Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value

Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value

Expressed in thousands of dollars.


	September 30, 2012				December 31, 2011
	Owned		Sold		Owned		Sold
U.S. Treasury, agency and sovereign obligations	$	754,288	$	60,559	$	682,805	$	27,509
Corporate debt and other obligations		24,345		3,370		27,188		3,696
Mortgage and other asset-backed securities		2,793		34		4,609		14
Municipal obligations		103,656		933		54,963		485
Convertible bonds		44,654		9,847		50,157		8,533
Corporate equities		42,592		27,665		38,634		29,056
Other		69,262		127		66,185		122

Total	$	1,041,590	$	102,535	$	924,541	$	69,415

Quantitative Information about Level 3 Fair Value Measurements

Additional information regarding the valuation technique and inputs used is as follows:

Expressed in thousands of dollars.

Quantitative Information about Level 3 Fair Value Measurements at September 30, 2012

Product

Principal

Valuation
Adjustment

Fair Value

Valuation Technique

Unobservable
Input

Range

Auction Rate Securities⁽¹⁾

120,306

5,256

115,050

Discounted Cash Flow

Discount Rate

1.14% to 3.01%

Duration

5 to 8 Years

Current Yield⁽²⁾

0.27% to 1.37%

Total

(1)	Includes ARS owned by the Company of $79.8 million included in the condensed consolidated balance sheet at September 30, 2012 as well as additional commitments to purchase ARS from clients of $40.5 million which is disclosed in the notes to the co

(2)	Based on current auctions in comparable securities that have not failed

Investments in Company-Sponsored Funds

The following table provides information about the Company’s investments in Company-sponsored funds at September 30, 2012.

Expressed in thousands of dollars.


	Fair Value		Unfunded Commit - ments		Redemption Frequency	Redemption Notice Period
Hedge Funds⁽¹⁾	$	881	$	—	Quarterly - Annually	30 - 120 Days
Private Equity Funds⁽²⁾		3,408		1,018	N/A	N/A
Distressed Opportunities Investment Trust⁽³⁾		7,558		—	N/A	N/A

Total	$	11,847	$	1,018

(1)	Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies.

(2)	Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources.

(3)	Special purpose vehicle that invests in distressed debt of U.S. companies.

Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities, recorded at fair value on a recurring basis as of September 30, 2012 and December 31, 2011 have been categorized based upon the above fair value hierarchy as follows:

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2012

Expressed in thousands of dollars.


	Fair Value Measurement: Assets
	As of September 30, 2012
	Level 1		Level 2		Level 3		Total
Cash equivalents	$	40,702	$	—	$	—	$	40,702
Cash and securities segregated for regulatory and other purposes		11,498		—		—		11,498
Deposits with clearing organization		9,091		—		—		9,091
Securities owned:
U.S. Treasury securities		699,535		—		—		699,535
U.S. Agency securities		38,155		16,565		—		54,720
Sovereign obligations		—		33		—		33
Corporate debt and other obligations		12,060		12,285		—		24,345
Mortgage and other asset-backed securities		—		2,767		26		2,793
Municipal obligations		—		92,984		10,672		103,656
Convertible bonds		—		44,654		—		44,654
Corporate equities		34,165		8,427		—		42,592
Other		2,883		—		66,379		69,262

Securities owned, at fair value		786,798		177,715		77,077		1,041,590
Investments⁽¹⁾		433		36,678		12,805		49,916
Derivative contracts		—		—		—		—
TBAs		—		4,203		—		4,203
Securities purchased under agreements to resell		—		—		—		—

Total	$	848,522	$	218,596	$	89,882	$	1,157,000


	Fair Value Measurement: Liabilities As of September 30, 2012
	Level 1		Level 2		Level 3		Total
Securities sold, not yet purchased:
U.S. Treasury securities	$	59,445	$	—	$	—	$	59,445
U.S. Agency securities		1,073		41		—		1,114
Corporate debt and other obligations		—		3,370		—		3,370
Mortgage and other asset-backed securities		—		34		—		34
Municipal obligations		—		933		—		933
Convertible bonds		—		9,847		—		9,847
Corporate equities		18,615		9,050		—		27,665
Other		127		—		—		127

Securities sold, not yet purchased at fair value		79,260		23,275		—		102,535
Investments		125		—		—		125
Derivative contracts		290		215		2,253		2,758
TBAs		—		1,219		—		1,219
Securities sold under agreements to repurchase⁽²⁾		—		—		—		—

Total	$	79,675	$	24,709	$	2,253	$	106,637

⁽¹⁾	Included in other assets on the condensed consolidated balance sheet.

