They are still quite illiquid and the comany is still significantly over priced.
In 2Q09 GS’ derivative (included in level 3 assets) actually declined to $15 bn (29.5% of tangible equity) from $16.4 bn (39.1% of tangible equity) as of March 31, 2009. GS’ derivative contracts (total) also declined to $90 bn, or 176.9% of tangible equity in 2Q09 from $104.3 bn, or 248.9% of tangible equity as of March 31, 2009 while total level 3 assets declined to $54.4 bn (107% of tangible equity) from $59.6 bn in 1Q09 (141% of tangible equity).
| ($ mn) | Jun-09 | Mar-09 | Nov-08 | Aug-08 | May-08 | Feb-08 | Nov-07 | Aug-07 | May-07 |
| Derivative contracts | 90,026 | 104,325 | 130,337 | 121,563 | 120,450 | 140,688 | 105,614 | 87,025 | 73,715 |
| Derivative contracts (level 3) | 15,016 | 16,378 | 15,124 | 13,745 | 18,417 | 25,013 | 15,700 | 15,845 | 8,960 |
| Level 3 Assets | 54,444 | 59,062 | 66,190 | 67,868 | 78,088 | 96,386 | 69,151 | 72,048 | 54,101 |
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| Tangible Equity | 50,883 | 41,908 | 42,698 | 37,266 | 36,423 | 34,309 | 34,608 | 30,542 | 29,861 |
| Common Equity | 55,856 | 47,046 | 47,898 | 42,499 | 41,718 | 39,529 | 39,700 | 36,018 | 35,359 |
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| Derivative contracts level 3 / Derivative contracts | 16.7% | 15.7% | 11.6% | 11.3% | 15.3% | 17.8% | 14.9% | 18.2% | 12.2% |
| Level 1 Assets / Tangible Equity | 207.5% | 217.8% | 153.1% | 250.2% | 273.0% | 331.7% | 329.8% | 398.6% | 406.1% |
| Level 2 Assets / Tangible Equity | 653.9% | 840.7% | 815.0% | 912.4% | 885.0% | 1079.9% | 961.5% | 906.1% | 792.9% |
| Level 3 Assets / Tangible Equity | 107.0% | 140.9% | 155.0% | 182.1% | 214.4% | 280.9% | 199.8% | 235.9% | 181.2% |
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| Derivative Contracts / Tangible Equity | 176.9% | 248.9% | 305.3% | 326.2% | 330.7% | 410.1% | 305.2% | 284.9% | 246.9% |
| Derivative Contracts (Level 3) / Tangible Equity | 29.5% | 39.1% | 35.4% | 36.9% | 50.6% | 72.9% | 45.4% | 51.9% | 30.0% |
I will be posting more on Goldman later this week.