SEI Quick Poll: Bank Wealth Managers Say Obama Administration Likely to Impact Clients' Finances (PR Newswire) and Major banks ask Citadel to post more collateral: report (Reuters)

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City of Industry, CA --(www.USEquityNews.com)-- 11/10/2008 - Financial industry alert provided by U.S. Equity News. OAKS, Pa., Nov. 7 /PRNewswire-FirstCall/ -- According to a new Quick Poll
conducted by SEI Investments Company (Nasdaq: SEIC) the day after Barack Obama's historic electionto the Presidency, bank wealth managers say they expect their clients to be impacted by the incoming administration. Results of the survey show that 50 percent of bank wealth managers said they expect their clients to be

negatively impacted by President-elect Obama's policies. Thirty-eight percent
were unsure whether the new administration will have a positive or negative
impact; 12 percent said they expected a positive impact. An overwhelming 88 percent of the respondents said that the Obama Administration's primary task with regard to their clients' finances is to restore investor confidence. [Read the full article]

(Reuters) - Citadel Investment Group, one of the largest hedge funds, is being asked by several major banks to post additional collateral to cover big losses on its investments, the Wall Street Journal said, citing people familiar with the situation.
Citadel has fallen nearly 40 percent this year, prompting the firm to hold conversations with lenders, including Goldman Sachs Group Inc (NYSE: GS) Deutsche Bank AG and Merrill Lynch & Co (NYSE: MER), that finance its trades, the paper said.Citadel executives said the calls for more cash are a normal part of business when securities they hold fall in value and emphasized that they have significant amounts of cash to satisfy their lenders, according to the paper.The executives said they have met all the demands for collateral, according to the paper.Goldman Sachs told the paper it was doing business with Citadel as usual, while Deutsche Bank was cited as saying its relationship with the hedge fund gro [Read the full article]

The Houston utility company reported a net loss of $1 billion, or $2.97 per share, on revenue of $3.7 billion, for the three months ended Sept. 30, 2008. That compared with net income of $162.4 million, or 46 cents per share, on revenue of $3.5 billion, for the same period last year. Analysts polled by Thomson Reuters expected Reliant (NYSE: RRI) to have a net loss of 6 cents per share. The company attributed the loss to a lower retail contribution margin which included lower sales volumes, the sale of excess supply at a loss and the cancellation of a planned price increase. "We are experiencing a series of unprecedented events in our industry and the economy as a whole," said Mark Jacobs, president and chief executive officer. [Read the full article]

NEW YORK--(BUSINESS WIRE)--E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) today provided an update concerning its application to receive funding pursuant to the U.S. Treasury's TARP Capital Purchase Program. The Company confirmed that it filed its application to receive $800 million of funding. It is currently being reviewed by the Office of Thrift Supervision, the Company's primary regulator. "We remain optimistic that we will receive approval and expect to make an announcement this month," said Donald H. Layton, Chairman and CEO, E*TRADE FINANCIAL Corporation.About E*TRADE FINANCIALThe E*TRADE FINANCIAL family of companies provides financial services including trading, investing and banking for retail and institutional customers. Securities products and services are offered by E*TRADE Securities LLC (Member FINRA/SIPC). [Read the full article]

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