OH NO THEY DIDN’T.
I lost 58% of one of my stocks’ value yesterday without me knowing it. OMG. OMG OMG OMG.
Click click click!
The good news is, I diversify with my investments but god damn a 58% loss is mayyyjahhh! It sucks to be poor y’all!!!!!!!!!!!!!!!!!!!!!!
I logged on to my Etrade brokerage account today and saw this message:
To all E*TRADE FINANCIAL customers:
November 12, 2007
This is a challenging time for the
financial services industry. Bad news in the credit, housing, and stock
markets continues to dominate and E*TRADE is not immune to these market
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, Director, E*Trade Financial
It’s times like this that makes me think it’s probably safer to keep
your cash in between your bed mattresses. E*Trade is a huge financial
institution though. They’re gonna recover.
God. Will someone just make this mortgage/subprime crisis go away already? Ugh!