Goldman Sachs' stock has swooned nearly 30 percent from its 52-week high, and has reached the point that the august investment bank now trades at roughly its book value.

Of course, other bulge bracket banks have had the dubious distinction of trading far below book value, so we shouldn't be surprised. But this is Goldman Sachs (NYSE:GS), whose stock held up better than the most throughout the financial crisis and its many regulatory dramas. So it's rather stunning that Mr. Market no longer thinks the company is worth more than its liquidation value. Right now, there's a lot of uncertainty hanging over the company, especially as we approach the date on which it will report second quarter earnings.

Richard Bove, a noted bear on Goldman Sachs, tells the New York Times that the stock is still not attractive on a valuation basis. He says the stock will be a "screaming buy" when it hits $100 a share. Ouch! Perhaps we have to get accustomed to the idea that Goldman Sachs is somehow a breed apart. The real question is how quickly the company can rebound from the malaise. The board is keenly aware of all this, and you have to wonder if it's considering any dramatic moves.

For more:
- here's the article

Related articles:
Richard Bove responds to critics of his Goldman Sachs report   
Richard Bove sides with Goldman Sachs on 'net short' issue   
Goldman Sachs fined for trader huddles