UBS set a good example when it announced last month that it was going to give back the money it gained from a $3 billion trading order error on the Tokyo Stock Exchange by Mizuho Securities Co. Now another four dozen firms have announced they will donate their collective proceeds of $171 million to a nonprofit fund that aims to strengthen the exchange's trading infrastructure.
"We've maintained a position that we do not profit from someone else's obvious mistakes," Lehman Brothers told the Associated Press, "and it's appropriate to return the profit.
Among top firms contributing to the fund are Lehman Brothers, Credit Suisse Group, Morgan Stanley and Goldman Sachs. Mizuho itself lost about $333 million because of the error.
"We've maintained a position that we do not profit from someone else's obvious mistakes," Lehman Brothers told the Associated Press, "and it's appropriate to return the profit.
Among top firms contributing to the fund are Lehman Brothers, Credit Suisse Group, Morgan Stanley and Goldman Sachs. Mizuho itself lost about $333 million because of the error.
