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Article: E-Trade Shares Plunge 59%; Investors Flee Ahead of Credit Write- Downs
- Article from:
- The Washington Post
- Article date:
- November 13, 2007
- Author:
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Shares of E-Trade Financial dropped 59 percent yesterday after
the company said that the value of its mortgage-backed securities
had fallen significantly and that it would need to take larger-than-
expected write-downs next quarter.
E-Trade, a New York financial services firm known as a pioneer in
online stock trading, diversified after the Internet bubble burst
and has one of the largest thrift charters in the United States,
with $29 billion in residential mortgage and home-equity loans. The
company bought online TeleBanc Financial of Arlington in 1999 as
part of its move to enter new lines of banking.
E-Trade, which has a large operations center in Ballston, lost
more than $2 billion of ...