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Nasdaq tries to make amends for Facebook problems
NEW YORK — The Nasdaq stock exchange tried to make amends with investors ensnared by technical problems on the day Facebook went public. But the apology was not universally accepted. Nasdaq said yesterday afternoon that it would hand out US$40 million in cash and credit to reimburse investment firms that lost money on Facebook's opening day because of computer glitches at the exchange.
Nasdaq's chief rival, the New York Stock Exchange, fired off a statement condemning the move, saying Nasdaq was giving itself an unfair advantage and rewarding itself for its own mistakes. One broker, Knight Capital, said the planned reimbursements weren't nearly enough, encapsulating the complaints that other brokers and investment firms were making privately.
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