JWW, It's my understanding that JPM assumed the Deposit Base, after all they did wind up with it, didn't they? WMB had ~$188B in deposits that are included in the 272B total liabilities... And when he brings in the WMB assets, he has also take the WMB liabilities into account of course. Quote:Why do you simply ignore the $272B LIABILITIES WMB had? Simple answer, He is not talking about the WMB depositor base! Deposits = Liabilities!