E-Trade reports a record loss
From Times Wire Services
E-Trade Financial Corp. had a record $1.71-billion fourth-quarter loss as it sold securities at a discount to replenish capital.
The loss of $3.98 a share compares with earnings of $176.9 million, or 42 cents a share, a year earlier, the New York company said. The loss was more than six times larger than the worst quarterly result in the brokerage’s 11 years as a publicly traded company.
E-Trade was forced to sell $3 billion of asset-backed securities in November for 27 cents on the dollar and raised $1.75 billion more to bolster customers’ confidence.
