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CMBS inventories are currently atabout $15 billion out of that (inaudible) billion that we recorded as currentmortgage inventory balances. Once we think about the $fifteen billion I will level outthat of that the most important the vast majority are rather short-term floating ratecommercial loans.

But these losses arewon't surprises if you may. I imply we comprehended the character of our threats. Weunderstood the nature on the home loan positions that we held. Candidly, we madedecisions in hindsight because it relevant to the hedging of those books that didn'tturn out effectively.

You stated balance sheet reduction as a single other thingsgoing ahead in terms of how you're feeling about capital adequacy. What exactlydone over the quarter and maybe you may sizing it when it comes to Web assetreduction, like what makes it way off?

We also manufactured conclusions since it relates to the ramping of theCDO organization, the CDO warehouse loans if you can expect to that on reflection were being verypoorly timed and terrible decisions--plus they had been surely looked at thattime--the decisions ended up made to perform them, plus they didn't change out effectively.

Generally those are revenues, while in the fourth quarter therewere losses in the generate-downs of loan amenities both leverage finance ormortgage goods so we try to strip those out and talking about how thebusiness flows glance while in the fourth quarter and I think Individuals figures that wegave for financial commitment banking underwriting revenues can be a truer a picture of thevolume of activity.

Although the key focus that we experienced has actually been to receive our functioning costsdown. Plainly, we needed to handle the house loan origination energy, which hadbeen constructed up in a special atmosphere, As well as in gentle of anticipated volumes thatneeded to become resolved; so we've accomplished that.

Right. Properly, I'm not gonna seek to estimate what type ofoperating returns We will have. But I are convinced we Don't think thatcertainly the level of revenues that we saw This can be wherever in the vicinity of here indicative ofthe earnings generating potential, the franchise.

2billion, that was Element of it added markdowns on CNBS positions. And after that,naturally, the continued decline while in the indices and drop in the market forresidential mortgages.

Well, I believe you are actually going to see Internet leverageprobably uptick a bit, but which is largely a combination problems. So after we lookat our gross leverage, after you evaluate whole equilibrium sheet footings, we willprobably be largely unchanged as opposed to the August quarter.

We stay fully commited toour Main method of increasing our world wide fairness and clearing franchises,escalating the diversification of our fixed money actions by item andregion, and continuing the development of our Intercontinental functions.

But I thinkit's fair to consider as the workers could evaluate it, through the employeestandpoint, the value in the compensation awards this calendar year by incorporating that backin.

Over-all, this franchise is strong, scaled-down and more focused on restructuringand origination going forward, but our major expertise is set up and we areconfident in the fundamental earnings probable in the property finance loan business enterprise.

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Our method of liquidity risk administration exhibits that we are able to meet all ofour unsecured personal debt maturities around the next twelve months with out issuingadditional unsecured debt or liquidating belongings.