Leucadia National bottom fishing in the credit industry ruins

Read the full article at: http://www.arohanvalue.com/2008/01/16/leucadia-national-bottom-fishing-in-the-credit-industry-ruins/
(via www.arohanvalue.com)

Appears that Leucadia National is acquiring about 10% of AmeriCredit, an automotive financing provider. Does this signal that the credit concerns in automotive credit sector are overblown?