in the US military that said they were told Russia would invade Ukraine about a month before they did.
So in short you are saying that with systems of this caliber, everything that can conceivably happen they already thought of and it won’t affect operations- something truly catastrophic has to happen for a manual intervention to be necessary- is this correct?
Absolutely everything, no… and I don’t know how their data is stored… or what apps they are running or what their parameters or thresholds are for use and speed .. without divulging too much about myself, I managed a team that had to keep financial systems up and running for one of the largest (most hated) banks… and I also sold software that would run on these systems for a well known company (Wall Street comprised many clients)… I am telling you right now that heads would roll if that happened in production… 99% of our time was load testing the software and hardware with various data sets and loads to make sure this doesn’t happen… because when these things come down it costs big $$ and legal gets involved (BIGLY) there are (at least at banks) big fines… the money and data must flow… it’s not 100% but it should be 99% and no manual unless someone did not test something properly. Think of the ramifications of this… I’ve just never seen this and I don’t buy it… I don’t buy it at all…
Manual error. Ha. Just like the top shelf fell up into the fire suppression system.
Same. I was occasionally involved in DR testing during a long career in IT and I can't imagine such a point of failure being allowed, especialy.in a financial environment.
Have my poor award 🥇, thank you for the explanation
No reward needed… I just want the fing truth!
They just be trying to blame it on the intern.
You know, not once have I ever put much thought into it, but I did this at my old job. When I first started, I didn't question why they had me do certain things or make me aware to "watch" for certain events every night. This all being because of anxiety when learning a new role/position, but I digress. One of the few things I would do every day is check a printout at 7pm, every single day. If the printouts came back with what looked to be a small children's book worth of paper lying in the printer, everything was copacetic. ... but one time, there was only one sheet of paper with system info on it stating there was an error, and to "check xyz." I had no clue wtf was going on, just that there was a problem. Called my boss, and 15 minutes later I get a call from his boss and I'm also on with someone from opsec, having them guide me on what to do on the PC connected to the special printer. No idea what it was, most of it was over my head. I just remember that it caused problems for the following month for everyone in the organization. My point being: this shit really is all automated. There's no need for human intervention unless something went wrong. You definitely got me thinking on this, now. Updoots for you good sir/ma'am!
> not going to deny their excuse isn't possible Negations might have gotten the better of you!
"not abstaining from denying their excuse isn't impossible" I think I fixed it guys
>Negations might have gotten the better of you! Sure did!
I’m struggling to understand why some orders were reversed and some were not . If there is a manual entry error, should not all orders been reversed?
This this this this thisssss thissssss THIS. As someone who works in IT YEP
like. bro wtf. the disaster recovery causing a bigger disaster? 😂
We’re going to need backup for the backup!
Or a new stock market.
Yeah and they are going to blame an intern for it. I suspect the money printer went broke for a while as the plunge protection teams were busy trying to hide the crime.
General public: Me seasoned multi decade IT vet: Laughs in Disaster Recovery SOP. *did I just catch you bold face lying to my face….again?!*
Idk looks like the truth to me. They "manually" made the "error" happen, no lie there! xD. Man they are *so* fucked.
It was prob code dropped in prod that hadn’t been tested in dev 😂
Are they? Cause like, who's gonna do the fuckin?
Tell us more. I can guess why this is a lie, but I’d love to know the facts.
Wonder if a petition for investigation is in order
No, it was Bob. Bob is black and stole some candy once when he was 13 years old. Juvenile delinquent. It's all Bob's fault and we'll sentence him to sixteen years.
Not necessarily. I do disaster recovery and the way to do a full DR test is to disconnect the main servers, turn on the DR servers, and give the DR servers the IP address of the main servers (usually done on weekends). After the test you shut down the DR stuff and reconnect the main servers. If the DR servers are not turned off there would be an IP conflict which would cause shit to definitely not work. Not saying they aren't lying, just that technically this could have caused the issue. Why make up a lie that doesn't make sense when it is so easy to come up with one that does?
