E*Offering is another step in our journey toward democratization of the financial services markets. It means more access to the public financial markets for individuals and a far more cost-effective service model for emerging companies that now can have better control over their most important asset -- their company's shares.

I know Frank to be a very decisive individual, and while this turnabout in such a short period of time is disconcerting, it is best for both companies now before coming on board with E*Trade Securities.

One is a brand that resonates with the online consumer ... and two, a very successful techno-marketing campaign that we have exploited for the last six months.

I have listened to shareowner concerns and want to dispel any doubt that my commitment to the success of this company is unwavering, ... I am eager to eliminate the distraction of the compensation discussion so that we can focus on the business of E*Trade Financial.

[E-Trade, the virtual stock brokerage, makes no bones about the fact that it is targeting full-service, full-commission brokers. Customers who open an account at www.etrade.com are offered a free copy of E-Trade's guide to online investing titled] Boot Your Broker. ... All those branch offices you all have are going to become fast-food outlets, so you might want to think about your career choices.

Online technology is transforming the delivery of financial services. This alliance will open up new dimensions of convenience and control for the consumer. We envision the consumer being able to access, control and document his or her banking and investment activities through a single online source.

This acquisition supports E*Trade's mission of democratizing financial services by giving consumers even more opportunities and choices to benefit from the value and convenience of online banking and investing.

We are delighted with our strong earnings, particularly recognizing both the increased market competition as well as the quarter's volatile markets.