a variation of book value, tangible common equity, has recently come into use by the us federal government in the valuation of troubled banks.<ref name = "wsj-2/23/09">wall street journal 2/23/09, "us eyes large stake in citi"</ref><ref name = "nyt-2/24/09">new york times 2/24/09, "stress test for banks exposes rift on wall st."</ref> tangible common equity is calculated as total book value minus intangible assets, goodwill, and preferred equity, and can thus be considered the most conservative valuation of a company and the best approximation of its value should it be forced to liquidate.