Via Peter Tchir of TF Market Advisors
The trading in JEF actually at least made some sense. There was a story about a big potential exposure to Europe. Given what happened to MF global (going from 3.55 to 0.28 in just over a week), you could understand why investors were nervous. Jefferies is in the same size bracket as MF Global (small enough to fail) and similarly rated BBB/Baa2. Investors decided to sell first and ask questions and focus on details. The automatic halts kicked
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