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Knight Considering Bankruptcy, Looking At 363 Asset Sale
- VIRTU OUT OF BIDDING FOR KNIGHT CAPITAL
- KNIGHT’S JOYCE CONSIDERING BANKRUPTCY REORGANIZATION
- KNIGHT LOOKING AT ‘363’ REORGANIZATION TO SELL ASSETS
- KNIGHT LOOKING TO EMERGE AS VIABLE COMPANY
363 Asset sale? This is what we said earlier when we reported on the rumors of a sale to Virtu: "Will it happen? Maybe. Although we doubt it - why pay for equity value when one can pick up the functioning assets in a Chapter 363 asset sale which also sticks the creditors with all the crappy assets?" Sure enough. Sadly, what this means for the company 1,500 employees is that about 80% them will be out of a job due to an algo gone wild. And to then we have been warning about the impact of HFT for the past 3 years.
Perhaps now that people's livelihoods are about to destroyed even the porn-addicts at the SEC will finally take this matter seriously.
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Yes but how many undeserved bonuses were paid out because of that very same "inanimate object"? How many traders have been picked clean by those very same algos?
It cuts both ways. That's the price.
Algo s don't kill, bankers kill
This is what 1200 perps? What about the companies that created and are using the financial weapons of mass destruction.
Even Buffett was bad mouthing derivatives in 2004. Some one should go back in a time machine and fix Ayn rand before she corrupted Greenspam.
double save, add a delete button will you tyler!
Dave Bowman: Hello, HAL. Do you read me, HAL?
HAL: Affirmative, Dave. I read you.
Dave Bowman: Open the pod bay doors, HAL.
HAL: I'm sorry, Dave. I'm afraid I can't do that.
Dave Bowman: What's the problem?
HAL: I think you know what the problem is just as well as I do.
"Perhaps now that people's livelihoods are about to destroyed even the porn-addicts at the SEC will finally take this matter seriously."
No they won't and you should know better TYLER!
Nothing will do it.
1. This is complex. One mind or one small set of minds cannot apprehend nor comprehend the entire matrix that is "The Market."
2. They don't pay enough to hire folks who understand this stuff.
3. They don't have enough assets allocated to properly regulate and/or prosecute, even if they did understand what the fuck was going on.
4. And anyway, cause what the fuck, EVERYONE IS SELF INTERESTED AND TURINING THEIR HEADS THE OTHER WAY FOR MANY REASONS. The bottom line is they have been brought up in a corrupt system and all they can do is replicate what they know, even if they could understand, even if they did have enough assets to prosecute wrong doers.
[MsCreant crawls off to the side of the ring, breathing hard, crying, bleeding, sweating, knowing she has dealt Tyler a blow to the jaw. She is screwed either way. If he gets up off the floor and comes for her, she is surely dead. If he does not get up and fight, all is lost...{fight you fucker, fight}].
My first story written for ZH:
http://madscienceunlimited.com/fiction/theexchange.html
I came up with the idea after the infamous "flash crash".
My character Fortran is (as the name implies) a machine. She's kinda cute in an off-colored way, but more importantly Fortran is 100% electronic death.
I may have to follow up now. What would she do in electronic combat? how would she fight it? How would that feel? Maybe one of these days I'll give it some thought, but by then my art might have already been over taken by reality.
Just like T3 when they turn on Skynet and cannot turn it off. The drones then start killing everyone. A Knight competitor took them out today. My guess is it was a worm like Stuxnet or Stuxent.
I guess Ron Paul will be all over this. Right
Please give me the record for down arrows!!!!!
'Twould be interesting to see who was on the other side of those trades. I mean, if Knight was buying the ask and selling the bid, was there someone else buying the bid and selling the ask?
Good work if you can get it!
Who's next?
Remember when a stock transaction, BACK IN THE BOOMER DAYS, took five days to verify and complete? Can't stop progress I guess. You got it! You created it!
I think greatly reducing the role of the computers is the only answer.
Get your asses back out on the floor and in the pitz, bitchez, or no stawks for U!
May turn out that the beginning of day trading was the end of orderly markets. Funny that the consensus was that it was bad for markets and for a time suppressed. However, TPTB, boomers included, eventually saw it as a way to scim off the top. Those few pennies turned into dollars, and into thousand, millions, billions. Even today, how many here are scimming? Trading options? Puts and Calls? Calculating profits and loses? Think about it. I know, been going on forever, but WHAT EVER HAPPENED TO INVESTING IN A COMPANY?
Next time buy a Algo Default Swap at Goldman.
You need some of the old guys to come out of retirement; fire the raghead programmers; fire all the 30-something "suits" that never use a tie any more; make financial fraud a mandated life sentence; and finally; SHUT CNBC assholes up for good. THEN and only then will we go back to the days of honor, integrity, and open-outcry, where a bad trade got busted and the guy that fucked up bought the drinks after the close. There is no more fraternity in the pits because there are no pits, only cesspools, where the HFT algos lurk like that huge garbage snake in Star Wars.
"You need some of the old guys to come out of retirement." No, we do not need the OG's out. What makes you think they ever quit in the first place? CNBC? Well, most Muppets don't even know that channel exists.
