这个季度还是用M2M. 记得大家批评的BOA的营利中有20几亿美元, 实际是来自MARK TO MARKET营利. 美林自己的债务的 MARKET价值大幅度下跌, 造成了BOA巨幅MARK TO MARKET营利.当然如果美林投资别的公司的债务, 如果债务价格下降, 那么就会出现相反的MARK TO MARKET损失.

MORGAN STANLEY的MARK状态:

Howard Chen ━ Credit Suisse

Thanks for taking my questions. First, could you provide us with where your marks stands for commercial real estate, residential real estate, and leveraged loans at the end of the March quarter?

Colm Kelleher

Sure. Well, CMBS bonds will trade are marked in the mid-40s, mezzanine commercial loans are marked in the low-50s, all Ks are marked in the mid-20s, sub-prime maybe as CDO mezzanine in the low teens and legacy last leverage finance, acquisition finance, portfolio loans are valued in the low 60s. Have I missed anything?