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The Financial Times of London reported this week that General Motors has dropped the Swiss Bank UBS from the group of underwriters involved in its upcoming initial public offering (IPO).

The reason, the FT says, was disclosed in an amended IPO prospectus (see PDF) in which GM said that, "an employee of a previously named proposed underwriter ... distributed an unauthorised e-mail to various potential institutional accounts."

This London Telegraphstory says that the UBS analyst sent the email to over 100 of those "potential institutional accounts" by mistake.

The email supposedly contained "discussed pricing and other details of the $13bn issue with clients before they were made public last week," the FT noted.

The Telegraph says the "rogue email" is likely to cost UBS $10 million in fees, along with some more of its reputation that it has been trying hard to win back after several years of terrible results.

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Why Functional Programming Should Be the Future of Software Development

It’s hard to learn, but your code will produce fewer nasty surprises

11 min read
A plate of spaghetti made from code
Shira Inbar

You’d expectthe longest and most costly phase in the lifecycle of a software product to be the initial development of the system, when all those great features are first imagined and then created. In fact, the hardest part comes later, during the maintenance phase. That’s when programmers pay the price for the shortcuts they took during development.

So why did they take shortcuts? Maybe they didn’t realize that they were cutting any corners. Only when their code was deployed and exercised by a lot of users did its hidden flaws come to light. And maybe the developers were rushed. Time-to-market pressures would almost guarantee that their software will contain more bugs than it would otherwise.

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