pecora......market cap is only the number of shares x the SP.....don't u need to look at net tangible assets.....as per trading room site it is 12.66..and the cdo's are off balance sheet....... so there are 1,692,000,000 shares on issue at say 26.55 = 44,922.600.000 market cap but net tangible assets = 21,420,000,000 thats billion, and they have 13 billion of derivatives outstanding off balance sheets means there is no asset or corresponding liability disclosed on the balance sheet. so considering the asset is of no value....but they might have to write off another 13 billion.....leaves about 8 billion in net tangible assets.........woops that give a value of about 4.78 please correct me if I am wrong cheers