⁽²⁾	Includes securities sold under agreements to repurchase agreements where the Company has elected fair value option treatment.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2011

Expressed in thousands of dollars.


	Fair Value Measurement: Assets
	As of December 31, 2011
	Level 1		Level 2		Level 3		Total
Cash equivalents	$	30,924	$	—	$	—	$	30,924
Cash and securities segregated for regulatory and other purposes		11,500		—		—		11,500
Deposits with clearing organizations		9,095		—		—		9,095
Securities owned:
U.S. Treasury securities		627,870		—		—		627,870
U.S. Agency securities		32,663		21,695		—		54,358
Sovereign obligations		—		577		—		577
Corporate debt and other obligations		12,538		14,650		—		27,188
Mortgage and other asset-backed securities		—		4,593		16		4,609
Municipal obligations		—		51,401		3,562		54,963
Convertible bonds		—		50,157		—		50,157
Corporate equities		29,150		9,484		—		38,634
Other		1,184		—		65,001		66,185

Securities owned, at fair value		703,405		152,557		68,579		924,541
Investments⁽¹⁾		1,512		32,964		12,482		46,958
Derivative contracts		—		20		—		20
TBAs		—		5,791		—		5,791
Securities purchased under agreements to resell ⁽²⁾		—		847,610		—		847,610

Total	$	756,436	$	1,038,942	$	81,061	$	1,876,439


	Fair Value Measurement: Liabilities As of December 31, 2011
	Level 1		Level 2		Level 3		Total
Securities sold, not yet purchased:
U.S. Treasury securities	$	27,462	$	—	$	—	$	27,462
U.S. Agency securities		—		47		—		47
Sovereign obligations		—		—		—		—
Corporate debt and other obligations		—		3,696		—		3,696
Mortgage and other asset-backed securities		—		14		—		14
Municipal obligations		—		485		—		485
Convertible bonds		—		8,533		—		8,533
Corporate equities		16,467		12,589		—		29,056
Other		72		—		50		122

Securities sold, not yet purchased at fair value		44,001		25,364		50		69,415
Investments		26		—		—		26
Derivative contracts		66		8		2,347		2,421
TBAs		—		2,254		—		2,254

Total	$	44,093	$	27,626	$	2,397	$	74,116

⁽¹⁾	Included in other assets on the condensed consolidated balance sheet.

⁽²⁾	Includes securities purchased under agreements to resell where the Company has elected fair value option treatment.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended September 30, 2012 and 2011.

Expressed in thousands of dollars.


	Level 3 Assets and Liabilities
	For the Three-Month Period Ended September 30, 2012
	Beginning Balance		Realized Gains (Losses)⁽⁴⁾			Unrealized Gains (Losses)⁽⁵⁾			Purchases & Issuances		Sales & Settlements			Transfers In / Out		Ending Balance
Assets:
Mortgage and other asset-backed securities⁽¹⁾	$	12		—			3			11		—			—	$	26
Municipals		10,120		—			(13	)		655		(90	)		—		10,672
Other⁽²⁾		64,644		—			410			5,950		(4,625	)		—		66,379
Investments⁽³⁾		12,760		(9	)		(32	)		231		(145	)		—		12,805

Liabilities:
Mortgage and other asset-backed securities⁽¹⁾	$	—		—			—			—		—			—	$	—
Other⁽²⁾		—		—			—			—		—			—		—
Derivative contracts		2,334		—			(81	)		—		—			—		2,253

⁽¹⁾	Represents private placements of non-agency collateralized mortgage obligations.

⁽²⁾	Represents auction rate securities that failed in the auction rate market.

⁽³⁾	Primarily represents general partner ownership interests in hedge funds and private equity funds sponsored by the Company.

⁽⁴⁾	Included in principal transactions on the consolidated statement of operations, except for investments which are included in other income on the consolidated statement of operations.

⁽⁵⁾	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.

Expressed in thousands of dollars.


