KEN GRIFFIN: WE HAVE SHED MORE THAN 80% OF THE AGGREGATE RISK WE TOOK ON FROM OUR SITUATIONAL AWARENESS PORTFOLIO. So, Citadel creates fear in the market by saying there will be a rate hike to cause a liquidation of these high beta semiconductor names. Then, they buy up all of Leopold's leveraged exposure for 40-50 cents on the dollar. Two weeks later on August 11th, they issue a note to clients saying that they think the market is ready to "systematically start buying" the names that got sold off. Then today, Ken Griffin tells investors that they sold most of their exposure which means he unwound those names in the past 2 weeks after their massive reversals from July. Wall Street is ruthless.
