glenn corp down 2 3/4% today and looks like it is going lower. all of this analysis was done, that glenn corp needed this money and the $100 billion was done when commodities were 15% higher. and even people then said a 5% drop in commodities and glenn corp equity could be worth zero. so now we are 15 15% lower and we have to start looking at this. >> and what is surprising is that what glenn corp reports is adjusted debt. >> right. >> which is $30 billion. which is a completely different story from $100 billion in gross debt which bank of america and merrill lynch points out, a majority of which is unsecured debt. >> so who potentially could have exposure? b.k. talked about this. we had raul paul on this summer, in july, when deutsche bank was trading 34 and i remember him saying as clear as day there is a good chance it will trade $25 and here we are trading with a $23 handle. so it is clear there is something going on in deutsche bank because it is underperforming the rest of its peers. >> and when he brought this up, it is complicated and i t

merrill lynch had a great report where they said about $100 billion from commodities exposure from glenn corp and that is unsecure debts. so there is all of the european banks and the balance sheets are almost too big to bail. >> and they are getting sued like crazy, too. >> and i'm long u.s. banks. that is my biggest fear, if they don't have the risk on their balance sheet it is such a global world, we saw what happened in '08 and it is more so now, that if deutsche bank has a problem, not good for any of them. >> that chart is horrendous. >> it is bad. >> and when you start talking about a big global bank, you talk about other big systemic issues and questions. a big oil company goes and it is problematic but banking is a whole other thing. >> b.k. has been on this and raoul pal said it would trade lower than that. and here we are now. is this the canary in the coal mine. is this the today's market. it didn't bounce today. you might be spot on. >> over 7 million shares traded it trades over a million. >> guy is good on that. >> it was over 5%. we could talk inside, outside, on the web extra

it's not glenn corps who's on the hook. at this prices, glen corps equity looks like it's going to work less. when you look at some of the banks, deutsche bank, biggest exposed. look at some of the swiss banks. bank of america also said that credit swiss and ubs would not be able to withstand the writedown they would need to take if glen corps had an issue. so when you add all those things up, and the price action has been horrible out of the italian banks, i think this is completely justified. the banks in europe are trouble. >> yeah, a lot of those italian banks are trading almost like penny stocks. when we were watching asia, and this is a discussion we were just having with art the last hour as well, brian. many people are watching places like hong con with the dollar peg, or they're watching just the chinese markets in general here. what's really at stake? i mean, for the next move here, where do investors need to be watching? >> you have to watch china. that to me is the biggest story out there right now. what they're