	Level 3 Assets and Liabilities
	For the Three-Month Period Ended September 30, 2011
	Beginning Balance		Realized Gains (Losses)⁽⁴⁾			Unrealized Gains (Losses)⁽⁵⁾			Purchases & Issuances			Sales & Settlements			Transfers In / Out			Ending Balance
Assets:
Mortgage and other asset-backed securities⁽¹⁾	$	105		1			(3	)		893			(230	)		0		$	766
Municipals		3,829		(12	)		(143	)		575			(119	)		—			4,129
Other⁽²⁾		63,098		—			543			4,028			(2,450	)		—			65,219
Investments⁽³⁾		16,141		—			(793	)		126			—			(1	)		15,473

Liabilities:
Mortgage and other asset-backed securities⁽¹⁾	$	11		—			—			(11	)		—			—		$	—
Other⁽²⁾		—		—			—			1,502			—			—			1,502
Derivative contracts		—		—			—			—			—			—			—

⁽¹⁾	Represents private placements of non-agency collateralized mortgage obligations.

⁽²⁾	Represents auction rate securities that failed in the auction rate market.

⁽³⁾	Primarily represents general partner ownership interests in hedge funds and private equity funds sponsored by the Company.

⁽⁴⁾	Included in principal transactions on the consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.

⁽⁵⁾	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2012 and 2011.

Expressed in thousands of dollars.


	Level 3 Assets and Liabilities
	For the Nine-Month Period Ended September 30, 2012
	Beginning Balance		Realized Gains (Losses)⁽⁴⁾			Unrealized Gains (Losses)⁽⁵⁾			Purchases & Issuances			Sales & Settlements			Transfers In / Out			Ending Balance
Assets:
Mortgage and other asset-backed securities⁽¹⁾	$	16		(8	)		5			95			(80	)		(2	)	$	26
Municipals		3,562		(5	)		(505	)		9,960			(2,340	)		—			10,672
Other⁽²⁾		65,001		—			(351	)		20,675			(18,946	)		—			66,379
Investments⁽³⁾		12,482		(9	)		405			358			(442	)		11			12,805

Liabilities:
Mortgage and other asset-backed securities⁽¹⁾	$	—		—			—			—			—			—		$	—
Other⁽²⁾		50		—			—			(50	)		—			—			—
Derivative contracts		2,347		—			(94	)		—			—			—			2,253

⁽¹⁾	Represents private placements of non-agency collateralized mortgage obligations

⁽²⁾	Represents auction rate securities that failed in the auction rate market

⁽³⁾	Primarily represents general partner ownership interests in hedge funds and private equity funds sponsored by the Company

⁽⁴⁾	Included in principal transactions on the consolidated statement of operations, except for investments which are included in other income on the consolidated statement of operations

⁽⁵⁾	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date

Expressed in thousands of dollars.


	Level 3 Assets and Liabilities
	For the Nine-Month Period Ended September 30, 2011
	Beginning Balance		Realized Gains (Losses)⁽⁴⁾			Unrealized Gains (Losses)⁽⁵⁾			Purchases & Issuances		Sales & Settlements			Transfers In / Out			Ending Balance
Assets:
Mortgage and other asset-backed securities⁽¹⁾	$	14		1			(0	)		995		(244	)		0		$	766
Municipals		1,787		(12	)		(334	)		2,982		(294	)		—			4,129
Other⁽²⁾		35,909		—			(393	)		38,178		(8,475	)		—			65,219
Investments⁽³⁾		17,208		—			(794	)		572		(1,500	)		(13	)		15,473

Liabilities:
Mortgage and other asset-backed securities⁽¹⁾	$	—		0			—			11		(11	)		—		$	—
Other⁽²⁾		—		—			—			1,502		—			—			1,502
Derivative contracts		—		—			—			—		—			—			—

⁽¹⁾	Represents non-agency securities primarily collateralized by home equity and manufactured housing

⁽²⁾	Represents auction rate preferred securities that failed in the auction market. Fair value approximates par due to strength in the underlying credits and the recent trend in issuer redemptions

⁽³⁾	Primarily represents general partner ownership interests in hedge funds and private equity funds sponsored by the Company

⁽⁴⁾	Included in principal transactions, net on the condensed consolidated statement of operations, except for investments which is included in other income on the condensed consolidated statement of operations.

