Citadel Sells Huge Chunk Of E*Trade

Apr 29 2010 | 12:40pm ET

Citadel Investment Group is backing away from troubled online brokerage E*Trade Financial, which it has bailed out twice in recent years.

The Chicago-based hedge fund giant sold 172 million E*Trade shares in a secondary offering today, cutting its nearly 10% stake in the firm by 17%. E*Trade priced the shares at $1.75 apiece.

E*Trade will receive no proceeds from the offering.


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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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