Big Shitpile

Etrade sells its bit of big shitpile for about 25 cents on the dollar.

TEL AVIV (MarketWatch) -- In a top-down shakeup at E-Trade Financial Corp., the New York online brokerage said it would receive a $2.55 billion infusion from Citadel Investment Group as its chairman and chief executive both step down.
The deal, first reported by The Wall Street Journal, gives Citadel a nearly 20% stake in E-Trade
E-Trade's shares advanced 23% to $6.49 in pre-market trading.
Under the terms, Chicago-based Citadel acquired E-Trade's $3 billion of asset-backed securities for about $800 million.
It will immediately buy $1.6 billion of notes paying annual interest of 12.5%. This includes an investment by funds managed by BlackRock.