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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2014
Text Block [Abstract] |
Summary of company's segment results |
|  |  |  | Three Months Ended June 30, 2014
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 84 |  | $ | 43 |  | $ | 4 |  | $ | (2) |  | $ | 6 |  | $ | - |  |  | $ | 135
Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | - |  |  | (47) |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | (47)
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| and foreign exchange |  |  | 15 |  |  | 13 |  |  | 1 |  |  | 52 |  |  | (20) |  |  | - |  |  |  | 61
Net investment losses related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to other-than-temporary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| extinguishment of debt |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  |  | 2
Revenues of consolidated VIEs |  |  | - |  |  | 31 |  |  | - |  |  | 5 |  |  | - |  |  | - |  |  |  | 36
Inter-segment revenues(2) |  |  | 11 |  |  | 13 |  |  | 6 |  |  | 67 |  |  | (2) |  |  | (95) |  |  |  | -
|  | Total revenues |  |  | 110 |  |  | 53 |  |  | 11 |  |  | 122 |  |  | (14) |  |  | (95) |  |  |  | 187
Losses and loss adjustment |  |  | 17 |  |  | (5) |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 12
Operating |  |  | 11 |  |  | 16 |  |  | 11 |  |  | 18 |  |  | 1 |  |  | - |  |  |  | 57
Interest |  |  | - |  |  | 27 |  |  | - |  |  | 11 |  |  | 14 |  |  | - |  |  |  | 52
Expenses of consolidated VIEs |  |  | - |  |  | 11 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 11
Inter-segment expenses(2) |  |  | 20 |  |  | 16 |  |  | 2 |  |  | 5 |  |  | 11 |  |  | (54) |  |  |  | -
|  | Total expenses |  |  | 48 |  |  | 65 |  |  | 13 |  |  | 34 |  |  | 26 |  |  | (54) |  |  |  | 132
Income (loss) before income taxes |  | $ | 62 |  | $ | (12) |  | $ | (2) |  | $ | 88 |  | $ | (40) |  | $ | (41) |  |  | $ | 55
Identifiable assets |  | $ | 6,194 |  | $ | 10,787 |  | $ | 38 |  | $ | 1,173 |  | $ | 1,498 |  | $ | (3,666) | (3) |  | $ | 16,024
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and
other fees.
(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to
intercompany receivables and payables.
(3) - Consists of intercompany reinsurance balances, repurchase agreements and deferred income taxes.
|  |  |  | Three Months Ended June 30, 2013
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 113 |  | $ | 39 |  | $ | 6 |  | $ | 4 |  | $ | 6 |  | $ | - |  |  | $ | 168
Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | - |  |  | (182) |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | (182)
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | (2) |  |  | 12 |  |  | - |  |  | (4) |  |  | (12) |  |  | - |  |  |  | (6)
Net investment losses related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to other-than-temporary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| extinguishment of debt |  |  | 22 |  |  | 17 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 39
Revenues of consolidated VIEs |  |  | - |  |  | 97 |  |  | - |  |  | (9) |  |  | 5 |  |  | - |  |  |  | 93
Inter-segment revenues(2) |  |  | 3 |  |  | (5) |  |  | 5 |  |  | (5) |  |  | - |  |  | 2 |  |  |  | -
|  | Total revenues |  |  | 136 |  |  | (22) |  |  | 11 |  |  | (14) |  |  | (1) |  |  | 2 |  |  |  | 112
Losses and loss adjustment |  |  | 66 |  |  | 122 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 188
Operating |  |  | 30 |  |  | 35 |  |  | 16 |  |  | 32 |  |  | 1 |  |  | - |  |  |  | 114
Interest |  |  | - |  |  | 29 |  |  | - |  |  | 11 |  |  | 20 |  |  | - |  |  |  | 60
Expenses of consolidated VIEs |  |  | - |  |  | 12 |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  |  | 14
Inter-segment expenses(2) |  |  | 26 |  |  | 36 |  |  | 1 |  |  | 2 |  |  | 2 |  |  | (67) |  |  |  | -
|  | Total expenses |  |  | 122 |  |  | 234 |  |  | 17 |  |  | 45 |  |  | 25 |  |  | (67) |  |  |  | 376
Income (loss) before income taxes |  | $ | 14 |  | $ | (256) |  | $ | (6) |  | $ | (59) |  | $ | (26) |  | $ | 69 |  |  | $ | (264)
Identifiable assets |  | $ | 6,651 |  | $ | 12,669 |  | $ | 46 |  | $ | 931 |  | $ | 2,009 |  | $ | (4,184) | (3) |  | $ | 18,122
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and
other fees.
