brokerage

Over the past couple of weeks, with little fanfare, three small brokerages bit the dust due to a dearth of trading activity on the stock markets and a lack of capital in-house. This may not matter much, but it could be the beginning of a wave of failures on Wall Street.

E-Trade recently released its results for the first quarter of 2011. The company ended the quarter on a high note, with improvements across its divisions. Based on its net income gains, Boston-based stock analysis firm Trefis sees the stock as slightly undervalued -- for now.

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Broker-dealer Jesup & Lamont said it's laying off all its non-essential employees -- about 300 -- while it works out a plan to reduce costs and come back into compliance with an independent brokerage regulator that instructed the company to cease its securities business.

TD Ameritrade reported earnings below expectations, largely due to declining trade income and a low interest rate environment. The company recorded profits of 23 cents per share, down from 31 cents per share, a year earlier.

We all know that Wall Street's bad bets nearly brought the financial system to its knees last year. Then U.S. taxpayers footed the bill to bail out Wall Street -- taking on obligations potentially as high as $23.7 trillion, leading to a $1.4 trillion federal deficit, and $12 trillion in national...