what write offs? how big are they? the stock is down 30% this year and 25% in the last few weeks. that's around $60 billion of value wiped out. Are the write offs going to be this big? If so, where would the write downs come from? yes, the balance sheet is deteriorating but not that quickly. SIVs, even if they need to be taken onto the balance sheet, are not worth zero. They're likely not even worth less than 80 cents on the dollar.