“I went to lunch and the market dropped 800 points. People were pretty chill and like, ‘Oh, it’s just some program trading thing’ … [The] Citi rumor spread here before I started seeing it hit the news, because people were talking to clients on trading desks who were all hearing it too.” —A source in Goldman’s investment management, to the New York Observer, in regard to today’s crash. Meanwhile, Citi is denying reports that one of their traders may have instigated the crash: “We have not found any info that would lead us to believe we were involved in a technical error,” Armando Diaz, Citi’s U.S. Head of Franchise Trading, said. [NYO]
