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Etrade
Nov 12, 2007 9:38:52 GMT -5
Post by ohiogirl on Nov 12, 2007 9:38:52 GMT -5
I just logged into my Etrade account to find a letter from the President of Etrade indicating that the markets may get worse before they get better, but that Etrade was in a position to be able to easily handle a 1 billion + write down and still be well capitalized. Hmmmm, any thoughts on this?
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Etrade
Nov 12, 2007 10:19:30 GMT -5
Post by hundredtoone on Nov 12, 2007 10:19:30 GMT -5
DOW JONES NEWSWIRES E*Trade Financial Corp. (ETFC) late Friday said it expects to record further writedowns on its $3 billion mortgaged-backed holdings in the fourth quarter, as the market for the securities continues to deteriorate. E*Trade's shares recently traded down 13% in after-market action. The New York discount online brokerage said its total exposure to collateralized debt obligations of asset-backed securities and second-lien securities at Sept. 30 was about $450 million, including about $50 million of "AAA"-rated asset-backed collateralized debt obligations, or CDOs, that were downgraded to junk status. CDOs are instruments that bundle different kinds of risk, and some include pieces of bonds backed by mortgages given to subprime borrowers. www.smartmoney.com/bn/ON/index.cfm?story=ON-20071109-000834-1733E-Trade expects to take "significant write-downs" in 4th quarter on mortgage-backed securities www.inform.com/related_content/46217941,0 More of those pesky DEBT OBLIGATIONS...HA HA HA...couldn't happen to a nicer broker!!!!...wonder if those DEBT OBLIGATIONS include paying off certain UNDELIVERABLE SECURITIES from some RISKY hedging a few years ago???...looks to me like a lot of BANKS/BROKERS/FINANCIAL INSTITUTIONS are getting a lot of debt off their books before the END of the year/(GF deadline?)...IMO...Flying Moose(cmkxunofficial)
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Etrade
Nov 12, 2007 13:31:56 GMT -5
Post by soonerlew on Nov 12, 2007 13:31:56 GMT -5
This was on millionaires.........................
By: oil.ipo 12 Nov 2007, 09:31 AM EST Msg. 623423 of 623429 Jump to msg. # Very interesting update from Etrade to customers online today,;
November 12, 2007 This is a challenging time for the financial services industry. Bad news in the credit, housing, and stock markets continues to dominate and E*TRADE is not immune to these market conditions.
However, you, our customers, should know that we continue to be well capitalized by regulatory standards. As a matter of fact, we could absorb an immediate write down in excess of $1 billion and still remain well capitalized. Nobody knows for certain what the ultimate impact will be from these markets, but it is our expectation that news in the market will get worse before it gets better and, armed with these expectations, we are taking prudent measures to effectively manage the company's balance sheet.
We will continue to earn your confidence, providing state-of-the-art asset protection, including E*TRADE's Complete Protection Guarantee, SIPC Protection for E*TRADE Securities customers and FDIC Insurance for E*TRADE Bank customers.
We appreciate the opportunity to continue to serve you and your investing needs.
—Jarrett Lilien President, COO and Director, E*TRADE FINANCIAL
Eom
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Etrade
Nov 12, 2007 21:18:14 GMT -5
Post by imSINGLEruRICH on Nov 12, 2007 21:18:14 GMT -5
By: my69z 12 Nov 2007, 05:28 PM EST Msg. 344528 of 344533 Jump to msg. # E-turd lost 60% of cap today...ooouch (LOL)
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Etrade
Nov 13, 2007 8:48:43 GMT -5
Post by imSINGLEruRICH on Nov 13, 2007 8:48:43 GMT -5
By: oil.ipo 13 Nov 2007, 06:51 AM EST Msg. 623659 of 623671 Jump to msg. # Gusjarvis;
"take this to the bank, etrade settled their shorts somehow some way! remember the federal reserve just loaned money to fix this mess and it was done in 2006 and earlier or at least a significant portion by the sec's own words. They also settled cmkx's shorts imo! "
Etrade;
and - "If you think about it we could absorb an immediate write down in excess of $1 billion and still remain well capitalized. " just about spells out what they were dealing in the here, and now doesn't it? Like a heads up of what is to come out .
Couple that with Etrade's previous statements to some accounts/clients by slip of the tongue that a settlement was on their books, and coming by virtue of either payment by them collectively or solely, and we kind of get a feeling for what we as shareholders have in our possession. Something of great value. Whether this "1 billion" deals in electronic accounts or a combination of bad choices Etrade made the trades knowingly, willingly, and with the help of our friendly ECN network as proof. They now have to account for their poor choices. It is kind of like when you would dip your hand into the cookie jar over and over without Mom looking, thinking that no one would notice a few extra missing. They took our cash, and tendered the trades, and looked the other way not caring one way or the other if these transactions were "legitimate". I think Etrade more than once slipped on the settlement cash coming our way while on the phone to customers. How do they know? Hahahaha, they paid for their certificates. Keep it simple.
Mega/Oil
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