Note 9 – Variable Interest Entities In addition to the securitization vehicles described in Note 8 – Securitizations and Note 21 – Mortgage Servicing Rights to the Consolidated Financial Statements, which are typically structured as QSPEs, the Corporation utilizes SPEs in the ordinary course of business to support its own and its customers’ financing and investing needs.
These SPEs are typically structured as VIEs and are thus subject to consolidation by the reporting enterprise that absorbs the majority of the economic risks and rewards of the VIE.
To determine whether it must consolidate a VIE, the Corporation qualitatively analyzes the design of the VIE to identify the creators of variability within the VIE, including an assessment as to the nature of the risks that are created by the assets and other contractual arrangements of the VIE, and identifies whether it will absorb a majority of that variability.
In addition to the VIEs discussed below, the Corporation uses VIEs such as trust preferred securities trusts in connection with its funding activities, as described in more detail in Note 12 – Short-term Borrowings and Long-term Debt to the Consolidated Financial Statements.
The Corporation also uses VIEs in the form of synthetic securitization vehicles to mitigate a portion of the credit risk on its residential mortgage loan portfolio as described in Note 6 – Outstanding Loans and Leases to the Consolidated Financial Statements.
The Corporation has also provided support to or has loss exposure resulting from its involvement with other VIEs, including certain cash funds managed within Global Wealth and Investment Management (GWIM), as described in more detail in Note 13 – Commitments and Contingencies to the Consolidated Financial Statements.
On December 31, 2008, the Corporation adopted FSP FAS 140-4 and FIN 46(R)-8 which requires additional disclosures about its involvement with consolidated and unconsolidated VIEs and expanded the population of VIEs to be disclosed.
For example, an unconsolidated customer vehicle that was sponsored by the Corporation is now included in the disclosures because the Corporation has a variable interest in the vehicle, even though that interest is not a significant variable interest.
The following disclosures incorporate these requirements.
The table below presents the assets and liabilities of VIEs which have been consolidated on the Corporation’s Balance Sheet at December 31, 2008, total assets of consolidated VIEs at December 31, 2007, and the Corporation’s maximum exposure to loss resulting from its involvement with consolidated VIEs as of December 31, 2008 and 2007.
The Corporation’s maximum exposure to loss is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on the Corporation’s Balance Sheet but also potential losses associated with off-balance sheet commitments such as unfunded liquidity commitments and other contractual arrangements.
## Table 0 ##
(1) Cash flows generated by the assets of the consolidated VIEs must generally be used to settle the specific obligations of the VIEs before they are available to the Corporation for general purposes.
(2) Maximum loss exposure for consolidated VIEs includes on-balance sheet assets, net of non-recourse liabilities, plus off-balance sheet exposures.
It does not include losses previously recognized through write-downs of assets.
(3) Total assets of consolidated VIEs are reported net of intercompany balances that have been eliminated in consolidation.
Earnings Per Common Share The calculation of earnings per common share and diluted earnings per common share for 2008, 2007 and 2006 is presented below.
See Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements for a discussion on the calculation of earnings per common share.
## Table 1 ##
(1) In 2008, preferred stock dividends includes $130 million of Series N Preferred Stock fourth quarter 2008 cumulative preferred dividends not declared as of year end and $50 million of accretion of discounts on preferred stock issuances.
(2) For 2008, 2007 and 2006, average options to purchase 181 million, 28 million and 355 thousand shares, respectively, were outstanding but not included in the computation of earnings per common share because they were antidilutive.
For 2008, 128 million average dilutive potential common shares associated with the convertible Series L Preferred Stock issued in January of 2008 were excluded from the diluted share count because the result would have been antidilutive under the “if-converted” method.
(3) Includes incremental shares from restricted stock units, restricted stock shares, stock options and warrants.
Note 15 – Regulatory Requirements and Restrictions The FRB requires the Corporation’s banking subsidiaries to maintain reserve balances based on a percentage of certain deposits.
Average daily reserve balances required by the FRB were $7.1 billion and $5.7 billion for 2008 and 2007.
Currency and coin residing in branches and cash vaults (vault cash) are used to partially satisfy the reserve requirement.
The average daily reserve balances, in excess of vault cash, held with the FRB amounted to $133 million and $49 million for 2008 and 2007.
The primary source of funds for cash distributions by the Corporation to its shareholders is dividends received from its banking subsidiaries Bank of America, N. A. , FIA Card Services, N. A. , and Countrywide Bank, FSB.
In 2008, the Corporation received $12.2 billion in dividends from its banking subsidiaries.
In 2009, Bank of America, N. A. , FIA Card Services, N. A. , and Countrywide Bank, FSB can declare and pay dividends to the Corporation of $0, $226 million and $695 million plus an additional amount equal to their net profits for 2009, as defined by statute, up to the date of any such dividend declaration.
