The satellites, meanwhile, have to get their debt levels down: deals done so far show that devolution and de-gearing can both occur, through asset sales, the acquisition and internalisation of Macquarie's management rights, and through outright takeouts, such as Canada Pension Plan Investment Board's $1.6 billion purchase of Macquarie Communications Infrastructure Group. Macquarie and MAP gave no hint yesterday about which paths were being considered, but the trading halts shows that the unwinding of the old model is accelerating. Macquarie Mark II may not book the super profits it achieved in the boom, but it will still be solid: in a report upgrading Macquarie to a buy this week, Citigroup says Big Mac's return on equity could expand by more than 50 per cent between now and 2012. AND now, the curious case of the rising and falling underpants.