We could replace Apple (NASDAQ:AAPL) with Exxon (NYSE:XOM) but you get the picture - you can combine the top 32 European banks and they would not be worth as much as either of the 2 companies above. But they sure cause a lot more trouble.
- Earlier on Friday the DJ STOXX euro zone banks index fell 4 percent, valuing its 32 members at $340 billion. That's based on the market capitalization of their free-float shares, which for some French banks in particular is less than 100 percent.
- The index has crashed by a third since the start of July, hammered by fears banks will lose billions from their holdings of euro zone government bonds and a failure of policymakers to stop a euro zone debt crisis from spreading. The euro zone banks have lost three-quarters of their value since peaking in May 2007.
Now if we ever reach a point that Crocs (NASDAQ:CROX) is worth more than the top 32 European banks, we know we are in serious trouble. ;)