⁽⁵⁾	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date

Notional and Fair Values of TBA's

The following table summarizes the notional and fair values of the TBAs as of September 30, 2012 and December 31, 2011.

Expressed in thousands of dollars.


	September 30, 2012				December 31, 2011
	Notional		Fair Value		Notional		Fair Value
Sale of TBAs ⁽¹⁾	$	551,897	$	4,203	$	574,365	$	5,791
Purchase of TBAs	$	203,439	$	1,219	$	137,572	$	2,254

⁽¹⁾

TBAs are used to offset exposures related to commitments to provide funding for FHA loans at OMHHF. At September 30, 2012, the loan commitments balance was $297.5 million ($326.7 million at December 31, 2011). In addition, at September 30, 2012, OMHHF had a loan receivable balance (included in other assets) of $56.3 million ($109.3 million at December 31, 2011) which relates to prior loan commitments that have been funded but have not yet been securitized. The “when issued” securitizations of these loans have been sold to market counter-parties.

Notional Amounts and Fair Values of Derivatives by Product

The notional amounts and fair values of the Company’s derivatives at September 30, 2012 and December 31, 2011 by product were as follows:

Expressed in thousands of dollars.

Fair Value of Derivative Instruments

As of September 30, 2012


	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments ⁽¹⁾
Interest rate contracts	Cap ⁽²⁾	$	10,000	$	0

Total Assets		$	10,000	$	0

Liabilities:
Derivatives not designated as hedging instruments ⁽¹⁾
Commodity contracts	U.S Treasury Futures ⁽³⁾	$	64,000	$	290

	Federal Funds Futures ⁽³⁾		7,745,000		210
	Euro Dollars Futures		13,000		5
Other contracts	Auction rate securities purchase commitment ⁽⁴⁾		40,541		2,253

Total Liabilities		$	7,862,541	$	2,758

(1)	See “Fair Value of Derivative Instruments” below for description of derivative financial instruments.

(2)	Included in receivable from brokers and clearing organizations on the condensed consolidated balance sheet.

(3)	Included in payable from brokers and clearing organizations on the condensed consolidated balance sheet.

(4)	Included in other liabilities on the condensed consolidated balance sheet.

Expressed in thousands of dollars.

Fair Value of Derivative Instruments

As of December 31, 2011


	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments ⁽¹⁾
Interest rate contracts	Cap ⁽²⁾	$	100,000	$	20

Total Assets		$	100,000	$	20

Liabilities:
Derivatives not designated as hedging instruments ⁽¹⁾
Commodity contracts	U.S Treasury Futures ⁽³⁾	$	20,000	$	66
	Federal Funds Futures ⁽³⁾		5,985,000		8
Other contracts	Auction rate securities purchase commitment ⁽⁴⁾		57,292		2,347

Total Liabilities		$	6,062,292	$	2,421

(1)	See “Fair Value of Derivative Instruments” below for description of derivative financial instruments.

(2)	Included in receivable from brokers and clearing organizations on the condensed consolidated balance sheet.

(3)	Included in payable from brokers and clearing organizations on the condensed consolidated balance sheet.

(4)	Included in other liabiilities on the condensed consolidated balance sheet.

Fair Value Amounts of Derivative Instruments and Their Effect on Statement of Operations

The following table presents the location and fair value amounts of the Company’s derivative instruments and their effect on the statement of operations for the three months ended September 30, 2012.

Expressed in thousands of dollars.


		Recognized in Income on Derivatives (pre-tax)				Reclassified from Accumulated Other Comprehensive Income into Income -Effective Portion ⁽²⁾ (after–tax)
Hedging Relationship	Description	Location	Gain/ (Loss)			Location		Gain/ (Loss)
Interest rate contracts	Caps ⁽³⁾	N/A	$	—			Interest expense	$	—
Commodity contracts	U.S Treasury Futures	Principal transaction revenue		(395	)		None		—
	Federal Funds Futures	Principal transaction revenue		(334	)		None		—
	Euro-Dollars Futures	Principal transaction revenue		18					—
Other contracts	Auction rate securities purchase commitment	Principal transaction revenue		81			None		—

Total			$	(630	)			$	—

(1)	See “Fair Value of Derivative Instruments” above for description of derivative financial instruments.

(2)	There is no ineffective portion included in income for the period ended September 30, 2012.

