Knight Capital former CEO Pasternak says company can rebound
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(Reuters) - Knight Capital Group's co-founder and former CEO Kenneth Pasternak said on Thursday the company can rebound after a trading glitch that wiped out $440 million in capital.
Knight has said in a statement it is looking for financing after a problem with the company's trading software caused unusually heavy volume in dozens of stocks.
"Whenever you have a company that lost roughly half of its tangible book value in five minutes, everything is on the table," Pasternak, who co-founded Knight in 1995 and served as its chief executive until he retired in 2002, told Reuters in an interview. "All (CEO Tom Joyce) has to do is pick up the phone."
Although equities trading is not a growth business and client confidence may be waning, Knight remains profitable and can rebound from the technology issues, according to Pasternak.
He knows how the market works.... I hate these guys but, I want competition and as many market makers as possible..... period. THEY are the so-called market makers like Knight Capital (KCG), Citadel, Citigroup (C) and UBS (UBS) that get bashed every day on the boards..... MORE is better and Giants like Fidelity could miss them alot.