Goldman Sachs 2004 Annual Report Download - page 88

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notes฀to฀consolidated฀financial฀statements
86฀฀฀G O L D M A N ฀ S A C H S ฀ 2004฀ ANNUAL฀REPO RT
86฀฀฀G O L D M A N ฀ S A C H S ฀ 2 004฀ A N N U A L ฀ R E P O RT
senior and subordinated debt; limited and general partnership
interests; preferred and common stock; interest rate, foreign
currency, equity, commodity and credit derivatives; guarantees;
and residual interests in mortgage-backed and asset-backed
securitization vehicles. Group Inc. generally is not directly or
indirectly obligated to repay the debt and equity instruments
and contractual arrangements entered into by these VIEs.
BES฀•฀Phone฀(201)฀635-5240฀฀•฀FAX฀(201)฀635-5199
BPX/S10829฀•฀Flow฀16฀•฀Proof฀12฀•฀2/4/05฀•฀RUSH
The following table sets forth the firm’s total assets and maximum exposure to loss associated with its significant variable interests
in consolidated VIEs where the firm does not hold a majority voting interest:
฀ ฀ AS฀OF฀NOVEMBER
(IN฀MILLIONS)฀ 2004฀ 2003
VIE assets(1) $5,197 $1,832฀
Maximum exposure to loss 782 145
(1)฀฀
Consolidated฀ VIE฀ assets฀ include฀ assets฀ financed฀ by฀ nonrecourse฀ short-term฀ and฀ long-term฀ debt.฀ Nonrecourse฀ debt฀ is฀ debt฀ that฀ Group฀ Inc.฀ is฀ not฀ directly฀ or฀
indirectly฀obligated฀to฀repay.฀
The following tables set forth total assets in nonconsolidated VIEs in which the firm holds significant variable interests and the
firm’s maximum exposure to loss associated with these interests:
฀ ฀ AS฀OF฀NOVEMBER฀2004
฀฀ ฀ MAXIMUM฀EXPOSURE฀TO฀LOSS
฀฀ ฀ ฀ VIE฀ PURCHASED฀ ฀ ฀ LOANS฀AND
(IN฀MILLIONS)฀ ASSETS฀ INTERESTS฀ GUARANTEES฀ DERIVATIVES฀ INVESTMENTS฀ TOTAL
Mortgage-backed $฀ 9,921฀ $153฀ $100฀ $฀฀—฀ $฀ ฀992฀ $1,245
Asset repackagings and credit linked notes 5,138฀ 16฀ —฀ 341฀ 180฀ 537
Power-related 5,340฀ —฀ 52฀ —฀ 571฀ 623
Other asset-backed ฀฀฀8,295฀฀฀฀฀฀฀฀ ฀฀฀฀—฀ ฀฀฀177฀ ฀฀38฀฀฀฀ ฀914฀฀ ฀฀1,129
Total $28,694฀ $169฀ $329฀ $379฀ $2,657฀ $3,534
฀
฀ ฀ AS฀OF฀NOVEMBER฀฀2003
฀฀ ฀ MAXIMUM฀EXPOSURE฀TO฀LOSS
฀฀ ฀ ฀ VIE฀ PURCHASED฀ ฀ ฀ LOANS฀AND
(IN฀MILLIONS)฀ ASSETS฀ INTERESTS฀ GUARANTEES฀ DERIVATIVES฀ INVESTMENTS฀TOTAL
Mortgage-backed $1,648฀ $24฀ $฀฀—฀ $฀ —฀ $฀ ฀507฀ $฀ ฀531฀
Asset repackagings and credit linked notes 377฀ 5฀ —฀ 100฀ —฀ 105฀
Power-related 520฀ —฀ 56฀ —฀ 21฀ 77฀
Other asset-backed 5,720฀ 60฀ 180฀ —฀ 899฀ 1,139
Total $8,265฀ $89฀ $236฀ $100฀ $1,427฀ $1,852