Knight Capital Reaches Out To JPMorgan For Emergency FundingVW Staff
FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that traders at Knight Capital Group Inc. (NYSE:KCG) are making calls for jobs elsewhere as the stock hits new lows and the firm seeks a potential buyer
One senior Knight Capital Group Inc. (NYSE:KCG) executive told FOX Business Network (FBN) Senior Correspondent Charlie Gasparino that, “It’s a warzone here, bullets are flying; I’m just trying to survive”
FBN has learned at least 10 counterparties won’t deal with Knight at least for now
FOX Business Network has learned that the turmoil has forced Knight Capital Group Inc. (NYSE:KCG) to reach out to JPMorgan Chase & Co. (NYSE:JPM) for emergency financing aimed at shoring up the company’s depleted capital base. The trading malfunction involved Knight Capital buying $5 billion of stock, and the next 48 hours are critical for the company’s survival as CEO Thomas Joyce tries to maintain its capital base and examines all alternatives, including a possible sale. Regulators are monitoring the situation closely.