Etrade Potential Bankruptcy?

[monkichee]

wow, I hadn't heard about this. We have a bunch of accounts at ETrade (brokerage, Roth, money market, CDs and a couple of regular checking). The cash positions may exceed $100K. Should I move some of it to another account to be on the safe side?

Kind of sad to see things go bad for them. I even worked on designing their first web site... Got my mortgage (not sub-prime!) through ETrade and haven't had a brick and mortar bank account for about 8 years. Not sure what I'd do if they went away.

[West]

FDIC Faq

A blog

Forbes article

[monkichee]

ty. I think I'm OK for now but it may be the kick I needed to finally open that Everbank account and buy some foreign currency.

[xxThe_Lebowskixx]

So were Enron investors covered by SIPC or that is not the same?

[ahnuld]

not the same at all.

[TrainHardDieHard]

a great way to play this is to buy ameritrade. a ton of e-trade users will be switching to ameritrade after this news.

if u really have balls, buy e-trade on the speculation it will get bought out.

[pig4bill]

[ QUOTE ]
That's regarding your positions. Regarding your cash, don't expect the SIPC to "protect" you. If ETRADE is in trouble, who else do you think might be? Do you suppose others like ETRADE have an derivative exposure?

[/ QUOTE ]

What a load of BS.

[pig4bill]

[ QUOTE ]
As far as Etrade's bankruptcy potential, this is what one analyst is saying..
"Citi Investment Research analyst Prashant Bhatia cut E-Trade's rating to "Sell" from "Hold." Bhatia said there is a 15 percent chance E-Trade will have to declare bankruptcy and the company may be forced to sell loans and securities at a significant discount."

[/ QUOTE ]

LOL, if that ain't the pot calling the kettle black. Pretty nervy of Citigroup.

[pig4bill]

[ QUOTE ]
wow, I hadn't heard about this. We have a bunch of accounts at ETrade (brokerage, Roth, money market, CDs and a couple of regular checking). The cash positions may exceed $100K. Should I move some of it to another account to be on the safe side?

Kind of sad to see things go bad for them. I even worked on designing their first web site... Got my mortgage (not sub-prime!) through ETrade and haven't had a brick and mortar bank account for about 8 years. Not sure what I'd do if they went away.

[/ QUOTE ]

Read the Etrade website. Brokerage accounts are insured up to $100k in cash in each account up to 4 or 5 accounts. Stock positions up to $500k minimum. Plus they have supplemental insurance beyond SIPC.

Unless people have very large accounts, they'll be okay.

[stephenNUTS]

[ QUOTE ]
[ QUOTE ]
That's regarding your positions. Regarding your cash, don't expect the SIPC to "protect" you . If ETRADE is in trouble, who else do you think might be? Do you suppose others like ETRADE have an derivative exposure?

[/ QUOTE ]

What a load of BS.

[/ QUOTE ]

C,mon man
Where on earth do you guys get this crap from?

Your CASH is insured up to $100k per account and stocks INSURED up to $500k.
They are SAFE!!

However...if you still feel uncomfortable...move your account to another BD ...but whether ETrade goes under or not....or the time it takes to ACAT(move your account) to a new broker.....you have to wait to liquidate your securites anyway during that period.

Thats the rules!

But once again ....your CASH/Stocks are safely insured,and this is NOT ENRON....lol

Enron went BR,and their OWN stock price went to ZILCH....this is not the same comparison

Unless however you individually own E-Trade stock...then you MOST DEF. would be exposed to bankruptcy issues from that standpoint.That was the reason for the mass stampede for the doors yesterday and subsequent stock collapse

....but your other positions/holdings/cash have NOTHING to do with ET going bankrupt.

SF [img]/images/graemlins/cool.gif[/img]