People Think Paulson is Too Smart to Own MGM Mirage (MGM) Outright

The action in MGM Mirage (MGM) today is pretty funny.

Normally, if someone like Paulson suddenly disclosed a massive stake in a company the stock would get jammed higher.

That's not happening - the consensus seems to be that Paulson is doing this as part of a capital structure arb on MGM. In other words, no one believes that he's actually dumb enough to own the stock outright.