Knight Capital Group officials raced over the weekend to negotiate a deal to save the crippled brokerage firm as new details emerged showing regulators rebuffed the company’s pleas to be released from errant trades it had booked.
Three hours after a software glitch unleashed a wave of erratic trades on Wednesday, leaving Knight holding at least $4.5 billion worth of securities it hadn’t planned to buy, firm Chief Executive Thomas Joyce was on the phone with Mary Schapiro, chairman of the Securities and Exchange Commission.
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That’s pathetic. They are a market maker, not some Ameritrade account holder who typed in an extra zero.