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Politics : Stockman Scott's Political Debate Porch
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To: SOROS who started this subject11/6/2002 4:03:08 AM
From: jjkirk  Read Replies (1) of 89467
 
A Belgium-based banker shared the following NTA of DOW

[From WESTPACIFIC ... Message 18199879 ]

"As of June 30th, 2002 and on the basis of each company's then most recent quarterly report, the 30 Dow Industrials components had a combined
$3.3 trillion in liabilities compared to just $728 billion in book value. There was a combined $218 billion in goodwill within this book value figure, leaving
just $510 billion in net tangible assets (which does not even subtract intangible assets other than goodwill from book value). In effect, the Dow's net
tangible assets were then leveraged at a 6/1 ratio - a capital structure bearing far greater resemblance to a hedge fund than a prudently financed
corporation. Of even greater concern, this figure was not just a function of the massive leverage employed by the Dow's financial components: just 10 of
the
Dow 30 had Liabilities/NTA of less than 3/1. Additionally, it should be noted that this figure did not account for any off-balance sheet liabilities. Risk
assumed off of the balance sheet dwarves the aforementioned $3.3 trillion in liabilities in an unknowable but certainly immense fashion....more...

[ Also read the preceding post by WESTPACIFIC on "Guidance and Visibility" thread about Berlin declaring bankruptcy...jj ] Message 18199876

I remain,

under God,

a proud Republican,

short.

jj
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