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Re: ANY BODY CAN EXPLAIN WHY ETFC IS FALLING

dcgrego...@gmail.com

That's the part I don't understand.

If the CDO's got written down further, they sure as hell weren't going
to get written down 70% of their value.

So why did they sell it for such a low price? Am I missing something?

Joe wrote:
> "Citadel is the clear winner in this transaction," said Bank of
> America analyst Michael Hecht, in a research note entitled "Xmas comes
> early for Citadel, shareholders get lump of coal."

> Hecht said that Citadel's deal gives it a $3 billion asset backed
> securities book for 27 cents on the dollar and $1.75 billion of
> secured paper at 12.5 percent, and 84 million shares of stock "for
> nothing."