Tuesday, February 16, 2010 12:59:05 PM
First, I NEVER touted 1x book as a floor. In fact, I never proposed book valuation. Others suggested it as it is a shorthand way that businesses are valued. On the contrary, as early as November '08 I pointed out that a perpetuity model was likely to be much more accurate. To my knowledge I was the person on this board who raised the perpetuity model. I never trusted book in school and don't trust it now as it would likely grossly undervalue WMI's interest in the seized assets.
Moreover, assuming JPM argues for book methodology vs. perpetuity, why only 2x for 100 year old bank? Replication of 2,200 branches, the deposits, etc. could never be achieved with $52 billion in today's money, and doubtless the EC is pointing this out, so a much higher multiple would be in order.
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