Commitments, Guarantees and Contingencies (Tables)

6 Months Ended

Jun. 30, 2012

Commitments, Guarantees and Contingencies [Abstract]

			Years to Maturity
			Less								Total at
			than 1		1-3		3-5		Over 5		June 30, 2012

			(dollars in millions)
Letters of credit and other financial guarantees
	obtained to satisfy collateral requirements	$	797	$	8	$	6	$	—	$	811
Investment activities			1,132		174		44		281		1,631
Primary lending commitments—investment grade(1)(2)			11,352		12,303		33,824		946		58,425
Primary lending commitments—non-investment grade(2)			1,801		2,450		9,434		1,755		15,440
Secondary lending commitments(3)			71		135		28		73		307
Commitments for secured lending transactions			891		41		—		—		932
Forward starting reverse repurchase agreements and
	securities borrowing agreements(4)(5)		57,864		—		—		—		57,864
Commercial and residential mortgage-related commitments			1,583		34		253		358		2,228
Other commitments			1,249		144		45		63		1,501
	Total	$	76,740	$	15,289	$	43,634	$	3,476	$	139,139

(1) This amount includes commitments to asset-backed commercial paper conduits of $275 million at June 30, 2012, of which $138 million have maturities of less than one year and $137 million of which have maturities of one to three years.

(2) This amount includes $24.1 billion of investment grade and $4.3 billion of non-investment grade unfunded commitments accounted for as held for investment and $4.7 billion of investment grade and $2.1 billion of non-investment grade unfunded commitments accounted for as held for sale at June 30, 2012. The remainder of these lending commitments are carried at fair value.

(3) 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).

(4) The Company enters into forward starting reverse repurchase and securities borrowing agreements (agreements that have a trade date at or prior to June 30, 2012 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 of the amount at June 30, 2012, $52.7 billion settled within three business days.

(5) The Company also has a contingent obligation to provide financing to a clearinghouse through which it clears certain transactions. The financing is required only upon the default of a clearinghouse member. The financing takes the form of a reverse repurchase facility, with a maximum amount of approximately $3 billion.

Obligations under Guarantee Arrangements

			Maximum Potential Payout/Notional										Carrying Amount (Asset)/ Liability		Collateral/ Recourse
			Years to Maturity
Type of Guarantee			Less than 1		1-3		3-5		Over 5		Total

			(dollars in millions)
Credit derivative contracts(1)		$	521,915	$	681,228	$	737,154	$	217,256	$	2,157,553	$	56,664	$	—
Other credit contracts			704		564		815		2,301		4,384		(1,744)		—
Non-credit derivative contracts(1)			1,196,592		889,494		349,593		433,506		2,869,185		101,063		—
Standby letters of credit and other
	financial guarantees issued(2)(3)		1,305		1,235		1,199		5,861		9,600		(127)		8,244
Market value guarantees			—		41		172		566		779		12		87
Liquidity facilities			4,322		186		—		65		4,573		(6)		6,181
Whole loan sales representations and
	warranties		—		—		—		24,754		24,754		79		—
Securitization representations and
	warranties		—		—		—		73,492		73,492		34		—
General partner guarantees			77		26		17		159		279		77		—

_____________

(1) Carrying amounts 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 $2.2 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 $198 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 $7 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.

- Definition

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.

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- Definition

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.

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