On my way to class Tuesday afternoon I was listening to to the business news radio program
Market Place. One segment of the show was devoted to news that United Airlines stock had dropped by 75% in value, in a matter of 5 minutes, the previous day. The declined occured after a "financial news aggregate service" fed a story to The Bloomberg Report, with the headline "United Files for Bankruptcy to Slash Costs." As a result, millions of shares were sold in a matter of minutes.
Shortly thereafter, it was discovered that the electronic search of bankruptcy filings for 2008, by the news service, had pulled an undated story from 6 years ago and posted it with the current search date. The stock had recovered "most" of its value by the end of the day, but analysts were still in the process of sorting out the fallout.
Commentators on the radio briefly posted the question of how to prevent the malicious planting of stories to manupulate financial markets. Perhaps it was beyond the scope of the program to consider this serious issue, but the commentators' only response was to point out that the Bloomberg Report deflected all responsibility by stating it was not their policy to fact check news feeds, only stories by their own reporters. The question raises the issue of who takes responsibility for identifying, correcting and preventing mistakes in an interconnected world, when the reprecussions of an honest or intentional "mistake" could seriously effect the lives of millions.