lucky lenny

E*TRADE FINANCIAL Corporation Q2 2008 Earnings Call Transcript

Anyone notice this $300 million freebie that e-trade rec'd. It's not profit. It's just a tax refund. This is huge & i'm not sure why it's not getting much talk:

"Continuing the discussion on tax, our losses in 2007 permitted us to file for a refund of taxes paid in 2005 and 2006. During the second quarter we received this refund, which was approximately $300 million. This cash was due principally to the bank and therefore did not impact our corporate cash flow."