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Friday
Aug032012

INTERVIEW - Knight CEO Tom Joyce Explains What Went Wrong And How His Firm Lost $440 Million In 30 Minutes

Knight Capital CEO Thomas Joyce on Bloomberg yesterday. Pretty impressive interview given that NITE stock is down from 13 to below 3 in 24 hours, clients and counterparties have deserted the company, and the $440 million lost in 30 minutes of program trading gone hellishly wrong represents 4 years of profits for Knight.

The culprit - a new piece of proprietary Knight software for the NYSE that was installed Tuesday night without being tested first.  As a result, in the worst-case scenario, Knight Capital might be forced to shut down.  And honestly, it couldn't happen to a more deserving and more corrupt market maker.  Fifteen years of constant bid/offer manipulation from these crooks.  I can say with complete confidence that there will not be many tears shed across the trading community if and when Knight disappears.

Here's the latest:

 


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Reader Comments (2)

More on Knight

Why Knight lost $440 million in 45 minutes

snippet...

The high frequency trading battle between exchanges and market makers is resulting in big losses not just for Wall Street, but, likely, for us too.

in full
http://finance.fortune.cnn.com/2012/08/02/knight-high-frequency-loss/?iid=HP_LN

Will Knight Find a White Knight?

http://www.cnbc.com/id/48480848

Knight trading loss shows cracks in equity markets

http://www.reuters.com/article/2012/08/03/us-knightcapital-trading-technology-idUSBRE87203X20120803

Misc.

Pimco's El-Erian Fed will act in time for the election

http://www.moneynews.com/StreetTalk/Pimco-El-Erian-Fed-Purgatory/2012/08/02/id/447399


Not to worry though everything's fine just fine say's obama's golfing buddy Wolf (excellent name for this guy btw wolf's are predators)

Obama’s Golf Buddy: ‘Businesses Doing Extremely Well’

snip...

A day after he left the Swiss bank, Robert Wolf appeared Thursday on CNBC's "Squawk Box," defending his golf buddy's attempt to win re-election to the White House.

There are many bright spots in the economy, he told CNBC, adding that for every Obama foe like Donald Trump, there's a supporter like Warren Buffett.

Wolf, 50, is an unabashed backer of the president and is among the top money bundlers for Obama.

In June, The New York Times reported that he had raised more than $500,000 for the re-election campaign.

in full

http://www.cnbc.com/id/48462776

There's No Mystery To Slow Economic Growth: Progressives Are The Problem

http://www.forbes.com/sites/peterferrara/2012/08/02/theres-no-mystery-to-slow-economic-growth-progressives-are-the-problem/

International Data on Living Standards Show that the United States Should Not Become More Like Europe

http://danieljmitchell.wordpress.com/2012/08/01/international-data-on-living-standards-show-that-the-united-states-should-not-become-more-like-europe/


Obama Admits Funding Fake Revolutionaries to Attack Assad

http://occupycorporatism.com/obama-admits-funding-fake-revolutionaries-to-attack-assad/
Aug 3, 2012 at 9:52 AM | Unregistered CommenterLiberatedCitizen
Follow the Money...this is the "designed to fail" market...where you lose on purpose to either A) ask for a bailout (you still are rich from the commissions) B) Lose to a confederate in the scam...

Follow the Money...The street has more crooks than Sing Sing...
Aug 3, 2012 at 5:18 PM | Unregistered Commenterbeijingyank

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