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User Info	Etrade only received 11 cents on the dollar!; entered at 2007-12-02 15:55:53
Sushihorn Posts: 7564 Registered: 2007-10-22 Arlington, TX	Gmak It sounds to me like Griffin has been very successfully responding to his Pavlovian conditioning to buy the dips. The fact that he is a more intelligent creature than the rest of the sample apparently doesn't prevent him from responding to the conditioning. Keep in mind, Citadel bought Sowood Captial's portfolio at more than double what they appear to be paying for E-Trade's. They also took a big stake in Beazer, which is currently showing a 70% loss. They've done many smaller distressed debt deals and are now loaded with this stuff. Clearly, they have made a huge, one-way bet on reflation in housing fairly soon. Could this be another case of the smartest guys in the room riding at the back of the short bus? 2007-12-02 15:55:53