Rush Order
At the company where I worked, there was a new trading assistant named Eli on the floor who thoroughly believed he was The Guy. He was going to take the world by storm and decided he was next in line to make partner. Only first, he was assigned the task of sending in an option exercise one Friday afternoon in order to capture a particularly large special dividend.
Poor Eli knew how to do it, but he was in a bit of a rush. He sent the fax through to the broker and then left before getting the confirmation. The fax failed and the options weren’t exercised, costing the firm about $150,000. Poor Eli was met by a very angry head trader at the door on Monday morning and he got his walking papers. Poor Eli.
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