2008 January » Bungle.biz

By admin | January 6, 2008 - 5:33 pm - Posted in Uncategorized

The Latest Bungles and Blunders in the News

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By admin | - 4:44 pm - Posted in Uncategorized

America’s BIGGEST Bankruptcies.

WorldCom (2002) - $103.9b

WorldCom, the nation’s No. 2 long-distance phone company, filed for Chapter 11 bankruptcy protection one month after it revealed that it had improperly booked $3.8 billion in expenses. With $107 billion in assets, WorldCom’s bankruptcy is the largest in United States history, dwarfing that of Enron Corp.

Enron (2001) - $64.4b

Enron Corporation was an American energy company based in Houston, Texas. Before its bankruptcy in late 2001. Enron filed for bankruptcy protection in the Southern District of New York in late 2001. Enron Corporation is the second largest bankruptcy in American History and in 2001 was the biggest bankruptcy dwarfing Texaco’s $35.9billion in 1987.

Conseco (2002) - $61.4b

Texaco (1987) - $35.9b

Financial Corporation of America (1988) - $33.9b

Refco (2005) - $33.3b

Global Crossing (2002) - $30.2b

Pacific Gas and Electric (2001) - $29.8b

UAL (2002) - $25.2b

Delta Air Lines (2005) - $21.8b

Adelphia Communications (2002) - $21.5b

MCorp (1989) - $20.2

Mirant (2003) - $19.4b

Delphi (2005) - $16.6b

First Executive (1991) - $15.2b

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Extended Copy Protection - Sony BMG

By admin | - 4:33 pm - Posted in Bungles, Products

In 2005 Sony BMG introduced Extend Copy Protection (XCS) software on music CD’s to try and combat piracy. In October of the same year it was discovered by Mark Russinovich that the software installed itself on the users computer with notification and cloaked itself to run without detection. The software itself caused many systems to crash and proved to be a security threat by allowing piggybacking by other malware. After public uproar sony released an uninstaller, but this made the problem worse as it was a bigger security threat.

Not only did Sony have to recall and replace several million CDs, but it resulted in several class action lawsuits and caused considerable damage to their company image.

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Fat Finger Syndrome

By admin | - 2:38 am - Posted in Bungles

Fat finger syndrome is the occasional tendency of traders, often while stress, to press the wrong button on their keyboard and lose substantial amounts of money.

In 2005 this problem struck Mizuho Securities when a trader accidentally type in a sell order for 610,000 shares at 1 yen in a firm called J-Com rather than one share for 610,000 yen. They managed to buy back about 480,000 shares, by which time the price had risen to 700,000 yen. It is estimated to have cost the firm over 40 billion yen.

In 2002 a trader for Bear Stearns entered a $4billion sell order instead of one for $4million, he was blamed for a subsequent drop of 100 points on the Dow Jones.

In 2001 a trader working for Lehman Brothers accidentally typed in too many noughts and sold shares worth £300million in various blue-chip companies. He meant to type in £3million and his actions sent the market into freefall wiping 120 points and £30billion off the FTSE 100.

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