"You can only assume that these glitches are going to continue into the future," says Todd Schoenberger, managing director of the BlackBay Group in New York. "This is a huge, huge negative. It's another black eye for Wall Street. This is not good for the retail investor. How are they supposed to trust what we do?"Toss in the Car-Salesman-in-Chief's ongoing trillion dollar boondoggle and you have the recipe for the perfect financial storm.
Knight blamed the malfunctions on a software upgrade and said the episode would cost a whopping $440 million, a burden that will force the company to raise capital to cover.
The price tag on a market that already had been bleeding investor money is yet to be determined.
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22 August 2013
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