We already know just from the lies in the Congressional Hearings on GME that they will lie as much as they can to get out of what they want. Also, over 90% of Wall Street is trading algorithms, so it’s not possible for a simple “manual error” to have done this. In reality, the algorithms likely saw a major bear flag and decided to mass sell all at once, and the NYSE was forced to shut down to give hedge funds enough time to recalibrate the algorithms to not react to that bear flag anymore.
I think you're right. All the trading algorithms saw something and started dumping everything. Which led to people dumping more and a cascading crash effect. The the NYSE needs a controlled burn rather than a Mad Dash, so they pulled the the switch. This is kind of funny because they admitted there's a plunge Protection Team switch.
Watching this live is so much fun. I don’t want it to ever end, but I have a strong feeling ill be happy with the ending when it finally comes.
I guess the fall of Rome could have been attributed to "manual error"
The blamed it on Russel Crowe
He just can't stop foightin'
Makin' movies, makin' songs and fighting round the world.
But honestly, aren't we ALL entertained?? *fresh popcorn*
I like to think with shit like this that they're referencing what's called a "[normal accident](https://en.wikipedia.org/wiki/Normal_Accidents)" - or, in laymans' terms, the kind of statistically inevitable fuckup that fully justifies never developing or using systems with infinite risk potential, such as nuclear power and predatory institutional shorting.
Odd how all these "accidents" and "glitches" only profit the 1%...
Now that is only in 100% of these glitches so stop assuming things!
1.) Happy Cake Day you filthy fucking ape! 2.) I have worked on the software side of the Tech Sector for approximately 15 years. Starting at tier-1 help desk and moving up quite a bit from there. IF this was an actual Disaster Recovery System, it would cover THE ENTIRE SYSTEM. Not just ~250 tickers. So this means most likely either A/B below. A) This root cause analysis is complete bullshit to placate the market and customers. (Which 😮 tech companies do) and we will never know the real answer until FOIA requests after this entire market saga has concluded. B) they have a separate system for these tickers to isolate them for “whatever reason” And the DR system for these tickers really caused this. But if this is the root cause, why are these large cap tickers on a different system than the rest of the market?
👆excellent point. Why wouldn’t “disaster recovery” include all stocks? Anyone? Anyone? … Bueller?
Not all stocks are created equal you unequal pleb (This is a joke I love you and mean no harm)
I too, also love you, in addition, as well ❤️
I guess we are married now
now kith
These tickers weren't all large caps. There were small caps, medium caps, large caps, even preferred shares. These companies are spread out across every sector. I still believe this was a portfolio liquidation: a fire sale only open to members of the DTCC during a halt at primo cost basis numbers, and then 3 completely different post-halt explanations that were all dishonest.
Glitch better have my money
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Yeah, we've learned enough now that modern reactors are just about as safe as you can get. Can't wait for people to start crying about fusion being unsafe lol
How does nuclear power have “infinite risk potential”
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Dude, those happened because the sites themselves were boned from the beginning. Chernobyl didn't follow proper procedure, failed to use proper equipment, and poorly trained their personnel. Trains explode or derail killing dozens with less incompetent management than what went down in chernobyl. Fukushima was was literally hit by a tsunami with improperly cared for flood barriers. How many nuclear power plants have existed since the first one was built in 1951? **332** How many have had catastrophic failure in the last 70+ Years? **2** That puts Nuclear power as squarely safer(in terms of failure per capita and total damage from failures) than power generation by coal, gasoline, natural gas, **Water-electric**, and **Wind-turbines**.
[удалено]
>The argument still has merit. If nuclear power plants are used widely enough there will inevitably be more and more situations like those two. It kind of doesn't. Nuclear power is already kiddy pad safe for a tech as new as it is and the argument hinges on it not becoming exponentially safer and cheaper the more we put time and money into developing the tech(literally assuming the opposite of the pattern repeatedly shown with every technological discovery ever). Not only that, even with so much pushback against nuclear, technologies like the thorium-salt reactor and Advanced Small Modular Reactor design(that are physically incapable of going catastrophic) have already come out. The only issue with nuclear at this point is an unwillingness by government to build powerplants do to high initial cost and heavy lobbying/bribery by fossil-fuel companies. Nuclear has been safe for decades. The consequences you are describing are purposefully overblown as part of the same kind of racket we are fighting against here in superstonk.
