E-Trade Financial Corp. has withdrawn its application for funding through the Troubled Asset Relief Program, saying the company's recent capital-raising and debt-reduction efforts negate the need for the money.
Since the company raised $150 million during the third quarter from another round of stock sales, along with a $1.74 billion debt exchange that more than halves its interest payments, it has decided it does not need Tarp funds, it said in a Securities and Exchange Commission filing.
E-Trade had applied for $800 million in aid nearly a year ago as it was dealing with surging loan losses, especially at its mortgage portfolio.
