Rasputin - 2:48 pm on Sep 1, 2011 (gmt 0)
TA have had an extensive program of link exchanges for many years - well before panda came along (as have several other large groups of travel sites I know of).
Years ago I did a link exchange with them myself (removed when they they subsequently made their outbound links nofollow without mentioning it). Even quite recently I had an email from a company in their group asking if I would do a link exchange.
It's only us mere mortals who can't get away with such things any more.