Idiocy Reaching Peak Levels – State Street / Berkshire Reporting Error

At least I HOPE that idiocy is reaching peak levels… No sooner do I publish this post about gross ignorance from the Associated Press than a friend hits me up with a text message about what’s going on in shares of State Street ($STT: no positions).

stt_02_11_2012

See, what happened was that State Street’s 13G filing showing their position in Berkshire Hathaway ($BRK.B : no positions) hit, and some dipshit at Bloomberg misread it and reported that Berkshire had taken a 6.6% stake in State Street (STT).    That’s almost right, in that it got names of the two companies right, but it got the ownership reversed.   Cue Willy Wonka: Strike that, reverse it:

 

 

Come on people – wake up.   Learn to do your own research and read a filing.   Of course, I can only hope that the massive volume spike on the price spike was stupid computers doing stupid things which help smart people…  In any case, Bloomberg has a significant reporting error here (which they corrected).

-KD

no positions in any stocks mentioned

 

 

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