Money Stuff: The Podcast Bad Monday: Shrimp, Fingers, Brains
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May 24, 2024 Join the hosts as they dive into Red Lobster's bankruptcy saga, revealing the flaws behind its shrimp-centric promotions. They humorously discuss the conflicts of interest in corporate governance and reflect on a catastrophic trading blunder at Citi, which saw a $444 billion error unravel due to systemic issues. Delve into the subconscious of investors with fascinating insights about brain activity influencing stock decisions and witness professional money managers grapple with the challenges of prediction, all while keeping the tone light and engaging!
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Red Lobster's Shrimpy Bankruptcy
- Red Lobster filed for bankruptcy, partially due to an "endless shrimp" promotion.
- This promotion, allegedly benefiting their shrimp supplier and owner, Thai Union, resulted in a substantial loss.
Multiple Factors in Red Lobster's Demise
- Red Lobster's bankruptcy is likely due to several factors, including changing consumer tastes and inflation's impact on casual dining.
- The "shrimp conspiracy" is an interesting narrative but not the sole cause.
Citi's $444 Billion Fat Finger Trade
- A Citi trader accidentally sold $444 billion worth of stock due to software issues and human error.
- This caused a flash crash in European markets on a bank holiday.