“Executives at Rochdale are telling employees and potential investors that a trader made an unauthorized purchase of Apple Inc. (AAPL) shares, which has eroded the capital of closely held Rochdale, said one of the people, who requested anonymity because the overtures have been private,” Son, Kishan and Faux report. “Rochdale bought more Apple shares than the brokerage’s management intended around the technology company’s Oct. 25 earnings report, two of the people said.”
Son, Kishan and Faux report, “Rochdale officials told employees that a rogue trader amassed the position, one of the people said.”
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MacDailyNews Take: Nobody ever got fired for buying IBM. ;-)