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The end of an era. No more Wall St investment banks
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[QUOTE]Originally posted by a surfer: [QB] [QUOTE]Originally posted by glassman: [qb] [b]Goldman Sachs has disclosed its Level 3 assets, two quarters before it would be compelled to do so in the period ending February 29, 2008. Their total was $72 billion, which at first sight looks reasonable because it is only 8% of total assets. However the problem becomes more serious when you realize that $72 billion is twice Goldman's capital of $36 billion. In an extreme situation therefore, Goldman's entire existence rests on the value of its Level 3 assets. [/b] http://www.atimes.com/atimes/Global_Economy/IK03Dj03.html yet everybody is yakking about subprime mortgages? [/qb][/QUOTE]Interesting last few paragraphs Glass..... Given the size of the overall figures involved and the excessive earnings that Wall Street's participants have enjoyed over the last decade, a taxpayer-funded bailout of Wall Street's titans would seem politically impossible, however loud the lobbyists scream for it. In the long run, that is probably a blessing for the US and world economies. [/QB][/QUOTE]
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