would this 1 billion be counted as part of q1 2010 income?although non-recurring, but could easily make etrade profitable.
The need to reserve against loss will be less as well. So look for a lower figure reported during the Q1-10 CC.
gainst deposits not loss as in loan loss:http://en.wikipedia.org/wiki/Reserve_requirement
However, they pay no taxes on any gain--whatever it was
The sale decreased their assets and liabilites by about the same amount. It wasn't a 1 Billion dollar gain. They prolly made at most 10-20 mil off the deal and likely less than that.
what was the 5% of one billion which is 50 million?
it......They sold a billion worth of accounts. They did not get 1bil. My guess is etfc only got a small amount of money for these accounts.....
listen to minute 35 of the webcasthttp://www.veracast.com/citigroup/fs2010/player.cfm?eventName=1054_etrade"the size (of the sale) is one billion dollars"
thanks! I am listening again to the webcast.