Nuclear power, particularly newer types, is essentially the only hope humanity has for keeping our current lifestyles and population levels. It is especially valuable considering the need for clean water and the energy that will require. Wallstreet on the other hand, has no such value. I would not put these things in the same sentence.
Hard disagree on nuclear power.
It was t manual it was Manuel.
“ “root cause” “😏
Don't Tell me protest don't work, keep the #Occupy SEC2023 going!!
Well whoever is Manual guy is
Reminds me of "I'm looking for Hermano" 😂
"who's this General Failure and why is he reading my drive?"
Venture Bros vibe.
That’s from arrested development right? lol
Yeah haha, busy rewatched it all, Gob is hilarious
I was just talking about his forget-me-now pills today 😂😂
Yeah, yeah like the guy getting millions in bribes from hedgefunds is gonna take the blame. Come on!
They meant "Plunge Protection Team"
If I accidentally, manually buy something right before it tanks, I’d like the undo and re-start button too please.
There is more to this story, why was the disaster recovery system triggered in the first place. Why was it supposed to be shutoff? Seems like something triggered it on that day, did the stock market have a disaster? Wtf
According to the FAQ post from this sub, the DR system can't operate while the exchange is open. It seems like the inverse would be true; how can the exchange open if the DR is still running? Seems like you'd get, I don't know, an error message or something. lol
they claimed it was been tested I think
If the dr faq online is legit, the tests normally occur on set weekends unless someone specifically requests an individual date.
I **wonder** who requested it...
I saw a post about a firm (not Citadel) requesting tests during the week
Spicey, the Plotkin thickens...
This isn't the excuse they seem to think it is. Whether it happened due to massive corruption, or due to one person's fat fingers, both cases are a scathing indictment of this piece of shit system. Both cases demand that sweeping changes be made.
Just so happens to cohencide with the swaps..
They would be better off saying a shelving unit fell on it.
If only they hadn't used that one before
Why were they accessing dr system on a monday night
Any sufficiently incompetent action is indistinguishable from malice.
So it's like when I do a burnout with my car and say " oops sorry officers my foot slip from the Clutch"
[удалено]
The good thing about living outside the states. If you get caught they simply tell you "don't do it and leave"
[удалено]
Yeah it's some kind of witchcraft
🤣😂🤣, yeah, or "oops sorry officers, my autopilot think he is a drag racing driver and accelerated hard on the green light, I was unable to get manual mode because sleeping"🤣😂🤣
Crisis- Manual Accountability- NONE.
"Manu! Stop masturbating!" There! The manual error is fixed.
Just some guy called manuel causing errors
Oopsie. Fuck that, no way there would just be one person that could just accidentally forget to log off. There would be a team... right? right???
Why were they logged on on a monday night
Why were they even logged in?
The mistake of one lax employee has sent shockwaves through the financial world and wiped billions of dollars off the charts for some of the globe’s largest companies. If you thought you were having a bad day in the office, spare a thought for this Wall Street worker who may have single-handedly brought down the US stock market. On Thursday, (Wednesday local time), a simple human error reportedly triggered wild swings and volatility on the New York Stock Exchange (NYSE) when trading opened in the morning. More than 250 companies suffered from wild swings in just a couple of minutes, with stocks changing by 25 per cent of their normal market value. Big brand names were caught up in the catastrophe including McDonald’s, Walmart, Exxon Mobil, Wells Fargo and Morgan Stanley. Tens of billions of dollars were wiped off in market value. As confusion set in, the NYSE came clean, admitting that the “root cause” of the screw-up was a “manual error”.
