I will bet on LUK's increased ownership in JEF along with the background and reputation of JEF CEO's Richard Handler,over the current concerns of various rating agencies ... and do not feel JEF is a sell.
Also, I believe JEF is well hedged against many possible European problems. However, yes, if Europe has extreme snags it will not be good for JEF but by now everyone knows this.
When JEF was much lower I liked the call buying and very sharp insider purchases over the high short interest. I felt the short case was over-baked (and some were even following bad info).. and JEF has liquid puts. However, this stuff is old news.
I bought LUK and JEF when they were lower and have no plans to sell. In fact, I find LUK to be a remarkable company. LUK has an illustrious history of obtaining significant equity in disheveled or cloudy companies, and working well with current management- if they see deep value..