Completely different model, and banks are weighed down by projected losses on bad assets. But the image is still valid, "Look at this formerly formidable mega-

Completely different model, and banks are weighed down by projected losses on bad assets. But the image is still valid, "Look at this formerly formidable mega-bank which has less equity value than a disappearing picture and video app." (Of course it's not a public market valuation, and much of the assets are supported in debt) European banking has been suffering along with Europe. Perhaps the bigger issue is that when banks get to such a low level of equity relative to debt, they have no cushion to absorb losses. Once the equity hits zero, they become insolvent and that's when the Lehman comparison becomes very valid.