How expensive is your TBTF

	A	B	C	E	F	G	H	I
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3			Your favorite bank	Bank of America	Citi	JPMorgan	Goldman	Morgan Stanley
4		Ticker	C	BAC	C	JPM	GS	MS
5		Shares outstanding	5,512,800,000	10,780,000,000	2,930,000,000	3,820,000,000	495,140,000	1,980,000,000
6		Share price	$1.02	$7.96	$31.67	$41.78	$110.04	$16.15
7		Annualized equity volatility	265.00%	40.00%	36.00%	26.00%	28.00%	42.00%
8		Debt + preferred stock (face value)	$1,745,962,000,000.00	$1,967,738,000,000.00	$1,761,012,000,000.00	$2,138,402,000,000.00	$854,496,000,000	$681,328,000,000
9		Quarterly dividend	0	$0.01	$0.01	$0.30	$0.46	$0.01
10		Expected dividends in 1 year	$0.00	$0.04	$0.04	$1.17	$1.79	$0.04
11		1-year discount rate	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
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13	**	Assume x1	0.230629	2.535618	2.849077	3.887206	3.632546	2.420893
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15		Assume N(x1)	0.591198	0.994388	0.997808	0.999949	0.999860	0.992259
16		D	$1,745,962,000,000	$1,967,738,000,000	$1,761,012,000,000	$2,138,402,000,000	$854,496,000,000	$681,328,000,000
17		E	$5,623,056,000	$85,808,800,000	$92,793,100,000	$159,599,600,000	$54,485,205,600	$31,977,000,000
18		V	$1,751,585,056,000	$2,053,546,800,000	$1,853,805,100,000	$2,298,001,600,000	$908,981,205,600	$713,305,000,000
19		DIV	$0	$420,631,886	$114,327,591	$4,471,652,522	$888,728,843	$77,258,918
20		T	1	1	1	1	1	1
21		sigma(E)	2.65	0.40	0.36	0.26	0.28	0.42
22		sigma(V)	0.01	0.02	0.02	0.02	0.02	0.02
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24	**	x1	0.230648	2.535618	2.849077	3.887206	3.632546	2.420893
25		x2	0.216258	2.518810	2.831018	3.869147	3.615760	2.401918
26		N(x1)	0.591206	0.994388	0.997808	0.999949	0.999860	0.992259
27		N(x2)	0.585607	0.994112	0.997680	0.999945	0.999850	0.991845
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29		LLP	$7,477,134,054	$62,212,840	$21,693,646	$487,007	$524,035	$34,765,841
30		IPD (basis points)	42.825297	0.316164	0.123189	0.002277	0.006133	0.510266
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32		Your bank costs this much	$7,477,134,054	$62,212,840	$21,693,646	$487,007	$524,035	$34,765,841
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