(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to
intercompany receivables and payables.
(3) - Consists of intercompany reinsurance balances, repurchase agreements and deferred income taxes.
|  |  |  | Six Months Ended June 30, 2014
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 172 |  | $ | 77 |  | $ | 7 |  | $ | 6 |  | $ | 15 |  | $ | - |  |  | $ | 277
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | 1 |  |  | 421 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 422
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | 19 |  |  | 10 |  |  | (3) |  |  | 38 |  |  | (58) |  |  | - |  |  |  | 6
Net investment losses related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to other-than-temporary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| extinguishment of debt |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | - |  |  |  | 3
Other net realized gains (losses) |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  |  | 1
Revenues of consolidated VIEs |  |  | - |  |  | 51 |  |  | - |  |  | - |  |  | 4 |  |  | - |  |  |  | 55
Inter-segment revenues(2) |  |  | 23 |  |  | 25 |  |  | 12 |  |  | 83 |  |  | (5) |  |  | (138) |  |  |  | -
|  | Total revenues |  |  | 215 |  |  | 584 |  |  | 16 |  |  | 128 |  |  | (41) |  |  | (138) |  |  |  | 764
Losses and loss adjustment |  |  | 3 |  |  | 59 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 62
Operating |  |  | 20 |  |  | 32 |  |  | 22 |  |  | 38 |  |  | 1 |  |  | - |  |  |  | 113
Interest |  |  | - |  |  | 54 |  |  | - |  |  | 20 |  |  | 32 |  |  | - |  |  |  | 106
Expenses of consolidated VIEs |  |  | - |  |  | 24 |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | 24
Inter-segment expenses(2) |  |  | 38 |  |  | 35 |  |  | 3 |  |  | 10 |  |  | 13 |  |  | (99) |  |  |  | -
|  | Total expenses |  |  | 61 |  |  | 204 |  |  | 25 |  |  | 68 |  |  | 46 |  |  | (99) |  |  |  | 305
Income (loss) before income taxes |  | $ | 154 |  | $ | 380 |  | $ | (9) |  | $ | 60 |  | $ | (87) |  | $ | (39) |  |  | $ | 459
Identifiable assets |  | $ | 6,194 |  | $ | 10,787 |  | $ | 38 |  | $ | 1,173 |  | $ | 1,498 |  | $ | (3,666) | (3) |  | $ | 16,024
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and
other fees.
(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, intercompany interest income and expense pertaining to
intercompany receivables and payables and intercompany loans.
(3) - Consists of intercompany reinsurance balances, repurchase agreements and deferred income taxes.
|  |  |  | Six Months Ended June 30, 2013
|  |  |  | U.S. |  | Structured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Public |  | Finance and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Finance |  | International |  | Advisory |  |  |  |  | Wind-down |  |  |  |  |  |  |
In millions |  | Insurance |  | Insurance |  | Services |  | Corporate |  | Operations |  | Eliminations |  |  | Consolidated
Revenues(1) |  | $ | 221 |  | $ | 81 |  | $ | 10 |  | $ | 5 |  | $ | 15 |  | $ | - |  |  | $ | 332
Net change in fair value of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  |  | - |  |  | (243) |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | (243)
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| foreign exchange |  |  | 30 |  |  | 34 |  |  | - |  |  | 2 |  |  | (9) |  |  | - |  |  |  | 57
Net investment losses related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| to other-than-temporary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| extinguishment of debt |  |  | 22 |  |  | 17 |  |  | - |  |  | - |  |  | 4 |  |  | - |  |  |  | 43
Revenues of consolidated VIEs |  |  | - |  |  | 144 |  |  | - |  |  | (9) |  |  | 7 |  |  | - |  |  |  | 142
Inter-segment revenues(2) |  |  | 49 |  |  | 15 |  |  | 12 |  |  | 21 |  |  | (2) |  |  | (95) |  |  |  | -
|  | Total revenues |  |  | 322 |  |  | 48 |  |  | 22 |  |  | 19 |  |  | 15 |  |  | (95) |  |  |  | 331
Losses and loss adjustment |  |  | 70 |  |  | (76) |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  | (6)
Operating |  |  | 44 |  |  | 69 |  |  | 26 |  |  | 96 |  |  | 1 |  |  | - |  |  |  | 236
Interest |  |  | - |  |  | 57 |  |  | - |  |  | 23 |  |  | 40 |  |  | - |  |  |  | 120
Expenses of consolidated VIEs |  |  | - |  |  | 26 |  |  | - |  |  | - |  |  | 4 |  |  | - |  |  |  | 30
Inter-segment expenses(2) |  |  | 52 |  |  | 92 |  |  | 3 |  |  | 5 |  |  | 15 |  |  | (167) |  |  |  | -
|  | Total expenses |  |  | 166 |  |  | 168 |  |  | 29 |  |  | 124 |  |  | 60 |  |  | (167) |  |  |  | 380
Income (loss) before income taxes |  | $ | 156 |  | $ | (120) |  | $ | (7) |  | $ | (105) |  | $ | (45) |  | $ | 72 |  |  | $ | (49)
Identifiable assets |  | $ | 6,651 |  | $ | 12,669 |  | $ | 46 |  | $ | 931 |  | $ | 2,009 |  | $ | (4,184) | (3) |  | $ | 18,122
________________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and
other fees.