The other subsidiary national banks can initiate aggregate dividend payments in 2009 of $1.2 billion plus an additional amount equal to their net profits for 2009, as defined by statute, up to the date of any such dividend declaration.
The amount of dividends that each subsidiary bank may declare in a calendar year without approval by the Office of the Comptroller of the Currency (OCC) is the subsidiary bank’s net profits for that year combined with its net retained profits, as defined, for the preceding two years.
In addition, the Corporation’s declaration of common stock dividends is subject to certain restrictions in connection with its preferred stock issued to the U. S.  Treasury under the TARP Capital Purchase Program.
For additional information see Note 14 – Shareholders’ Equity and Earnings Per Common Share to the Consolidated Financial Statements.
The FRB, OCC, Office of Thrift Supervision (OTS) and FDIC (collectively, the Agencies) have issued regulatory capital guidelines for U. S.  banking organizations.
Failure to meet the capital requirements can initiate certain mandatory and discretionary actions by regulators that could have a material effect on the Corporation’s financial statements.
At December 31, 2008 and 2007, the Corporation, Bank of America, N. A.  and FIA Card Services, N. A.  were classified as “well-capitalized” under this regulatory framework.
Effective July 1, 2008, the Corporation acquired Countrywide Bank, FSB which is regulated by the OTS and is, therefore, subject to OTS capital requirements.
Countrywide Bank, FSB is required by OTS regulations to maintain a tangible equity ratio of at least two percent to avoid being classified as “critically undercapitalized.
” At December 31, 2008, Countrywide Bank, FSB’s tangible equity ratio was 6.64 percent and was classified as “well-capitalized” for regulatory purposes.
Management believes that the Corporation, Bank of America, N. A. , FIA Card Services, N. A.  and Countrywide Bank, FSB will remain “wellcapitalized.
” The regulatory capital guidelines measure capital in relation to the credit and market risks of both on- and off-balance sheet items using various risk weights.
Under the regulatory capital guidelines, Total Capital consists of three tiers of capital.
Tier 1 Capital includes common shareholders’ equity, Trust Securities, minority interests and qualifying preferred stock, less goodwill and other adjustments.
Tier 2 Capital consists of preferred stock not qualifying as Tier 1 Capital, mandatory convertible debt, limited amounts of subordinated debt, other qualifying term debt, the allowance for credit losses up to 1.25 percent of risk-weighted assets and other adjustments.
Tier 3 Capital includes subordinated debt that is unsecured, fully paid, has an original maturity of at least two years, is not redeemable before maturity without prior approval by the FRB and includes a lock-in clause precluding payment of either interest or principal if the payment would cause the issuing bank’s risk-based capital ratio to fall or remain below the required minimum.
Tier 3 Capital can only be used to satisfy the Corporation’s market risk capital requirement and may not be used to support its credit risk requirement.
At December 31, 2008 and 2007, the Corporation had no subordinated debt that qualified as Tier 3 Capital.
Certain corporate sponsored trust companies which issue Trust Securities are not consolidated pursuant to FIN 46R.
In accordance with FRB guidance, the FRB allows Trust Securities to qualify as Tier 1 Capital with revised quantitative limits that will be effective on March 31, 2009.
As a result, we include Trust Securities in Tier 1 Capital.
Such limits restrict core capital elements to 15 percent for internationally active bank holding companies.
In addition, the FRB revised the qualitative standards for capital instruments included in regulatory capital.
Counterparty Credit Risk Valuation Adjustments We record a counterparty credit risk valuation adjustment on our expected exposure related to derivative assets and liabilities, including our credit default protection purchased, in order to properly reflect the credit quality of the counterparty in accordance with SFAS 157.
In determining the expected exposure, we consider collateral held and legally enforceable master netting agreements that mitigate our credit exposure to each counterparty.
The amount of counterparty credit risk valuation adjustments at any point of time is dependent on the value of the derivative contract, collateral, and credit worthiness of the counterparty.
During 2008, valuation adjustments related to derivative assets of $3.2 billion were recognized as trading account losses for counterparty credit risk, including $1.1 billion of losses related to insured super senior CDOs and $537 million of losses related to our structured credit trading business.
The losses were driven by increases in the value of the derivative contracts resulting primarily from spread widening, market volatility and credit deterioration related to the underlying counterparties.
At December 31, 2008, the cumulative counterparty credit risk valuation adjustment that was netted against the derivative asset balance was $4.0 billion.
For information on our monoline counterparty credit risk see the discussion on page 76, CDO-related counterparty credit risk see the CMAS discussion on page 40 and for more information on the VAR related to our counterparty credit risk see the Trading Risk Management discussion on page 85.
