Sign of the times

I went to the E-Trade site this morning and this is the first thing that greeted me:

E-Trade investor protection

It’s a sign of the times. E-Trade has had more than its share of troubles lately. Suffering from the mortgage meltdown, it recently took a $2.5 billion capital infusion from Citadel Investment Group.

In a letter to investors, the acting CEO of E-Trade writes:

From this point forward our customers can be assured that E*TRADE FINANCIAL has no exposure to securities such as CDOs, Alt-A or second lien asset-backed securities.

One of the banks I did business with folded in September and was taken over by the FDIC. Fortunately for most savers FDIC protection is seamless.


About Rakesh Agrawal

Rakesh Agrawal is Senior Director of product at Amazon (Audible). Previously, he launched local and mobile products for Microsoft and AOL. He tweets at @rakeshlobster.
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