(3)

As noted above in “Cash flow hedges used for asset and liability management”, interest rate caps are used to hedge interest rate risk associated with the Subordinated Note. With the repayment of the Subordinated Note in the second quarter of 2011, this cap is no longer designated as a cash flow hedge.

The following table presents the location and fair value amounts of the Company’s derivative instruments and their effect on the statement of operations for the nine months ended September 30, 2012.

Expressed in thousands of dollars.


		Recognized in Income on Derivatives (pre-tax)				Reclassified from Accumulated Other Comprehensive Income into Income -Effective Portion ⁽²⁾ (after–tax)
Hedging Relationship	Description	Location	Gain/ (Loss)			Location		Gain/ (Loss)
Interest rate contracts	Caps ⁽³⁾	N/A		(12	)		Interest expense		—
Commodity contracts	U.S Treasury Futures	Principal transaction revenue		(1,032	)		None		—
	Federal Funds Futures	Principal transaction revenue		(74	)		None		—
	Euro-dollar Futures	Principal transaction revenue		(9	)		None		—
Other contracts	Auction rate securities purchase commitment	Principal transaction revenue		94			None		—

Total			$	(1033	)			$	—

(1)	See “Fair Value of Derivative Instruments” above for description of derivative financial instruments.

(2)	There is no ineffective portion included in income for the period ended September 30, 2012.

(3)

Variable Interest Entities

The following tables set forth the total VIE assets, the carrying value of the subsidiaries’ variable interests, and the Company’s maximum exposure to loss in Company-sponsored non-consolidated VIEs in which the Company holds variable interests and other non-consolidated VIEs in which the Company holds variable interests at September 30, 2012 and December 31, 2011:

As of September 30, 2012

Expressed in thousands of dollars.


	Total VIE Assets (1)		Carrying Value of the Company’s Variable Interest				Capital Commitments		Maximum Exposure to Loss in Non- consolidated VIEs
	Total VIE Assets (1)		Assets (2)		Liabilities		Capital Commitments		Maximum Exposure to Loss in Non- consolidated VIEs
Hedge Funds	$	1,995,924	$	317	$	—	$	—	$	317
Private Equity Funds		171,681		30		—		10		40

Total	$	2,167,605	$	347	$	—	$	10	$	357

As of December 31, 2011

Expressed in thousands of dollars.


	Total VIE Assets (1)		Carrying Value of the Company’s Variable Interest				Capital Commitments		Maximum Exposure to Loss in Non- consolidated VIEs
	Total VIE Assets (1)		Assets (2)		Liabilities		Capital Commitments
Hedge Funds	$	1,668,508	$	393	$	—	$	—	$	393
Private Equity Funds		142,275		27		—		13		40

Total	$	1,810,783	$	420	$	—	$	13	$	433

(1)	Represents the total assets of the VIEs and does not represent the Company’s interests in the VIEs.

(2)	Represents the Company’s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet.

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details

- Definition

Tabular disclosure of financial instruments held by a broker-dealer for its own account (proprietary securities) for trading or investment purposes that are carried at fair value including securities sold, not yet purchased.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Audit and Accounting Guide (AAG)

-Number AAG-BRD

-Paragraph 80

-Subparagraph Exhibit 4-8, 6

-IssueDate 2006-05-01

-Chapter 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Audit and Accounting Guide (AAG)

-Number AAG-BRD

-Paragraph 5-14

-IssueDate 2006-05-01

-Chapter 7

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Audit and Accounting Guide (AAG)

-Number AAG-BRD

-Paragraph 38-42

-IssueDate 2006-05-01

-Chapter 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 940

-SubTopic 320

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6475986&loc=d3e42546-110969

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10, 11

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 4

-Subparagraph g

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 140

-Paragraph 35

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 167

-Paragraph 22B

-Appendix D

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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-Name FASB Staff Position (FSP)

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-Paragraph C4

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 167

-Paragraph 22E

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

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-URI http://asc.fasb.org/extlink&oid=7880789&loc=d3e5747-111685

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-URI http://asc.fasb.org/extlink&oid=7880789&loc=d3e5710-111685

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 2, 14, 15, 16, 23, 24, 25, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 167

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Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Variable Interest Entity

-URI http://asc.fasb.org/extlink&oid=6528138

+ Details