Morgan Stanley, Goldman Sachs Fall Below Tangible Book Value

``The two largest equity-trading banks, which report fourth-quarter earnings this month, dropped more than 3 percent Thursday to fall below tangible book value, a measure of what the companies would theoretically be worth if liquidated.'' -- Of course, who knows what tangible book value is really, and what it would be in a wider market/economic downturn (when everyone is liquidating "tangible things"....)