I am in the camp that says Citadel's Ken Griffin got a very good deal on E-Trade's asset-backed security portfolio - at 27 cents on the dollar, and considering defaults are over-estimated. But maybe the deal was even better than that.
Depending on how you do the math, Citadel may have paid as little as 60 cents on the dollar for prime mortgage-backed securities. Nice.
Useful related chart (click to enlarge):