In late 2007, Daniel Kelly Jr. resuscitated a flailing E-Trade that many had thought would crumble under the just-emerging mortgage mess. The cure? A $2.4 billion capital injection by hedge fund Citadel Investment Group LLC.
A year and a half later, Kelly’s patient was back, sick as ever and rejected by federal bailout programs. Last week, Kelly, a financial restructuring partner at Davis Polk & Wardwell , orchestrated another $2.2 billion injection to the company.
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