Commitments, Guarantees And Contingencies (Tables)

6 Months Ended

Jun. 30, 2011

Commitments, Guarantees And Contingencies

Commitments By Period Of Expiration


		Years to Maturity																Total at June 30, 2011
		Less than 1				1-3				3-5				Over 5				Total at June 30, 2011
		(dollars in millions)
Letters of credit and other financial guarantees obtained to satisfy collateral requirements		$	1,220			$	2			$	11			$	—			$	1,233
Investment activities			1,255				359				87				262				1,963
Primary lending commitments—investment grade(1)			14,074				20,494				18,138				508				53,214
Primary lending commitments—non-investment grade			3,023				4,545				7,824				3,121				18,513
Secondary lending commitments(2)			53				250				56				130				489
Commitments for secured lending transactions			278				322				231				—				831
Forward starting reverse repurchase agreements(3)			69,474				—				—				—				69,474
Commercial and residential mortgage-related commitments			583				14				103				588				1,288
Underwriting commitments			76				—				—				—				76
Other commitments			235				212				2				—				449

Total		$	90,271			$	26,198			$	26,452			$	4,609			$	147,530

(1)	This amount includes commitments to asset-backed commercial paper conduits of $275 million at June 30, 2011, of which $138 million have maturities of less than one year and $137 million of which have maturities of one to three years.

(2)	These commitments are recorded at fair value within Financial instruments owned and Financial instruments sold, not yet purchased in the condensed consolidated statements of financial condition (see Note 3).

(3)

The Company enters into forward starting securities purchased under agreements to resell (agreements that have a trade date at or prior to June 30, 2011 and settle subsequent to period-end) that are primarily secured by collateral from U.S. government agency securities and other sovereign government obligations. These agreements primarily settle within three business days and at June 30, 2011, $67.5 billion settled within three business days.

Obligations Under Guarantee Arrangements


		Maximum Potential Payout/Notional																				Carrying Amount (Asset)/ Liability				Collateral/ Recourse
		Years to Maturity																Total
Type of Guarantee		Less than 1				1-3				3-5				Over 5				Total
		(dollars in millions)
Credit derivative contracts(1)		$	418,392			$	1,080,886			$	839,969			$	521,379			$	2,860,626			$	23,366			$	—
Other credit contracts			808				1,534				684				3,157				6,183				(136	)			—
Non-credit derivative contracts(1)			1,286,082				941,485				371,512				330,187				2,929,266				76,136				—
Standby letters of credit and other financial guarantees issued(2)(3)			7,247				1,588				567				5,648				15,050				(58	)			12,081
Market value guarantees			—				—				159				669				828				16				91
Liquidity facilities			4,570				504				758				71				5,903				—				6,806
Whole loan sales representations and warranties			—				—				—				24,674				24,674				49				—
Securitization representations and warranties			—				—				—				87,948				87,948				25				—
General partner guarantees			208				1				56				283				548				72				—

(1)	Carrying amount of derivative contracts are shown on a gross basis prior to cash collateral or counterparty netting. For further information on derivative contracts, see Note 10.

(2)

Approximately $2.3 billion of standby letters of credit are also reflected in the "Commitments" table in primary and secondary lending commitments. Standby letters of credit are recorded at fair value within Financial instruments owned or Financial instruments sold, not yet purchased in the condensed consolidated statements of financial condition.

(3)

Amounts include guarantees issued by consolidated real estate funds sponsored by the Company of approximately $362 million. These guarantees relate to obligations of the fund's investee entities, including guarantees related to capital expenditures and principal and interest debt payments. Accrued losses under these guarantees of approximately $82 million are reflected as a reduction of the carrying value of the related fund investments, which are reflected in Financial instruments owned—Investments on the condensed consolidated statement of financial condition.

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References+ Details

Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References+ Details