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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

 

               

 

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

 

               

 

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%

 

               

 

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.