mqg is a steal at this price, page-53

I think you are still missing the point utsstudent. Agree surplus cash is good in bad times, but the reverse is not to expect as much of a pick up in good times. This is why the analysts have finally downgraded future earnings.

I wouldn't concentrate on the aircraft leasing business too much if I were you. It's not a good example. The original intention of that business was to flick it to a fund, but they got stuck with it on balance sheet as they couldn't get an aircraft leasing fund away in the midst of a credit crisis. They would love to flog it if they could, but no-one wants it. It sucks up capital and is low margin. It would never have met the hurdles, but they were desperate to stop the drag from liquid assets.

GS and MS have plenty of annuity style flow of cash. They are in a different league to Mac. They are also a lot more lean.

Anyway, what you should be hoping for is the start of QE3. That will give the SP a good bounce.