MrSavage - 7:01 am on Jun 14, 2012 (gmt 0)
Dang I took a lot of time looking. The best I could do was find a discussion about it. I'm glad to have looked into this again. Sorry this is off topic because his comments are relating to Penguin not Panda. Anyways, his original comment was this: "If you’ve cleaned and still don’t recover, ultimately, you might need to start all over with a fresh site, Cutts said.
I've found this comment which clarifies that bombshell.
"Some comments Cutts made in the past about starting over with your site if you were hit by Penguin, scared some, but this was brought up again during the keynote. “Sometimes you should. It’s possible to recover, but if you’re a fly-by-night spammer, it might be better to start over,” he’s quoted as saying."