Sunday, 26 April 2015
Last updated 2 days 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…