CNBC: UBS May Have $360 Million in Facebook Losses

UPDATED 3:50PM: None of us can figure out the $350 million loss estimate could possibly be true if UBS was only trading 1 million shares on day one and the stock had a 4 point range (42 to 38).  Felix Salmon and Kid Dynamite are both scratching their heads.

Original post below…

***

The furor over Nasdaq’s handling of the Facebook IPO simply will not abate, firms that have lost big continue to come out of the woodwork.

Maria Bartiromo at CNBC broke this startling UBS thing today, I have a call-in to her show at 4pm to discuss it live on the air.

UBS is sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result,  people familiar with the matter told CNBC.

That loss is some ten-times more than the $30 million number that is currently being speculated in the market by others.

The issue has to do with the failure to get confirmations and executions from the Facebook trade.

These people said UBS wanted 1 million shares, but when it did not receive confirmations, it repeated the order multiple times and was left with much more than it intended.

Shares of both UBS ($UBS) and Nasdaq ($NDAQ) are flirting with multi-year lows here as no one wants to own them anyway, even prior to this debacle.

My “all-time low” theory grows more compelling by the day.

Read More:

What's been said:

Discussions found on the web
  1. Zeitarbeitsfirma Pflege Morest commented on Sep 15

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2012/06/08/cnbc-ubs-may-have-360-million-in-facebook-losses/ […]

  2. british dragon turinabol commented on Oct 08

    … [Trackback]

    […] Find More to that Topic: thereformedbroker.com/2012/06/08/cnbc-ubs-may-have-360-million-in-facebook-losses/ […]

  3. buy ruger firearms online commented on Dec 02

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2012/06/08/cnbc-ubs-may-have-360-million-in-facebook-losses/ […]

  4. cibc login commented on Dec 04

    … [Trackback]

    […] Read More Info here to that Topic: thereformedbroker.com/2012/06/08/cnbc-ubs-may-have-360-million-in-facebook-losses/ […]

  5. Stump Grinding Licensed commented on Dec 11

    … [Trackback]

    […] Here you will find 26944 more Info to that Topic: thereformedbroker.com/2012/06/08/cnbc-ubs-may-have-360-million-in-facebook-losses/ […]

  6. CI CD Solutions commented on Jan 15

    … [Trackback]

    […] Read More Information here to that Topic: thereformedbroker.com/2012/06/08/cnbc-ubs-may-have-360-million-in-facebook-losses/ […]

  7. rolex copy commented on Jan 22

    … [Trackback]

    […] Here you will find 92468 more Information to that Topic: thereformedbroker.com/2012/06/08/cnbc-ubs-may-have-360-million-in-facebook-losses/ […]

  8. bandar togel commented on Jan 23

    … [Trackback]

    […] Info on that Topic: thereformedbroker.com/2012/06/08/cnbc-ubs-may-have-360-million-in-facebook-losses/ […]

  9. Philips Breastfeeding support kits manuals commented on Jan 23

    … [Trackback]

    […] Here you can find 25444 more Info on that Topic: thereformedbroker.com/2012/06/08/cnbc-ubs-may-have-360-million-in-facebook-losses/ […]