investment company

A financial services company E*Trade has purchased social finance company Cake Financial according to the official post of the latter. Cake Financial reported that the site will no longer exist as an independent service. Instead, its features will be incorporated into E*Trade’s website.

According to some sources there were other bidders for the company like The Motley Fool.

Here is the full text of the posting:

To All Members and Users of Cake Financial-

 Goldman Sachs reported on Thursday that it third quarter earnings amounted over $3 billion. In the statement the company said that fixed income, commodities and currency trading buoyed its profits for the second straight quarter.

Meantime, heroic achievements of the investment company had little impression on the investors as its revenue from mergers and acquisitions operations showed a sharp fall that reflected the general slowness in takeover activity.

 Three more large investment firms have raised sufficient capital to participate in the joint partnership with the government to purchase toxic assets from banks.

The Treasury Department said Alliance Bernstein LP and BlackRock Inc., both headquartered in New York City, and Wellington Management Co., based in Boston, had all raised the $500 million minimum to begin operations.