(2) - Represents intercompany premium income and expense, intercompany asset management fees and expenses, intercompany interest income, expenses pertaining to
intercompany receivables and payables and intercompany loans.
(3) - Consists of intercompany reinsurance balances, repurchase agreements and deferred income taxes.
Summary Of premiums earned on financial guarantees and insured derivatives by geographic location of risk |
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30, |
| In millions |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
| Total premiums earned: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | United States |  | $ | 71 |  | $ | 109 |  | $ | 138 |  | $ | 215 |
|  | United Kingdom |  |  | 10 |  |  | 9 |  |  | 19 |  |  | 17 |
|  | Europe (excluding United Kingdom) |  |  | 1 |  |  | 3 |  |  | 4 |  |  | 6 |
|  | Internationally diversified |  |  | 1 |  |  | 3 |  |  | 3 |  |  | 6 |
|  | Central and South America |  |  | 7 |  |  | 7 |  |  | 16 |  |  | 15 |
|  | Asia |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
|  | Other |  |  | 2 |  |  | 2 |  |  | 4 |  |  | 4 |
| Total |  | $ | 93 |  | $ | 134 |  | $ | 186 |  | $ | 265 |
Summary Of Segments Within Wind-Down Operations |
|  |  |  | Three Months Ended June 30, 2014
|  |  |  | Asset / |  |  |  |  |  |  |  | Total Wind-
|  |  |  | Liability |  |  |  |  |  |  |  | down
In millions |  | Products |  | Conduits |  | Eliminations |  | Operations
Revenues(1) |  | $ | 6 |  | $ | - |  | $ | - |  | $ | 6
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and foreign |  |  |  |  |  |  |  |  |  |  |  |
| exchange |  |  | (20) |  |  | - |  |  | - |  |  | (20)
Net investment losses related to other- |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on extinguishment |  |  |  |  |  |  |  |  |  |  |  |
| of debt |  |  | 2 |  |  | - |  |  | - |  |  | 2
Inter-segment revenues(2) |  |  | (2) |  |  | 0 |  |  | - |  |  | (2)
|  | Total revenues |  |  | (14) |  |  | 0 |  |  | - |  |  | (14)
Operating |  |  | 1 |  |  | - |  |  | - |  |  | 1
Interest |  |  | 14 |  |  | - |  |  | - |  |  | 14
Inter-segment expenses(2) |  |  | 2 |  |  | 9 |  |  | - |  |  | 11
|  | Total expenses |  |  | 17 |  |  | 9 |  |  | - |  |  | 26
Income (loss) before income taxes |  | $ | (31) |  | $ | (9) |  | $ | - |  | $ | (40)
Identifiable assets |  | $ | 1,498 |  | $ | 0 |  | $ | 0 |  | $ | 1,498
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees.
