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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net loss$ (84,859,000)$ (8,184,000)
Adjustments to reconcile net loss to net cash provided by operating activities:  
Impairment of goodwill and intangible assets - Investment Banking80,244,000 
Impairment of goodwill and intangible assets - Equities14,311,000 
Amortization of stock-based compensation13,418,00030,499,000
Investment losses/(gains), net(2,539,000)533,000
Gain from bargain purchase - ClearPoint Funding, Inc. acquisition(2,330,000) 
Amortization of intangible assets1,976,0002,906,000
Deferred income taxes1,913,000(6,815,000)
Depreciation and amortization1,433,0001,179,000
Loss from disposal of office equipment and leasehold improvements316,000312,000
Loss from extinguishment of mandatorily redeemable preferred stock 1,608,000
Amortization of discount of mandatorily redeemable preferred stock 173,000
Amortization of debt issuance costs 125,000
Changes in operating assets and liabilities:  
Cash and securities segregated for regulatory purposes(3,900,000) 
Securities purchased under agreements to resell(404,379,000) 
Net receivable/payable from/to related parties1,028,000(806,000)
Net receivable from others3,746,0003,931,000
Financial instruments owned, at fair value(388,930,000)(265,058,000)
Income taxes receivable/payable, net(2,676,000)(16,185,000)
Other assets1,452,000736,000
Net payable to brokers, dealers and clearing organizations298,523,000295,406,000
Securities sold, but not yet purchased, at fair value75,445,000 
Securities sold under agreements to repurchase402,535,00024,691,000
Accounts payable and accrued expenses2,805,000222,000
Accrued compensation(40,445,000)(29,206,000)
Drafts payable(726,000)21,000
Net cash (used in)/provided by operating activities(31,639,000)36,088,000
Cash flows from investing activities:  
Return of capital - investments2,967,000609,000
Purchases of office equipment and leasehold improvements(1,916,000)(4,973,000)
ClearPoint acquisition - net cash acquired (See Note 11)626,000 
Purchase of investments(1,367,000)(433,000)
Loan receivable - held for investment (5,000,000)
Payment to sellers of American Technology Holdings, Inc. (1,382,000)
Net cash provided by/(used in) investing activities310,000(11,179,000)
Cash flows from financing activities:  
Proceeds from secured borrowings731,676,000 
Repayments of secured borrowings(682,811,000) 
Purchases of treasury stock(10,333,000) 
Payment for employee tax withholdings on stock-based compensation(6,143,000)(5,845,000)
Repayment of subordinated debt(108,000)(288,000)
Excess tax benefits related to stock-based compensation238,0002,662,000
Extinguishment of mandatorily redeemable preferred stock (25,905,000)
Net cash provided by/(used in) by financing activities32,519,000(29,376,000)
Increase/(decrease) in cash and cash equivalents1,190,000(4,467,000)
Cash and cash equivalents at beginning of the period40,009,00024,997,000
Cash and cash equivalents at the end of the period41,199,00020,530,000
NON CASH INVESTING AND FINANCING ACTIVITIES  
Treasury stock issued, net of forfeitures, for stock-based compensation exercises and vesting and distributions of deferred compensation related to the employee stock trust (in shares)600,000800,000
Common stock issued for settlement of stock-based compensation awards (in shares)2,300,0005,200,000
Fair value of non-cash assets acquired in the ClearPoint Funding, Inc. acquisition (See Note 11)51,600,000 
Fair value of liabilities assumed in the ClearPoint Funding, Inc. acquisition (See Note 11)$ 49,900,000 
Common stock issued to the former shareholders of AmTech in connection with contingent consideration arrangement (in shares) 345,000