CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities:
Net (loss)/income	$ (82,124,000)	$ (20,621,000)	$ 54,920,000
Adjustments to reconcile net (loss)/income to net cash provided by (used in) operating activities:
Impairment of goodwill and intangible assets-Investment Banking	80,244,000
Impairment of goodwill and intangible assets-Equities	14,311,000
Amortization of stock-based compensation	15,074,000	54,338,000	13,974,000
Investment losses/(gains), net	(2,996,000)	(7,000)	(5,698,000)
Gain from bargain purchase-ClearPoint Funding, Inc. acquisition	(2,330,000)
Deferred income taxes	1,394,000	(17,444,000)	(18,388,000)
Amortization of intangible assets	2,099,000	3,698,000	3,896,000
Depreciation and amortization	1,936,000	1,624,000	1,161,000
Loss from extinguishment of mandatorily redeemable preferred stock		1,608,000
Loss from disposal of office equipment and leasehold improvements	316,000	419,000
Amortization of discount of mandatorily redeemable preferred stock		173,000	232,000
Amortization of debt issuance costs		125,000	168,000
Changes in operating assets and liabilities:
Cash and securities segregated for regulatory purposes	(9,512,000)		370,000
Securities purchased under agreements to resell	(1,436,743,000)	(86,484,000)
Net receivable/payable from/to related parties	861,000	(1,349,000)	(397,000)
Net receivable from others	4,019,000	(1,787,000)	(10,443,000)
Financial instruments owned, at fair value	(226,574,000)	(301,542,000)	(360,879,000)
Income taxes receivable/payable, net	(2,526,000)	(16,105,000)	(310,000)
Other assets	2,482,000	1,763,000	2,844,000
Net payable to brokers, dealers, and clearing organizations	(25,831,000)	404,021,000	163,336,000
Securities sold, but not yet purchased, at fair value	72,348,000	39,287,000	57,760,000
Securities sold under agreements to repurchase	1,478,081,000
Accounts payable and accrued expenses	5,868,000	1,411,000	(2,386,000)
Accrued compensation	(35,853,000)	(7,477,000)	35,840,000
Drafts payable	(847,000)	388,000	249,000
Net cash (used in)/provided by operating activities	(146,303,000)	56,039,000	(63,751,000)
Cash flows from investing activities:
Purchases of office equipment and leasehold improvements	(2,230,000)	(5,627,000)	(2,394,000)
Payment to former stockholders of Gleacher Partners, Inc. (Refer to Note 28)		(4,920,000)
ClearPoint acquisition-net cash acquired (Refer to Note 11)	626,000
Return of capital-investments	3,385,000	1,819,000	78,000
Purchase of investments	(1,200,000)
Payment to sellers of American Technology Holdings, Inc.		(1,382,000)	(410,000)
Capital contributions-investments	(262,000)	(691,000)	(303,000)
Payment for purchase of Gleacher Partners, Inc., net of cash acquired			(8,718,000)
Net cash provided by/(used in) investing activities	319,000	(10,801,000)	(11,747,000)
Cash flows from financing activities:
Proceeds from secured borrowings	1,645,217,000
Repayments of secured borrowings	(1,475,945,000)
Purchases of treasury stock	(18,898,000)
Extinguishment of mandatorily redeemable preferred stock		(25,905,000)
Payments for employee tax withholding on stock-based compensation	(7,601,000)	(6,735,000)	(6,113,000)
Excess tax benefits related to stock-based compensation	239,000	2,702,000	5,549,000
Payment of expenses to purchase treasury stock	(257,000)
Repayment of subordinated debt	(108,000)	(288,000)	(465,000)
Proceeds from issuance of common stock			95,466,000
Payments of expenses for issuance of common stock			(1,319,000)
Net cash provided by/(used in) financing activities	142,647,000	(30,226,000)	93,118,000
(Decrease)/increase in cash and cash equivalents	(3,337,000)	15,012,000	17,620,000
Cash and cash equivalents at beginning of the year	40,009,000	24,997,000	7,377,000
Cash and cash equivalents at the end of the year	36,672,000	40,009,000	24,997,000
Cash paid during the year for:
Income taxes	735,000	17,016,000	22,268,000
Interest	11,174,000	11,256,000	15,099,000
NON CASH INVESTING AND FINANCING ACTIVITIES
Treasury stock, net of forfeitures, for stock-based compensation (in shares)	1,300,000	1,200,000	3,700,000
Issuance of common stock for stock based compensation (in shares)	2,242,475	5,875,577	2,000,000
Common stock issued into treasury anticipated for future settlement of stock-based compensation awards (in shares)	0	200,000	2,500,000
Fair value of non-cash assets acquired in the ClearPoint Funding, Inc. acquisition (Refer to Note 11)	51,600,000
Fair value of liabilities assumed in the ClearPoint Funding, Inc. acquisition (Refer to Note 11)	49,900,000
Shares reclaimed from escrow-Gleacher Partners, Inc. indemnification (in shares)		308,701
Shares returned as excess collateral from clearing broker (in shares)		105,066
Fair value of non-cash assets acquired in the Gleacher Partners, Inc. acquisition			94,900,000
Fair value of liabilities assumed in the Gleacher Partners, Inc. acquisition			1,900,000
Shares issued in connection with the Gleacher Partners, Inc. acquisition (in shares)			23,000,001
Common stock issued for acquisition of Gleacher Partners, Inc.			69,000,000
Increase in Goodwill in connection with a contingent consideration arrangement related to the acquisition of American Technology Research Holdings, Inc. ("AmTech") (Refer to Note 19)			$ 2,300,000
Common stock issued to the former stockholders of AmTech in connection with contingent consideration arrangement (in shares)	15,000	345,000