(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  |  |  | Three Months Ended June 30, 2013
|  |  |  | Asset / |  |  |  |  |  |  |  | Total Wind-
|  |  |  | Liability |  |  |  |  |  |  |  | down
In millions |  | Products |  | Conduits |  | Eliminations |  | Operations
Revenues(1) |  | $ | 6 |  | $ | - |  | $ | - |  | $ | 6
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and foreign |  |  |  |  |  |  |  |  |  |  |  |
| exchange |  |  | (12) |  |  | - |  |  | - |  |  | (12)
Net investment losses related to other- |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on extinguishment |  |  |  |  |  |  |  |  |  |  |  |
Revenues of consolidated VIEs |  |  | - |  |  | 5 |  |  | - |  |  | 5
Inter-segment revenues(2) |  |  | - |  |  | (7) |  |  | 7 |  |  | -
|  | Total revenues |  |  | (6) |  |  | (2) |  |  | 7 |  |  | (1)
Operating |  |  | 1 |  |  | - |  |  | - |  |  | 1
Interest |  |  | 20 |  |  | - |  |  | - |  |  | 20
Expenses of consolidated VIEs |  |  | - |  |  | 2 |  |  | - |  |  | 2
Inter-segment expenses(2) |  |  | 2 |  |  | - |  |  | - |  |  | 2
|  | Total expenses |  |  | 23 |  |  | 2 |  |  | - |  |  | 25
Income (loss) before income taxes |  | $ | (29) |  | $ | (4) |  | $ | 7 |  | $ | (26)
Identifiable assets |  | $ | 1,638 |  | $ | 359 |  | $ | 12 |  | $ | 2,009
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees.
(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  |  |  | Six Months Ended June 30, 2014
|  |  |  | Asset / |  |  |  |  |  |  |  | Total Wind-
|  |  |  | Liability |  |  |  |  |  |  |  | down
In millions |  | Products |  | Conduits |  | Eliminations |  | Operations
Revenues(1) |  | $ | 15 |  | $ | - |  | $ | - |  | $ | 15
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and foreign |  |  |  |  |  |  |  |  |  |  |  |
| exchange |  |  | (58) |  |  | - |  |  | - |  |  | (58)
Net investment losses related to other- |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on extinguishment |  |  |  |  |  |  |  |  |  |  |  |
| of debt |  |  | 3 |  |  | - |  |  | - |  |  | 3
Revenues of consolidated VIEs |  |  | - |  |  | 4 |  |  | - |  |  | 4
Inter-segment revenues(2) |  |  | (4) |  |  | (1) |  |  | - |  |  | (5)
|  | Total revenues |  |  | (44) |  |  | 3 |  |  | - |  |  | (41)
Operating |  |  | 1 |  |  | - |  |  | - |  |  | 1
Interest |  |  | 32 |  |  | - |  |  | - |  |  | 32
Inter-segment expenses(2) |  |  | 4 |  |  | 9 |  |  | - |  |  | 13
|  | Total expenses |  |  | 37 |  |  | 9 |  |  | - |  |  | 46
Income (loss) before income taxes |  | $ | (81) |  | $ | (6) |  | $ | - |  | $ | (87)
Identifiable assets |  | $ | 1,498 |  | $ | - |  | $ | - |  | $ | 1,498
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees.
(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.
|  |  |  | Six Months Ended June 30, 2013
|  |  |  | Asset / |  |  |  |  |  |  |  | Total Wind-
|  |  |  | Liability |  |  |  |  |  |  |  | down
In millions |  | Products |  | Conduits |  | Eliminations |  | Operations
Revenues(1) |  | $ | 15 |  | $ | - |  | $ | - |  | $ | 15
Net gains (losses) on financial |  |  |  |  |  |  |  |  |  |  |  |
| instruments at fair value and foreign |  |  |  |  |  |  |  |  |  |  |  |
| exchange |  |  | (9) |  |  | - |  |  | - |  |  | (9)
Net investment losses related to other- |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on extinguishment |  |  |  |  |  |  |  |  |  |  |  |
| of debt |  |  | 4 |  |  | - |  |  | - |  |  | 4
Revenues of consolidated VIEs |  |  | - |  |  | 7 |  |  | - |  |  | 7
Inter-segment revenues(2) |  |  | (2) |  |  | (7) |  |  | 7 |  |  | (2)
|  | Total revenues |  |  | 8 |  |  | - |  |  | 7 |  |  | 15
Operating |  |  | 1 |  |  | - |  |  | - |  |  | 1
Interest |  |  | 40 |  |  | - |  |  | - |  |  | 40
Expenses of consolidated VIEs |  |  | - |  |  | 4 |  |  | - |  |  | 4
Inter-segment expenses(2) |  |  | 4 |  |  | 11 |  |  | - |  |  | 15
|  | Total expenses |  |  | 45 |  |  | 15 |  |  | - |  |  | 60
Income (loss) before income taxes |  | $ | (37) |  | $ | (15) |  | $ | 7 |  | $ | (45)
Identifiable assets |  | $ | 1,638 |  | $ | 359 |  | $ | 12 |  | $ | 2,009
_______________ |  |  |  |  |  |  |  |  |  |  |  |
(1) - Represents the sum of third-party interest income, investment management services fees and other fees.
(2) - Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.

X
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