Griffin's Fingers Still Crossed For E*Trade Sale

Sep 22 2011 | 1:57am ET

When it comes to E*Trade Financial, Citadel Investment Group founder Kenneth Griffin is quite the optimist.

Griffin, whose hedge fund is E*Trade's largest shareholder, told a group of about 20 investors last month that he remains hopeful that Goldman Sachs' strategic review of the troubled online brokerage could still result in a sale of the company, The Wall Street Journal reports. E*Trade hired Goldman early last month to assuage Citadel, its two-time savior which had become a bitter critic of the company in recent months.

At the Aug. 24 meeting, Griffin said the strength of E*Trade's brand boded well for the firm, whose board and management he has accused of incompetence. He pointed in particular to E*Trade rival TD Ameritrade as a potential buyer.

It's not clear how confident Griffin remains: This month, TD has sought to tamp down on speculation it was interested in E*Trade. This week, TD parent Toronto-Dominion Bank said it was "risk-averse" in terms of buying U.S. assets.


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note