CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues:
Principal transactions	$ 15,652	$ 9,791	$ 44,863	$ 71,593
Commissions	17,830	15,968	53,178	50,766
Investment banking	1,996	9,359	17,788	29,723
Investment gains, net	163	2,857	156	2,539
Interest income	6,879	16,249	37,632	46,201
Gain from bargain purchase - ClearPoint Funding, Inc. acquisition (Refer to Note 11)				2,330
Fees and other	2,959	2,612	9,362	5,075
Total revenues	45,479	56,836	162,979	208,227
Interest expense	2,149	2,672	10,261	8,295
Net revenues	43,330	54,164	152,718	199,932
Expenses (excluding interest):
Compensation and benefits	25,534	32,684	101,859	129,058
Impairment of goodwill and intangible assets (Refer to Note 12)		80,244	21,096	80,244
Clearing, settlement and brokerage	9,461	8,946	31,152	19,017
Professional fees	4,282	1,944	12,827	6,229
Communications and data processing	3,224	3,614	9,699	10,108
Occupancy, depreciation and amortization	2,277	2,041	6,647	6,112
Business development	823	1,139	2,822	3,483
Other	2,753	2,337	8,673	7,321
Total expenses (excluding interest)	48,354	132,949	194,775	261,572
Loss from continuing operations before income taxes and discontinued operations	(5,024)	(78,785)	(42,057)	(61,640)
Income tax (benefit)/expense	(2,223)	(3,085)	26,269	4,208
Loss from continuing operations	(2,801)	(75,700)	(68,326)	(65,848)
Income/(loss) from discontinued operations, net of taxes (Refer to Note 24)	33	(5,357)	41	(18,425)
Net loss	$ (2,768)	$ (81,057)	$ (68,285)	$ (84,273)
Basic (loss)/income per share
Continuing operations (in dollars per share)	$ (0.02)	$ (0.61)	$ (0.57)	$ (0.53)
Discontinued operations (in dollars per share)		$ (0.04)		$ (0.15)
Net loss per share (in dollars per share)	$ (0.02)	$ (0.65)	$ (0.57)	$ (0.68)
Diluted (loss)/income per share
Continuing operations (in dollars per share)	$ (0.02)	$ (0.61)	$ (0.57)	$ (0.53)
Discontinued operations (in dollars per share)		$ (0.04)		$ (0.15)
Net loss per share (in dollars per share)	$ (0.02)	$ (0.65)	$ (0.57)	$ (0.68)
Weighted average shares of common stock:
Basic (in shares)	118,699	123,993	118,969	123,598
Diluted (in shares)	118,699	123,993	118,969	123,598