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November 13, 2007

E*trade

OH NO THEY DIDN'T.

I lost 58% of one of my stocks' value yesterday without me knowing it. OMG. OMG OMG OMG.

Etrade

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:

Etrade

-----
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 conditions.

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

----

Shit. 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!

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