Until It Lost Four Times Its Annual Earnings In A Matter Of Minutes, Knight Capital Was Very Profitable, And Guess What, The Company Doesn’t Need Your Charity Regardless

…says former CEO who may or may not be authorized to speak for the place. Ya hear that would-be buyers? You can piss all the way off.

The co-founder and former chief executive officer of battered market-maker Knight Capital Group gave a bullish assessment of the company’s future, telling CNBC that Knight can “definitely survive,” even without the help of a financial savior. If Knight should go under, “you’d have a hole in the marketplace,” said Kenneth Pasternak who retired from Knight in 2002. The market-maker “needs to restore the confidence of the community at large, but its a very important player and frankly, was a very profitable player until three days ago.”

No ‘White Knight’ Needed For Knight: Co-Founder [CNBC]

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43 Responses to “Until It Lost Four Times Its Annual Earnings In A Matter Of Minutes, Knight Capital Was Very Profitable, And Guess What, The Company Doesn’t Need Your Charity Regardless”

  1. NYT Style Editor says:

    "…a hole in the marketplace…"

    Shouldn't there a hyphen between the "a" and the "hole"?

  2. epic failure says:


    – Lehman, Bear, Countrywide, et al.

  3. Boulder, CO says:

    Don't piss on my leg and tell me its raining!

  4. güest says:

    Where is my knight in shining armour?

    – Knight in dirty armour

  5. guest says:

    Now all they need is a bullish call from Cramer to give the market an 'all clear' signal.

  6. Lowly Assistant says:


  7. The Slacker says:

    I see Medieval Times always blows $440 million in 15 minutes…..

  8. guest says:

    He'll bite your legs off.

  9. derp says:

    C'mon now, try and understand
    The way I feel under your command
    Take my hand, as the price descends
    They can't hurt ya now. Can't hurt ya now. Can't hurt ya now.
    Because the Knight belongs to lovers.
    Because the Knight belongs to us.

  10. Mad Mummy says:

    Hey-yo, Jim Cramer here. When I worked with Knight Capital, I wasn't able to attend the roundtable because I was all wrapped up.

  11. TSTF says:

    So is he saying they are too small to fail??

    SEC enforcement attorney

  12. Deleveraging says:

    Wasn't Pasternak running Knight in the late 90's and their traders were running a huge scam changing the execution prices on block trades and skimming from their institutional clients orders? They couldn't find anyone more credible to interview?

  13. VonSloneker says:

    Knight can definitely survive, even without the help of a financial savior. Brisk sales of our "Ladies of the Knight" calendar should fill our funding gap in a matter of days. In short, we will not go gently in to that good Knight…

    – Apparently we're all doing puns guy

  14. TheDetailGuy says:

    I don't know…I think the guy has like a an 812 FICO…that seems pretty creditable to me.

  15. nelson muntz says:

    Get those brokers back in here! Turn those machines back on!!!!

  16. JohnnyCanes says:

    Pasternak means parsnip in Russian. So… That's something.

  17. UFO says:

    Up 60% from yesterday. Called it. Make me a trader.

  18. batch file says:

    This is my conspiracy theory and i'm sticking to it. The algo was buying high and selling low. My guess as to what happened is that they actually put the wrong code to the wrong desk. The prop desk is to buy low and sell high, but the retail desk is paying the spread– buying at the offer side and selling at the bid side. My guess is that they put the retail code on the market making side, rather than the retail side. Maybe that's why they couldn't detecte so quickly because they were looking at the retail code thinking something went wrong and then checked the market making code?

  19. 25th Hour Trader says:

    "…and frankly, was a very profitable player until three days ago.”

    Let me stop you. I had a very profitable strategy of selling outs for YEARS until I blew up in three days.

    V. Niederhoffer

  20. Hee Haw says:

    I know the dude who is the MD of the electronic trading business. Biggest douche you’ll ever meet. A real tool. He was dating some analyst with fake knockers who could suck the chrome off a trailer hitch. Word is, he dumped her, and she busted up the place with a bat.

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