Derek Stein is a member of BlackRock’s Global Executive Committee. He is a Senior Managing Director and is Global Head of Technology & Operations. Stein’s service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Before joining BGI, Stein was an executive vice president at Knight Capital. Prior to that, Stein spent 10 years with Merrill Lynch & Co. Earlier, he spent several years as a senior manager with Ernst and Young’s capital markets and banking management consulting practice. Before moving to the U.S. from South Africa, Stein managed a long/short equity fund and was a practicing Chartered Accountant. Stein earned a BA degree in computer science and an MS degree in finance, both from the University of Witwatersrand in South Africa.
Steven Bisgay is an executive member of Cantor Fitzgerald, L.P. BATPrior to joining Cantor, Mr. Bisgay was the Chief Financial Officer of KCG Holdings. Before his appointment as Chief Financial Officer, he served as Knight Capital Group, Inc.’s Executive Vice-President, Chief Operating Officer and Chief Financial Officer. Prior to these appointments, Mr. Bisgay served as Senior Manager at PricewaterhouseCoopers LLP. He has also served on the Board of Managers of Direct Edge Holdings LLC, until its merger with BATS Global Markets, Inc. Mr. Bisgay is a Certified Public Accountant and holds a BS in Accounting from Binghamton University and an MBA from Columbia University. He is also registered with FINRA and holds a Series 27 Financial Operations Principal License.
Thomas M. Joyce was chairman and CEO of Knight Capital Group from May 2002 until he resigned in July 2013. Joyce served as president of Knight Trading Group until January 2005 after being appointed chairman in December 2004, and has also served as head of brokerage operations since June 2005. Prior to joining Knight, he was briefly global head of trading with Sanford C. Bernstein & Co. after a 15-year stint with Merrill Lynch, where he last served as global head of equity e-commerce from 1999 until 2001. Joyce previously served on the board of directors of NASDAQ. Joyce also serves as a director of the Securities Industry and Financial Markets Association (SIFMA). Joyce received his A.B. in Economics from Harvard College in 1977.
David Dayen, a persistent chronicler of how oligarchs exploit the financial system to enrich themselves at the expense of others, writes about Chris DiIorio, a stock analyst who for 10 years has obsessively investigated how exactly he came to lose $1 million on one penny stock. A remarkable story ensues. All article in The Intercept.
The Money is Gone (22 September 2016)
Big Players, Little Stocks, and Naked Shorts (23 September 2016)
Naked Shorts Can’t Stay Naked Forever (24 September 2016)
Calling the SEC (25 September 2016)
Turning Up Like A Bad Penny (26 September 2016)
Were Paper Losses the Goal All Along (27 September 2016)
The Half Billion Glitch (28 September 2016)
David Dayen, 23 September 2016
CHRIS DIIORIO HAD lost a million dollars when the penny stock he was betting on shed 98 percent of its value in a matter of weeks. But when he looked deeper, he found this wasn’t a typical penny stock pump-and-dump scheme. He was determined to get to the bottom of it.
For one thing, there were two huge companies involved. Continue reading “Article: BIG PLAYERS, LITTLE STOCKS, AND NAKED SHORTS”
The Intercept, 15 December 2016
Back in September, I wrote a seven-part series at The Intercept chronicling how former Wall Street trader Chris DiIorio, determined to figure out how he lost a small fortune on a penny stock, came to the conclusion that gigantic market-making firm Knight Capital, now known as KCG, repeatedly violated federal regulations meant to prevent abuse in what are known as “naked short sales.”