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At least Orion is regulated and local not like other overseas one like E*TRADE etc, look what the news said yester on Bloomberg
Bloomberg.com: News
E*Trade Shares Fall; Analyst Says Bankruptcy Possible (Update6)
By Edgar Ortega
Nov. 12 (Bloomberg) -- E*Trade Financial Corp. lost more than half its market value after the online brokerage forecast a decline in fourth-quarter earnings and a Citigroup Inc. analyst said the company may go bankrupt.
E*Trade will book ``significant writedowns'' this quarter for asset-backed securities that sank in value last month, the New York-based brokerage said in a Nov. 9 regulatory filing. Citigroup's Prashant Bhatia wrote in a report yesterday that there's a 15 percent chance the company will seek protection from creditors after poor management ``put the viability of the franchise at risk.''
Chief Executive Officer Mitchell Caplan's strategy of building E*Trade's bank by tripling loans outstanding backfired as borrowers fell behind on payments and U.S. home prices declined. The U.S. Securities and Exchange Commission also began an informal inquiry on Oct. 17 ``into matters related to the company's loan and securities portfolios,'' E*Trade said.
``A drop in the stock price this severe could prompt retail trading customers, who likely see the performance of E*Trade shares, to withdraw cash from their accounts,'' Lehman Brothers Holdings Inc. analyst Roger Freeman wrote in a report to clients today. He has an ``overweight'' rating on the stock.
`Well Capitalized'
In a letter to customers posted on the company's Web site, Chief Operating Officer Jarrett Lilien said E*Trade is taking ``prudent measures'' to shore up its balance sheet. The firm will remain ``well capitalized'' by U.S. banking standards even if it has to write down $1 billion of assets, he said.
E*Trade dropped $5.04, or 59 percent, to $3.55 at 4:20 p.m. on the Nasdaq Stock Market. The stock has fallen 84 percent this year, wiping out about $8 billion in market value. E*Trade's market value is now almost a tenth of TD Ameritrade Holding Corp., its closest competitor.
E*Trade is the worst performer in the 12-member Amex Securities Broker/Dealer Index this year, just behind Merrill Lynch & Co., which ousted CEO Stan O'Neal last month after reporting a record third-quarter loss on bad loans tied to mortgages. Merrill shares are down 43 percent.
Bhatia estimated that E*Trade will post a loss in the fourth quarter after setting aside $500 million in extra money for bad loans and writedowns. The debt provision and writedown may total $353 million, said analyst David Trone of Fox-Pitt Kelton Cochran Caronia Waller.
`Run On The Bank'
Since the Federal Deposit Insurance Corp. guarantees bank accounts up to $100,000, customers with larger balances may move their money elsewhere, said Bhatia, who cut his rating on the stock to ``sell'' from ``hold.'' ``There is a real possibility of a run-on-the-bank scenario,'' he wrote in the report.
Pam Erickson, a spokeswoman for E*Trade, said the company continues to add new clients and will adapt to changing markets.
``The management team is focused on serving our customers as we combat the market reaction to the irresponsible comments included in the recent Citigroup analyst report,'' Erickson said in an e-mailed statement. ``We take exception to the sensationalism based on unfounded speculation.''
The company may seek to sell some loans, obtain new capital or sell itself to shore up its banking unit, wrote Sandler O'Neill & Partners analyst Richard Repetto, who has a ``hold'' rating on the stock. Hedge funds including Jana Partners LLC and SAC Capital Advisors LLC have campaigned for E*Trade to combine with a competitor to boost profit.
`A Lot Smaller'
Shares of other online brokers rose on expectations that they will lure customers away form E*Trade, said Trone, who has an ``in line'' rating on the company's shares. ``If Ameritrade buys E*Trade's brokerage, then the price just got a lot smaller,'' Trone wrote in an e-mail.
Charles Schwab Corp. rose 58 cents, or 2.6 percent, to $22.81, while TD Ameritrade climbed 96 cents, or 5.4 percent, to $18.89. For the year, Schwab has advanced 18 percent and Ameritrade has risen 17 percent.
Rating cuts on $208 million of asset-backed securities last month spurred a bigger-than-expected reduction in their value, E*Trade said in the filing. The value of some of its $450 million in asset-backed collateralized debt obligations also had ``significant declines,'' the company said.
The company may need to raise money soon to cushion against further drops in the value of asset-backed securities, said Sean Egan, managing director of Egan-Jones Ratings Co., which follows E*Trade's debt.
`Dire Straits'
``If E*Trade doesn't get significant support in the area of between $2 billion and $4 billion within the next week, or possibly 10 days, they're going to be in dire straits,'' Egan said.
E*Trade reported its first quarterly loss in five years last month and slashed its 2007 forecast because of rising costs for bad debts at the online bank. For the period ended Sept. 30, the company lost $58.5 million compared with a profit of $153.2 million a year earlier.
While the bank unit has lost money on asset-backed securities, the online brokerage has benefited from the turmoil in the credit market. Daily average revenue-producing trades increased 23 percent in October from a month prior to 227,344, E*Trade said today. The company added almost 33,000 new accounts last month.
E*Trade brokerage accounts are insured by the Securities Investor Protection Corporation, which can cover investors for up to $500,000 in cash and securities should a member broker go out of business, according to the SEC's Web site.
Bill Ruberry, a spokesman for the Office of Thrift Supervision, which is E*Trade bank's regulator, said the agency ``works with all of our institutions to ensure that they remain in a safe and sound condition.''
Bloomberg.com: News
02-01-2008, 07:14 AM
رد: هل شركة أورين بروكرز orionbrokers مسجلة بدبي؟ 
رد: هل شركة أورين بروكرز orionbrokers مسجلة بدبي؟ 
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