The Liberal “Financial” Media treats every on of these “announcements” like they are surprises. Got to be the economy down, pave the way for a Democrat, don’t they?
Guess what? Most any company who has a lot of exposure to sub-prime mortgages is going to see losses.
The NEWS will be the bank who has exposure but manages through it to show a profit.
this is huge, the market is pricing in a notable bankruptcy chance on etrade now.
I bet their ACAT department is having a bad day....
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Couldn't resist.
Great day for commodity shorts. Hope someone on FR took advantage of my short calls on crude and gold last week. Down 4% and 3% respectively today. Even lean hogs are getting slaughtered thanks to Mr Bernake and the general panic.
For what it’s worth, here is what ETrade is telling its online customers:
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