Friday, 27 March 2015
Last updated 2 hours ago
Jun 19 2009 | 1:04pm ET
Citadel Investment Group has bought nearly $100 million in new E*Trade Financial Shares, bringing its stake in the troubled brokerage firm to 17%.
Chicago-based Citadel, which was already the largest shareholder—and creditor—of E*Trade, had committed to buying between $50 million and $100 million of the new shares. It already owned a 16% stake in the firm. E*Trade sold 435 million shares of common stock this week as part of its bid to shore up its financial position.
Federal regulators in April ordered E*Trade, whose banking unit has been battered by the mortgage crisis, to raise more capital and cut its debt. To the latter’s end, the firm also plans a bond exchange program, beginning next week, swapping at least $1 billion in new, zero-coupon convertible bonds for bonds due in 2011 and 2017. Citadel, which owns more than 70% of E*Trade’s outstanding high-yield debt, plans to exchange at least $800 million of its bond holdings, as well.
Last week, Citadel chief Kenneth Griffin joined E*Trade’s board of directors.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…