ETFC has lost 7 to 8 billion in customer deposits so far. They accepted an offer of less than 30 cents on the dollar for 3 billion dollars of their worst "asset backed" securities. They still have billions in other loans on boats and RVs, and set aside 200 million to cover the loan losses. That may (will) run to 400 million. They also accepted other funding which costs them 12.5% interest. They gave up about 18% of the company ownership and a seat on the board. The street voted on the plan all day driving down the price, while churning about 60% of the float. Does that about cover it?
Does anyone with an etrade account plan to stick with them? Isn't it likely that Citadel is now in the catbird seat to drive down the stock and take the other 80% for a song? These are interesting times.
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