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Situation Looking Dark for Knight As It Enters Lehman-Like Death Spiral
MINYANVILLE ORIGINAL Wow that was fast. Knight Capital Group (KCG) looks like it is falling into a Lehman-like death spiral due to lack of confidence. The market-maker which would need to raise an estimated $600 million to cover its August 1 trading loss of $440 million has been slapped with three downgrades in two days and has watched its major customers pull their businesses. Egan-Jones cut Knight's credit rating to CCC Thursday after dropping it from B-plus to B earlier in the day and also called the company's trading loss "debilitating." Egan-Jones estimated that Knight would need to raise $600 million to ameliorate the loss and stay afloat. Given ...
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