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Hedge clipper

26 January 2005

The trade was initially a clever arbitrage. But it later became an attempt to bully Deutsche Telekom. The hedge funds who got into this trade late have got their just deserts. Their bet on shaming Deutsche Telekom into paying a premium has failed. DT deserves no exoneration for abusing the TOnline minorities. But hedge funds have only themselves to blame for piling into the stock.

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