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Dumbest Moments in Business

The biggest blunders of 2012.

Knight's trading glitch: Karma is a bitch

dumbest moments 2012 knight trading

Knight Capital CEO Tom Joyce was one of the loudest and harshest critics of the Nasdaq after the botched Facebook IPO. On CNBC, he called out Nasdaq for "arguably the worst performance by an exchange on an IPO ever."

A few short months later, Knight suffered its own $440 million trading glitch that affected nearly 150 NYSE stocks and left the firm in a precarious financial position. Knight's stock has plunged more than 75% over two days in August and never recovered and the company began searching for a suitor. Knight's white knight arrived in the form of Getco, which agreed in December to a merger that valued Knight at $1.4 billion. -- Hibah Yousuf

- Last updated December 19 2012 05:01 PM ET

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