E*Trade optimistic on $800m government funding
10 November 2008 | 6227 views | 0
Troubled online brokerage E*Trade has applied for $800 million in funding from the US government's bank recapitalisation programme.
The firm - which has been badly burned by the US mortgage crisis - indicated that it was considering applying for the handout last month after recording a worse than expected third quarter loss of $50 million.
E*Trade says its application is being reviewed by its prime regulator, the Office of Thrift Supervision.
Donald Layton, chairman and CEO, E*Trade Financial, says: "We remain optimistic that we will receive approval and expect to make an announcement this month."