We've noted recently that Goldman Sachs and Morgan Stanley have held up relatively well over the past few months. Breakingviews weighs in on the two power firms with a piece noting that they are trading below book value, reflecting the fear over their toxic assets. 

But "having written down the worst of their dross to less than 20 cents on the dollar in some cases, Goldman and Morgan Stanley should benefit whether they sell some of the assets to the government or hold on to them. Indeed, a 10 percent bounce in the values of their most opaque assets would boost Goldman's book value to around $102 a share and Morgan Stanley's to $33 (Fox-Pitt Kelton research)." If investors gain a little optimism, that would suggest plenty of upside. 

For more:
- here's the article via Fortune

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