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Power of Bad Information

September 8, 2008 - 2:05pm — Bibliofuture

United Airlines saw their stock fall to .01 from around $12 Monday morning after a rumor started about the company declaring bankruptcy. Seems that part of the problem was based around a several year old news story about United Airlines declaring bankruptcy being resurrected.

Here is the NYT article on the story: United Shares Fall on False Bankruptcy Report

MarketWatch article- UAL plunges on recycled bankruptcy story: Florida Sun-Sentinel publishes 6-year-old story with a new date

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September 8, 2008 - 2:21pm — Anonymous (not verified)

Thrilled that there's a FL

Thrilled that there's a FL connection

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September 8, 2008 - 3:49pm — mdoneil

Why...

Why didn't I buy UAUA this morning, why, why why. I am putting in a limit order for all the big airlines at five cents to buy a thousand shares. This will happen again I'm sure.

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September 8, 2008 - 4:04pm — StephenK

It is indicative of some clear dangers

What does it take to whip up hysteria? Apparently not much. This would seem to be an area of inquiry ripe for pursuit with the hope of at least a few papers to be published.
________________________
Stephen Michael Kellat, Host, LISTen
PGP KeyID: 899C131F

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September 9, 2008 - 6:48pm — DirectorWho (not verified)

misinformation proliferation

hmmm, just a random thought, but does it seem like there is a lot more MISinformation coming out of the press lately?

"Early in life I had noticed that no event is ever correctly reported in a newspaper” -- George Orwell

"America is a country of inventors, and the greatest of inventors are the newspaper men” -- Alexander Graham Bell

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September 9, 2008 - 8:03pm — mdoneil

Hanlon's razor

I don't think it is because they are intentionally trying to misinform, I just think they can't do their jobs well.

Never attribute to malice that which is adequately explained by stupidity.

Or as my grandmother would say cock-up before conspiracy.

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September 10, 2008 - 9:53am — Jaclyn_McKewan

Another story...

Forbes also has a story on this: http://www.forbes.com/2008/09/08/ual-tribune-bankruptcy-biz-media-cz_ja_0908ualstory2.html

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