David Faber

Tyler Durden's picture

Knight 2.0: Jefferies Rescues FXCM With $300 Million Bailout, CNBC Reports





In an apparent replay for 2012's Knight Trading algo-implosion $400 million cash-infusion bailout, Jefferies (owned by NY-based I-bank Leucadia) is riding its white horse to the rescue of FXCM and its $200-million-plus client losses:

  • *LUK IN $300M DEAL TO LET FXCM CONTINUE NORMAL OPS: CNBC
  • *LEUCADIA GIVE FXCM $300M IN FINANCING CNBC

Leucadia will get $250m in senior notes as part of the deal, CNBC says. So - in summary - a central bank blew up an FX broker and a mid-market junk-bond underwriter bailed them out... must be good for a green close for the week in stocks!

 
Bruce Krasting's picture

In the News





 

The scientists were found guilty of providing: “Imprecise, incomplete and contradictory information”

 
Tyler Durden's picture

Knight To See Another Day Following 60%+ Convertible Dilution





According to CNBC's David Faber, Knight Capital will live at least for another day and avoid bankruptcy. Instead, it will experience dilution which will make its equityholders almost wish the company was filing. Knight, via Jefferies, is about to stick its shareholders with a massive dilution following the issuance of a $400 million convert bond at a $1.50 conversion price, or more than 60% dilution from Friday's $4.05 closing price. This means the pro forma share count will soar from 90 million to 350 million upon conversion, which as David Faber says, will take place promptly by all members of the syndicate after 10 business days. In other words, KCG just issued stock at a ~63% discount to new money.

 
Bruce Krasting's picture

David Faber, Chris Whalen and Euro Banks





The question is, "Will we make it till friday before a Euro bailout?'

 
Tyler Durden's picture

David Faber On Goldman CRE Write Downs And REIT Pain





David Faber discusses Goldman's real estate losses, and draws some conclusions about the upcoming pain for REITs. And yet, thanks to Goldman, which has been instrumental in upgrading and issuing stock for the REITs (and having a massive blow out quarter thanks in large part to its REIT underwriting activity), the sector is doing unprecedentedly well. Surely one has to wonder just what must happen at this point for people to realize what a ticking time bomb Commercial REITs are?

 
Tyler Durden's picture

David Faber Openly Ridicules Dick Bove





Everyone else does, why should David be an exception. Fast fwd to 2:20 - "You want a good laugh, take a look at Dick Bove's latest report." Dick - when CNBC makes fun of you for smoking the "shutes" you know you have reached a new low on the propaganda pole. At least that DC advisory job beckons - better make use of it quick. The next election is in just over 3 years.

 
Tyler Durden's picture

David Faber All Over The "Blogosphere"





Too bad Mr. Faber did not mention the source for the AIG information. But we love him anyway

 
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