cca is a growth company with a high pe(50+). Growth companies need money which with now be paid out(REIT's pay out 95%)since it is a REIT. The chairmans passion for not paying taxes is misguided. Just because the company does'nt pay the taxes, you and I will. Now you have an income structure with a 50 PE? Is it making more sense now? Growth funds I'm sure own alot of CCA, they don't want a REIT. Clinton's trying to stop "shared REIT's" (operating companies and tax sheltered REIT's merged)I think the REIT is dropping since it's at frist hard to aggressivly grow a business and pay high dividends. I don't know where the bottom is. It's probably worth doubling up a some point in the near future with the idea of selling off some in 31 days for a tax loss. The business they have is not going to go away and in the long run will do fine. The Chairman's been hanging around to many investment bankers. Spin it out one year, buy it back the next? Who is driving the boat? It's all to bad, not very well thought out.