I suppose I should clarify this comment -it wasn't meant to be cryptic.

A lot of companies are still carrying excessive "goodwill" on their balance sheets -they engaged in takeovers, etc, before the crash and valued the companies at what they paid for them, not what the market thought, or currently thinks, the assets are worth.

Many of the assets are only worth a fraction of the stated worth, and will eventually turn around to bite the investor. Hence all of the "goodwill writedowns" of late -these are just the honest companies.