“Well here are some numbers that will make your head spin. So far Citigroup, Goldman Sachs, Morgan Stanley, Bear Stears, Lehman Brothers and Merrill Lynch have reported.
Citigroup
Equity base: $128 billion
Level three assets: $134.8 billion
Level 3 to equity ratio: 105%

Goldman Sachs
Equity base: $39 billion
Level 3 assets: $72 billion
Level 3 to equity ratio: 185%

Morgan Stanley
Equity base: $35 billion
Level three assets: $88 billion
Level 3 to equity ratio: 251%
YIKES!
Bear Stearns
Equity base: $13 billion
Level three assets: $20 billion
Level 3 to equity ratio: 154%

Lehman Brothers
Equity base: $22 billion
Level three assets: $35 billion
Level 3 to equity ratio: 159%

Merrill Lynch
Equity base: $42 billion
Level 3 assets: $35 billion
Level 3 to equity ratio: 38%

November 15 will be interesting even if it’s estimates

Cytek”

All this seems to redifine the word “ASSETS”