Theirt exposure to French banks is greater than their market cap....the exposure was 39 billion....so do the math and pretend MS loses 39 billion in a French bank failure....that explains why the book value is not 28 or whatever fantasy number some MS bulls would like it to be. If the bank lost 39 billion....on just French banks, never mind any other European issue, that would be problematic. Someone has been selling since the firm was 107 and since March when it was 31...you can be sure there will be a spirited defense and enial of the problems, but...in the end, the truth will either make or break the firm. Meanwhile, the firm needs a buyer and new management.