Not much to say about this one (WSJ.com sub req'd), other than the fact that I have so much admiration for Citadel. Not because I like Ken Griffin, however. (I don't know the man, so I can't like him.) However, as an operation, the vulture tactics are beautiful. People always gripe about vultures, but they're part of the food chain too. If weaker players die off, someone has to pick up the pieces. In recent memory, that someone has been Citadel many times (think back to Amaranth). Its a lovely strategy, IMO. So I have the utmost respect for how Citadel operates their business goes about accomplishing their goals.