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Morale was blown up across trading desks this morning as many YTD P/L's go negative after the deal break on Shire Pharma. The maths are ugly; Paulson -$550m, Magnetar -$350m, Elliot -$200m. When these deal breaks happen spreads in other deals tend to widen inflicting more carnage on P/L's. Still, when merger arb guys get killed we're often close to a short term bottom.