Monday, September 8, 2008

Wrong Link Causes United Airlines Stock to Plummit

A writer for an investment newsletter hit the wrong link on a web search and reported that United Airlines was filing Chapter 11 bankruptcy. The only problem, it was an article from 2002 not 2008.

The airline, which probably will end up filing bankruptcy again considering their marginally retarded leadership making bizarre new rules regarding meals on international flight, the watering down of their frequent flyer program and slapping fees on anything that moves, really isn't filing Chapter 11 this week.

The story, although false, caused the airline stock to drop from $12 a share to around $4 after the buzz hit wall street. It really has to make you wonder what is more scary, a companies stock can plummet by a false statement in an obscure newsletter or the fact that people on wall street read this stuff and make decisions based on it.

Either way you can be sure of two things, United probably will go bankrupt one day and if you trust wall street with your money, consider they are getting their information from Internet news letters and just hide it under your mattress, no wonder the country is in bad shape.

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