May 6 (Bloomberg) -- NYSE Euronext said “there were a number of erroneous trades” during an almost 1,000-point plunge in the Dow Jones Industrial Average.
“There were a number of erroneous trades,” said NYSE spokesman Rich Adamonis. “Our guys just told me Nasdaq is investigating the erroneous trades. What happened today in P&G for instance, the bad print was on Nasdaq, not here,” he said, referring to a 37 percent plunge in Procter & Gamble Co.
"You can trust us, in the financial markets, you really can. We've put our house in order now with strict controls & regulation, it's a foolproof system. What's that? Oh that over there, oh thats nothing, just some erroneous trades. Nothing to worry about."
Erroneous trade = Fraud.
It's just a nice euphemism to avoid being lynched by the general public.
It's like "The off duty Officer was not speeding, he had an erroneous velocity rate."
You see, it works like this, something happens and.....
Scenario A. You're Joe Public & you're not connected.
It's reprehensible, immoral & illegal & you have to go to jail for a long long time, "To protect society".
Scenario B. You're in the loop, hooked up, connected, protected.
It's a regrettable error due to unforseen circumstances caused by erroneous somethingorother. You'll have to resign "For the sake of the Company" (but don't worry there's a cracking severance package & we'll make you CEO of of the next firm we take over)