Stephanie Ruhle takes us inside the rescue options before Knight Capital CEO Tom Joyce and why he made the choice to go with the group of investors that he did rather than an offer received from Citadel. She speaks on Bloomberg Television’s “In The Loop.”


Bloomberg Aug. 9 2012

Category: Video

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3 Responses to “How Tom Joyce Saved Knight Capital”

  1. Shibumi says:

    Pretty confusing – Is she saying that because Citadel was a tough competitor and because Tom Joyce had his feelings hurt when etrade’s CEO was fired – he wouldn’t do a deal with Citadel? It seems like shareholders got screwed – possibly because Tom Joyce wanted a deal where he remained CEO. Given the gravity of what happened I’m assuming the board will let the dust settle before firing him – it would be amazing if he keeps his job.

  2. I’m not much interested in personalities…

    I’m interested in developing a market that allocates capital into productive and socially beneficial activities… you know like Adam Smith talked about.

    This is a financial sector that has no interest in the real economy… and must sooner-or-later by bypassed and/or eliminated so that actual markets can once again exist.

    Complex systems often behave in counter-intuitive ways… the speed expected to increase liquidity and efficiency… may end up destroying trust and drying up volume (as the retail investor leaves this party).

    Ivy League math graduates have more brains (and greed) than common-sense.

    But shame on us for listening to them.

  3. larrr1 says:

    reason was self-interest