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Crisis
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2000-03-31 23:21:00-05
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Major part of Thai Stocks destroyed by Foreign Agent.
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Simple misunderstanding leading to rapid devaluation of many shares.
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In an accident today, Saturday, a major part of Thai shares were destroyed as a worker misunderstood a remark from vault-manager Mr. Misanook Marktisud. While shares were being transferred to rest in the vault after heavy trade a maintenance worker asked if it was going well for the Thai stocks. "Yes." Mr. Marktisud answered, "the only real problem is corruption." The worker Samong Nitnoi who is usually involved in maintaining the padlock to the vault misinterpreted the statement and heard the last word as "corrosion". "There are ways to prevent that!" he said firmly. Eager to do his country a favor Mr. Nitnoi fetched a anti-corrosion spray and started spraying the papers. Before anyone discovered what was going on, stocks valued at several billions was destroyed as the chemical agent (made in USA) caused the print of the paper to fade off completely. The vault manager said that no charges was to be pressed againt Mr. Samong Nitnoi as he was acting in good faith. "Furthermore, matters chould have been worse. Luckily some of the shares sprayed was in certain security companies where the raw paper value now is higher that the stock itself had before the accident."
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