Wednesday, 25 November 2015
Last updated 2 hours ago
Jul 21 2011 | 1:59pm ET
Kenneth Griffin is not a man known for his patience, and his patience with E*Trade Financial Corp. may have finally run out.
Griffin's Citadel Investment Group, which has twice bailed out the troubled online brokerage and is its biggest shareholder, treated the company to a tongue-lashing, calling on E*Trade to put itself up for sale, get rid of two board members and change its staggered board structure.
"Since November of 2007, the board has continually failed to act in the best interest of E*Trade shareholders," Citadel wrote. "Having endured nearly four years of value destruction and lost opportunity, we believe it is time for change."
Calling E*Trade "a phenomenal franchise… squandered," Citadel blamed the company's board for "destroying more than $9 billion in stockholder value" and blasted it for E*Trade's "disastrous foray" into mortgage-backed securities.
E*Trade CEO Steven Freiberg said he was "surprised and disappointed by" Citadel's letter, but that he and the board will be "carefully considering" Citadel's demands.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…