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2billion, that was Section of it added markdowns on CNBS positions. Then,of course, the continued decrease inside the indices and drop out there forresidential home loans.
Ok. I was also shifting equipment, I was inspired to discover themargin balances as think considerably. I realize you fellas experienced perhaps minimal bit a lot more challengesin the 1st half from the calendar year.
So, we'd anticipate the revenuelevels to get noticeably larger, of course not possibly at 2006 levels, becausewe would assume the fastened profits corporations to get a little bit tougher.
three billion. Alarge component of such losses had been about $one billion of losses,incurred linked to CDOs as well as unwinding of CDO warehouse amenities, where by acustomer loss mitigation arrangement proved being insufficient.
So type of contemplating your opportunity book benefit growthfor 2008. And clearly I realize I am not intending to keep you also, just provided howdicey the markets are.
Proper. Well, it absolutely was an extremely weak quarter for us across the boardof preset cash flow, And that i surely not indicative of run level amounts by anystretch.
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We also produced decisions as it relates to the ramping of theCDO small business, the CDO warehouse financial loans if you'll that looking back had been verypoorly timed and terrible conclusions--plus they were definitely checked out thattime--the decisions have been produced to try and do them, they usually did not switch out properly.
Let me begin with that more info final component first. I believe that thereis a great deal of discussion about hazard management methods and whether or not these losseswere sudden, astonishing, etcetera. Of course, They are really sudden andobviously, they don't seem to be suitable the extent of losses.
These challenges and uncertainties could have an effect on our business enterprise andpotentially adjust our upcoming general performance. Some examples consist of alterations ininterest fees, marketplace situations or The present backlog of pendingtransactions.
It has been challengingbecause seriously just about anything, any business which was targeted inside the credit score marketplaces hashad a quite challenging time of it. Although the equities in emerging industry firms havedone well.
So I believe is very nicely contained and at the rear of uswhatever the exposure was. Mainly because it relates to other product strains, We've got verylittle wrap to CDO credit exposure, almost none.
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