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I understand you went about this swiftly, but I had been thinking ifyou could support us reconcile the risk exposures on the chart which you confirmed uson November fourteen, that was broken up sort of AAA Super Senior, and Then you definitely havesub-prime home loans exposures--at that time, the net of The 2 was around£830 million, and I am just asking yourself if there is an update to that, whichwould reconcile kind of towards the $seven hundred million larger charge that you just took?
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Alright. And after that the wake of a score agency at last takingactions versus the bond insurance company yesterday. Is it possible to talk a little bit a few,your publicity or your dependence upon bond insurers to receive to net numbersversus gross quantities?
Normally Individuals are revenues, from the fourth quarter therewere losses within the publish-downs of loan facilities both leverage finance ormortgage products and solutions so we make an effort to strip those out and discussing how thebusiness flows look within the fourth quarter and I believe People figures that wegave for financial commitment banking underwriting revenues are a truer a picture of thevolume of activity.
Equity market place conditions ended up combined in the course of the quarter,problem more than the impact of your issues inside the U.S.housing market on the broader U.S.overall economy and continued limited world-wide credit history conditions, induced significantvolatility in fairness markets.
Hard international credit history industry situations also served tocreate challenging in trading environments in both premiums and credit rating productareas, as credit curves inverted, spreads broad finished correlation estimatesproved delusive.
Hey, as promised I reduced it drastically and created a quick and dirty Model that I do think does a better occupation of clarifying the project.
A few companies have done it fairly very well, mosthaven't. Just by thinking about the outcomes, we have Plainly been wrong while in the waythat we posture the textbooks nevertheless the program in the yr.
I do not Assume our performance inequity derivatives or structured-fairness products and solutions was really that significantly off thenorm. Credit rating trading was pretty tricky for everyone while in the company. So, I thinkour final results are more or less in step with what you're viewing from Other individuals. Major-- smaller asset administration and merchandise client corporations, if you can.
And secondarily, offered your merchant banking investmentin ACA, do you continue to possess a portion of that. Could you give us read more any facts onthat?
I believe I remember all All those numbers, but I do think eachcompany has its possess troubles that is certainly coping with, and It is challenging to really know what thecapital ratio problem seems like within Each and every agency. But I do think thosedecisions, generally, are predicated upon that.
Entire yr Asset Management revenues were being $228 billion, down32% from fiscal 2006. On the other hand, excluding the impression of your losses incurred fromthe failure from the significant-quality hedge cash, Internet revenues are up fourteen% to $382billion reflecting solid progress in equally management and performance costs.
The headcount reduction resulted in non-recurring severance price of somewhere around$one hundred million been regarded in the course of the fourth quarter. We're going to proceed tomonitor sector problem and make supplemental Price tag reduction as required during2008.