The problem is that Mr Prot was referring to the book value of equity at BNP Paribas.

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And the rise in the book value of their equity holdings adds to the proportion of risky assets held by life companies, adding also to the mismatch of duration.

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In another measure, the ratio of price to tangible book value (shareholders' equity minus intangibles like goodwill), Citi is close to typical at 3.6.

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While the dividend cut was expected, the management changes and the possibility of a dilutive equity raise (under book value) was not expected by The Street.

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Snowling ticks off other advantages for Sallie: low interest rate risk (given government guarantees), profit growth expectations in the 15% range, a rich return on equity (net income divided by average book value) of 38%, and a cheap valuation relative to history and the broader market.

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