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FBN’s Charlie Gasparino on Goldman Sachs working to unwind Knight Capital’s errant trades.
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They are breaking news I have a right -- Carrying out -- -- trades.
You know part of that 440 million dollar loss estimate that Tom -- -- -- night cited was because he believed he could unwind his tree he he believed he could unwind it.
Through a market maker that market maker as we are finding out is Goldman Sachs -- here's what's interest in about this.
Sources -- -- the Fox Business Network that Goldman Sachs.
Has not completed unwinding these errant trades.
That Goldman is waiting for regulatory approval before before completing this on line.
Goldman doesn't believe it's there's only an outside chance that this won't be done.
But this is an issue it could be done during the weekend and if it's not done well then there's.
-- for night if there's some issue that holds this thing up I will point out that people close to go home until the Fox Business Network while it's not done.
You know -- in -- likely today it's likely to be done.
But there's no guarantees on this -- so this is kind of an interest in situation lots of stuff going on lots of reports about this -- reports about lines of credit.
But Goldman Sachs clearly is the market maker for the staying to question is is it done -- not.
And from what I understand it is not done so Tom Tom Knight a Tom Tom Joyce whose CEO of -- security cited that 440 million dollar loss estimate.
Based on a deal which he thinks is gonna be done.
We should point out also kind of interest in little tidbit here.
If the Volcker Rule was in effect.
Goldman Sachs -- even try to do this trade it couldn't try to help them -- security so maybe that's something that.
The policy makers in Washington to think about when -- -- the Volcker Rule we should point something else out.
I still can't find a bank that's that's that's lined up this -- line of credit.
You know when you get this sort of stuff where there -- -- big stories out there.
-- you can't find banks that actually dual line of credit goes and the market is acting as if there is a line of credit out the extent -- -- firm.
Well then you know this is a really.
Interest deemed sort of convoluted crazy situation that's that -- You want to get involved in the stock I know it's going up.
-- -- there's lots lots here to be worried about the of the fact that they haven't completed.
This unwind.
You never know you never know what can happen in the future might say it's not gonna happen the fact that we can't find the -- that gave that line of credit that's one reason why the stock's up.
Man that's problematic and not -- sell your stock just -- it take -- into consideration this is this is a very squirrelly situation guys back to you.
I -- where this is why got to listen to try to cover -- rest day -- make -- all the elements and -- good.