What you have is a situation where HR in any corporation that offers 401K or 403b, etc is the one who decides what funds are available to the slaves and they pump it. Most HR people have no idea why to invest in any instrument much less any idea why productivity may or may not occur in a given corporation. Fire most corporate HR as they produce almost nothing for a corporation and let the various level managers do their jobs.
That's kinda funny. "Knight Considering Bankruptcy". Do you think ?
At Last!! Market forces allowed to operate. Now that's what I'm talkin' about.
Ladies and Gentlemen, thank you for coming today to the absolute auction of all assets of Knight excluding claims against officers and directors and software managers which not, I repeat are not being auctioned pursuant to expedited offer of the Banruptcy Judge. Okay here we go. Um Gallipoli dee dum whatamI bid for dis fine office furniture..., I got $50 dollars, do I hear $100? Iva' got fitie' do ah hear a hunert? Comalonga, iddybiddy no titty, do I hear a hunert? Going once, Goin twice.....SOLD to JP Morgan. Ladies and gents this concludes the public sale of all aforesaid assets. Thank you.
No. Not to JP Morgan.
Enter the Squid...
http://www.bloomberg.com/news/2012-08-02/knight-said-to-open-books-to-su...
The Squid's own stuxnet probably brought Knight down. Can you imagine being an exec at Knight? In 20 minutes you are dead and you have no clue how it happened. Oh well.
So they knew they were to go bust and deliberately set off the poison pill algos?
From about $12 to about $2.30 in two weeks. By the end of the next financial crisis, there are going to be more billionaires than now. There are now more billionaires than in 2006.
We can't touch that, I meant we can't tax that.
This Retail Liquidity Program seems like a dark pool. If almost everthing trades in dark pools how will price discovery be affected? If everything trades in dark pools won't the whole system be like a flat bottom boat; seems just fine until it turns over?
http://www.youtube.com/watch?v=ayKOlLhlQsc
Luxury Chinese Boat Launches and Sinks Immediately
but HFT's keep ZH employed!!!
I know nothing, but where is the algo snark chat room on what went down?
Was their algo to clean sweep the market orders tampered, or were the HFT fake orders actually executed because of some "network" latency issues before they could be cancelled? etc etc etc
From what I have read about " Knight Capital" , fast money (middle man) market maker<> , it couldn't have happened to a nicer crew!/sarc
Market cap of 1b, trading like a Bellweather, Exchange? WTF? These guys guys slipped in (1995)? We all know how liquid the markets were in the early 1990's! Utter shitsville after the S&L debacle.
Just in case you might have missed this little gem...
"I'm very worried people will take a look and say there is something fundamentally wrong with the market, and there isn't," said Maureen O'Hara, a finance professor at Cornell University who sat on an advisory panel that explored reforms after the U.S. stock market collapsed inexplicably in a few minutes in the 2010 "Flash Crash."
http://www.chicagotribune.com/business/breaking/chi-report-knight-capital-eyes-chapter-11-asset-sales-20120802,0,1196071.story?page=1
No fucking doubt these fuckers pulled the kill switch casue the alternative meant bigger losses for the people in power. You will be assimilated mutherfuckers.
Three days ago these guys were solid major players and now they're toast because of a couple of numerical sequences? Does anybody else think this is just a bit strange? I can feel the sand shifting under my feet as I write this. This is a harbinger if there ever was one. The entire system is vulnerable and this will happen on a larger scale. Get ready - chaos is coming. Sooner than anyone thinks.
I can feel the sand shifting under my feet as I write this. This is a harbinger if there ever was one. The entire system is vulnerable and this will happen on a larger scale. Get ready - chaos is coming. Sooner than anyone thinks.
I think the volume drying up and small investors leaving or left is affecting these firms. They see the writing on the wall or the implosion and they are eating each other now like cannibals. Sharks in a tank with no food eating each other. This was not an error or mistake. It was a take down. Knight never knew what hit them. They were dead in probably 20 minutes. Game over.
Those pieces of shit on CNBC had the nerve today, to scream from the mountain tops, that this was proof positive, that moral hazard was alive and well on wall street!!!!
LMFAO!!!!!
Hi, Tyler/ZeroHedge,
Things are more dire than are presently being acknowledged and realised ........ http://forums.theregister.co.uk/post/1497448
did your account get hacked?
the link to your post works, but the post doesn't make any sense to me, except for the part about Qubits
Some ZHers' started Project Mayhem?
Here's how it works.
1. Hire math people who think they are smart and can write really complicated code. Actual knowledge of real world / business / market games (even math) optional.
2. Hire business people who think they are smart and put them in charge of it all. Knowledge of math / code / whatever-the-first group is doing (even business) optional.
3. Group number two exists to squash any dissent or contrary opinions, no matter how well founded, to the activities of group number one.
4. Increase leverage on bets.
5. Profess shock and dismay when it collapses.
6. Begin the patsy turkey shoot.
(the above is basically how it goes in banking, from where I observed many such losses accrue needlessly)
i wonder who screwed up the aglos
howard and kumar?
or Alice and Bob?
http://en.wikipedia.org/wiki/Qubit