Morgan Stanley 2009 Annual Report Download - page 166

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following tables present information about non-consolidated VIEs in which the Company had significant
variable interests or served as the sponsor and had any variable interest as of December 31, 2009 and
December 31, 2008 (dollars in millions):
At December 31, 2009
Mortgage and
Asset-backed
Securitizations
Credit
and Real
Estate
Municipal
Tender Option
Bond Trusts
Other
Structured
Financings Total
VIE assets that the Company does not
consolidate ............................ $720 $11,848 $339 $5,775 $18,682
Maximum exposure to loss:
Debt and equity interests ............... $ 16 $ 2,330 $ 40 $ 861 $ 3,247
Derivatives and other contracts .......... 1 4,949 — — 4,950
Commitments and guarantees ........... — 200 31 623 854
Total maximum exposure to loss .... $ 17 $ 7,479 $ 71 $1,484 $ 9,051
Carrying value of exposure to loss—Assets:
Debt and equity interests ............... $ 16 $ 2,330 $ 40 $ 682 $ 3,068
Derivatives and other contracts .......... 1 2,382 — — 2,383
Total carrying value of exposure to
loss—Assets .................. $ 17 $ 4,712 $ 40 $ 682 $ 5,451
Carrying value of exposure to loss—Liabilities:
Derivatives and other contracts .......... $— $ 484 $— $ — $ 484
Commitments and guarantees ........... — — — 45 45
Total carrying value of exposure to
loss—Liabilities ................ $— $ 484 $— $ 45 $ 529
At December 31, 2008
Mortgage and
Asset-backed
Securitizations
Credit
and Real
Estate
Municipal
Tender Option
Bond Trusts
Other
Structured
Financings Total
VIE assets that the Company does not
consolidate ............................ $1,629 $18,456 $2,173 $8,068 $30,326
Maximum exposure to loss:
Debt and equity interests ............... $ 38 $ 4,420 $1,145 $ 880 $ 6,483
Derivatives and other contracts .......... — 5,156 — — 5,156
Commitments and guarantees ........... — — 320 564 884
Total maximum exposure to loss .... $ 38 $ 9,576 $1,465 $1,444 $12,523
Carrying value of exposure to loss—Assets:
Debt and equity interests ............... $ 38 $ 4,420 $1,145 $ 703 $ 6,306
Derivatives and other contracts .......... — 2,044 — — 2,044
Total carrying value of exposure to
loss—Assets .................. $ 38 $ 6,464 $1,145 $ 703 $ 8,350
Carrying value of exposure to loss—Liabilities:
Derivatives and other contracts .......... $ — $ 590 $ — $ — $ 590
Commitments and guarantees ........... — — — 36 36
Total carrying value of exposure to
loss—Liabilities ................ $ — $ 590 $ — $ 36 $ 626
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