How much do you know about the BlackRock hedge fund? Better bone up fast, now that the folks at BlackRock are calling the shots in the government's trillion-dollar bailout program. As both The New York Times and The Wall Street Journal reported on Tuesday, BlackRock execs are now directing key elements of the government program at a time when they stand to reap great profits from the fallout of a problem they helped create.

The United States picked BlackRock to manage the assets once c ...

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