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Buying E*Trade (Ouch)

Hedge fund bails out ailing online brokerage.

It’s a quaint tale in hindsight: A big hedge fund/quasi-investment bank swoops in to bail out an ailing online brokerage in hopes of turning it into a profit-churning dynamo. That’s what happened in No-vember 2007, when Chicago-based Citadel Investment Group came to the rescue of E*Trade Financial, which was collapsing

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