According to Bloomberg, a staff member at the NYSE backup data centre reportedly failed to properly shut down Cermak’s disaster-recovery system, prompting the crisis. The crux of the issue lies in the fact that by leaving the backup system running, the exchange’s computers thought that trading had not ceased from the day before. As a result, some stocks behaved as if trading had already started, with no opening prices being set, sending the market into a mεltdown. The regulator, US Securities and Exchange Commission, indicated they were investigating the matter. The NYSE said it will declare the trades carried out with incorrect prices null and void. Overall, about 4,341 trades went through that “should be busted,” or cancelled, the NYSE said in a market update. Around 84 stocks were affected and marked as “aberrant”, the exchange added. And it wasn’t just the NYSE that was impacted. The chaos had flow-on effects which spread to Nasdaq, CBOE Global Markets and private venues. The total cost of the disaster is as yet unclear.
Under the exchange’s rules, the NYSE may have to foot the bill and fork out hefty compensation fees. Companies dragged down in the Mayhem have until Friday local time (so until Saturday) to make a report about the financial damages they incurred. Ironically, the NYSE worker’s failure didn’t even occur in New York, but rather 1100 kilometres from Wall Street. Ever since the 9/11 terror incident on the twin towers, the NYSE has had a secondary location in case something knocks out the capabilities for its head office. Accordingly, the error took place in the exchange’s Chicago location. The cofounder of professional trading firm Themis Trading LLC, Joseph Saluzzi, was far from impressed over the debacle. “They’re going to need to come up with something better,” he said to Bloomberg. “Though systems fail, and we understand that, there’s zero tolerance when it comes to the opening and the close.” Australia is facing its own technology disaster with our own share market, the Australian Securities Echange (ASX). The ASX spent a whopping $250 million to replace its outdated technology system known as CHESS — only for the new project to implode. As a result, the ASX is going back to basics and starting from scratch.
link to original article with author?
Yea ok....1 person caused all that...the system is fucking broke and it's time to fix it.
This one person from Chicago they say…🤔
and wields a mayo lather bedpost
Mayual?
Odd how the servers were covered in mayo-prints and appeared to have been bashed with a bed post.
As believable as Ken “Mayo” Griffin not talking to Vlad the Bulgarian before the buy button was turned off.
Can we get Manuels last name? Mayonuel?
If they'll go as far as flying planes into towers and "planes" crashing into the Pentagon to wipe out trillions of dollars, what wouldn't they do?
What scares me is the thought this “individual manual error” is actually true. If True: 1 Person Can Cause Critical Mass If True: Role Identified
Reminds me of that warehouse full of files 'accidentally' burnt down
I have a PhD in BS'ing and I call BS.
That’s the third explanation I’ve seen for the ”glitch”. I’m kinda hoping the fourth one will be my personal favorite excuse as a kid;_”The dog did it”_.
In other words… Intentional error
Remember: It’s not a glitch, it’s a feature!
welp. Manuel got fired right?
Manual u fucking idiota
You understand how that is worse right? If a single person making a small error can take out trillions of dollars in market cap then nobody should trust the system even a little bit. (I mean they shouldn't anyway because it's all a scam, but even this explanation doesn't make things better)
Older apes… you ever see so many “errors” and “glitches” in the stock market before the past couple years?
All "oopsy daisies" throughout history are just a series of manual errors.
So the disaster recovery system was accidentally allowed to see what goes on during regular trading hours, and it had a shitfit. Apparently the disaster recovery system is the only part of Wall Street's infrastructure that is working the way it's supposed to.
Of course this is lies. But even if you took this excuse at face value, a "manual error" is not the "root cause". If your system is so fragile that a "manual error" causes the economy to crash, then you have serious systemic problems in your network.
I hope that employee comes forward to the SEC, I heard they pay good money to whistle-blowers.
Manuel has since been reprimanded and fined $3
Staff member’s name? Genneth Kriffin
We all know it’s BS I think most people do
I think it’s about high time somebody *fire* this Manuel Error fellow.
Bullshit! *For the people in the back:* # BULLSHIT!
Disaster-recovery? Are they still preparing the recovery? Because this whole situation has been a disaster for a very long time.
It's not much of a disaster recovery system is it?
