Bank of America 2008 Annual Report Download - page 114
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Super Senior CDO Exposure – Represents the most senior class of
commercial paper or notes that are issued by the CDO vehicles. These
financial instruments benefit from the subordination of all other secu-
rities, including AAA-rated securities, issued by the CDO vehicles.
Unrecognized Tax Benefit (UTB) – The difference between the benefit
recognized for a tax position in accordance with FIN 48, which is meas-
ured as the largest dollar amount of that position that is more-likely-
than-not to be sustained upon settlement, and the tax benefit claimed on
a tax return.
Value-at-Risk (VAR) – A VAR model estimates a range of hypothetical
scenarios to calculate a potential loss which is not expected to be
exceeded with a specified confidence level. VAR is a key statistic used to
measure and manage market risk.
Variable Interest Entities (VIE) – A term defined by FIN 46R for an entity
whose equity investors do not have a controlling financial interest. The
entity may not have sufficient equity at risk to finance its activities with-
out additional subordinated financial support from third parties. The
equity investors may lack the ability to make significant decisions about
the entity’s activities, or they may not absorb the losses or receive the
residual returns generated by the assets and other contractual arrange-
ments of the VIE. The entity that will absorb a majority of expected varia-
bility (the sum of the absolute values of the expected losses and
expected residual returns) consolidates the VIE and is referred to as the
primary beneficiary.
112
Bank of America 2008