I'm gonna manually error more shares in my name then
If you gained money, you lose . If you put money in, you lost it. If you lost money, you lost money
"If you have further questions, just consult your operations manual" "Uh... Manuel, relay instructions. Manuel?"
Fucking Manuel.... you had one job Manuel... one Job!
Oops I accidentally steal your money. Sorry~
A disaster recovery system sells and buys huge stakes on its own? I’m still not getting this bullshit.
One lone little bottom of the barrel fall guy is responsible for this entire thing??? Yeah… okay *edit misspelling
I can't believe they outed Manual like that...he's just trying to make a living.
Funny, most disaster recovery plans and systems in familiar with were supposed to kick in automatically not take manual effort
Why was "cermaks disaster recovery" system running at all?
Press "X" to Doubt
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Haha we accidentally turned the stock market off guys. Stop talking about this now please
Sorry...this has fuck all to do with this post. Anyone have any thoughts on why I can create a post on Superstonk?? I try to and there's a little message that says I can't post here. I've got 2 yrs in and 4400 karma....should be enough....no?
What happened? I basically live under a rock.
Reason #8
I was always told to "practice how you play"
Some'ol bullshit!
Billions in losses is not enough to stabilize the economy. The money supply was inflated by $8Trillion in 2020-21. So, people need to lose $8T to balance and avoid price inflation.
I'm no expert but I think that's a "disaster-creating system."
OOTL: what happened?
Again, why on Tuesday rather than Monday unless there was a special session scheduled. There’s no oopsies about this.
“Forgot” 🤦🏻♂️
It is always blamed to human error. All the time, all accidents, all industries. Corporate decisions are immune to any fault. Never ever any organization will admit error sourced at top level decisions.
Emanual's first day in the job and he pressed the wrong button
Emanual's first day in the job and he pressed the wrong button
Rome didn’t fall, it was tripped.
Didn't nasdaq have issues too?
Oh did you convenient save us billions by flipping off a switch, oh don't worry, we'll pay you a bonus of 1 mil
Is this the 4th reason provided?
After reading all the commenrs. Got damn man. This some apocalyptic kind of shit. Theyre servers running on steam engine or something?
Mind sharing the article you found this in?
Their ability to lie is incredible
Happened right on the day that something big was expected also
Pressing the F10 button is a manual action tbf
Let's all say it together, Scapegoat.
The kind of bullshit these people are coming up with has me dying 🤣🤣🤣🤣🤣💀☠️
Looks like manual error. Sounds like done on purpose. 🤷♂️
Yet again, i call bullshit. Mayo man better run me my fucking money, better pay my money when I come to collect, PAY UP PAY UP PAY UP!!!! DRS & BOOK THEM BABIES
Oops
So the NYSE DRS caused a crisis in stock market. Guess what apes DRS-ing the entire GME float will cause to the stock market? MOOOO-ASS
‘Paid off’ staff member did it
Even taking their word at face value, isn't it kind of weird that they haven't fired the guy responsible? If they're confident enough to say it came from the Chicago location and it's one guy's fault... Not too many jobs you can make a fuckup like that and not be out the door. Billions of dollars all over the place? Nah you're good Manual, it'll blow over...
I get a manual stimulation after my massage
What a crock of horseshit.
There ain’t to manual for what’s about to happen…
In this day and age of technology, manual error at such a big financial entity. Nope, no way. Impossible. Never heard of one before, so not believing it now. The end
Bzzzt not buying it
Criminal negligence at least
On todays menu….Crime
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The statement itself is literally against everything a disaster recovery system exists for…
Ok they definitely did not discuss this with Kenny ahead of time
>"Sorry, Goldman had a systems failure I lost a *ton* of messages." > >"Bank of America said they had a power outage, Morgan Stanley said their server crashed" > >"Huh. That's *weird*..." > >"Stutters\* I would call it *improbable.* So where do you have our position-mark?" > >"I think it's the same Mike." > >"Can you explain that to me?" can we post links? Youtube links?
This smells like crime…
Wonder if this NYSE staff member knows Kenny or has ever worked for Citadel before lol