In addition, the fair value of our derivative liabilities is adjusted to reflect the impact of the Corporation’s credit quality.
During 2008, valuation adjustments of $364 million were recognized as trading account profits for changes in the Corporation’s credit risk driven by credit spread widening.
At December 31, 2008, the Corporation’s cumulative credit risk valuation adjustment that was netted against the derivative liabilities balance was $573 million.
In light of recent market events, banking regulators have been working with the industry to organize a central clearinghouse for credit derivative trading, similar to existing clearinghouses for interest rate derivatives.
It is expected that a central clearinghouse for credit derivatives would reduce the risk of counterparty default, similar to the reduction achieved through the interest rate derivative clearinghouse, primarily through the guaranteeing of trades in the event that a member fails.
We continue to participate in these industry initiatives.
Foreign Portfolio Our foreign credit and trading portfolio is subject to country risk.
We define country risk as the risk of loss from unfavorable economic and political conditions, currency fluctuations, social instability and changes in government policies.
A risk management framework is in place to measure, monitor and manage foreign risk and exposures.
Management oversight of country risk including cross-border risk is provided by the Country Risk Committee, a subcommittee of the CRC.
Table 34 sets forth total foreign exposure broken out by region at December 31, 2008 and 2007.
Foreign exposure includes credit exposure net of local liabilities, securities, and other investments domiciled in countries other than the U. S.  Total foreign exposure can be adjusted for externally guaranteed outstandings and certain collateral types.
Exposures which are assigned external guarantees are reported under the country of the guarantor.
Exposures with tangible collateral are reflected in the country where the collateral is held.
For securities received, other than cross-border resale agreements, outstandings are assigned to the domicile of the issuer of the securities.
Resale agreements are generally presented based on the domicile of the counterparty consistent with FFIEC reporting requirements.
Our total foreign exposure was $131.1 billion at December 31, 2008, a decrease of $7.0 billion from December 31, 2007.
Our foreign exposure remained concentrated in Europe, which accounted for $66.5 billion, or 51 percent, of total foreign exposure.
The European exposure was mostly in Western Europe and was distributed across a variety of industries with approximately 58 percent concentrated in the commercial sector and approximately 17 percent in the banking sector.
The decline of $8.3 billion in Europe was driven by lower cross-border derivatives assets, and securities and other investment exposures.
Asia Pacific was our second largest foreign exposure at $39.8 billion, or 30 percent.
The decline in Asia Pacific was primarily driven by lower cross-border exposures in Japan and Australia offset in part by the net $3.3 billion increased equity investment in CCB and higher exposure in India.
Latin America accounted for $11.4 billion, or nine percent, of total foreign exposure.
For more information on our Asia Pacific and Latin America exposures, see the discussion on the foreign exposure to selected countries defined as emerging markets on page 80.
## Table 2 ##
(1) The balances above exclude local funding or liabilities which are subtracted from local exposures as allowed by the FFIEC.
(2) Exposures have been reduced by $19.6 billion and $6.3 billion at December 31, 2008 and 2007.
Such amounts represent the cash applied as collateral to derivative assets.
(3) Generally, resale agreements are presented based on the domicile of the counterparty consistent with FFIEC reporting requirements.
Cross-border resale agreements where the underlying securities are U. S.  Treasury securities, in which case the domicile is the U. S. , are excluded from this presentation.
During the 2015 annual review of goodwill, management proceeded directly to the two-step quantitative impairment test for two reporting units as follows: Global Rolled Products segment and the soft alloys extrusion business in Brazil (hereafter “SAE”), which is included in the Transportation and Construction Solutions segment.
The estimated fair value of the Global Rolled Products segment was substantially in excess of its respective carrying value, resulting in no impairment.
For SAE, the estimated fair value as determined by the DCF model was lower than the associated carrying value.
As a result, management performed the second step of the impairment analysis in order to determine the implied fair value of the SAE reporting unit’s goodwill.
The results of the second-step analysis showed that the implied fair value of the goodwill was zero.
Therefore, in the fourth quarter of 2015, Alcoa recorded a goodwill impairment of $25.
The impairment of the SAE goodwill resulted from headwinds from the recent downturn in the Brazilian economy and the continued erosion of gross margin despite the execution of cost reduction strategies.
As a result of the goodwill impairment, there is no goodwill remaining for the SAE reporting unit.
Goodwill impairment tests in prior years indicated that goodwill was not impaired for any of the Company’s reporting units, except for the Primary Metals segment in 2013 (see below), and there were no triggering events since that time that necessitated an impairment test.
In 2013, for Primary Metals, the estimated fair value as determined by the DCF model was lower than the associated carrying value.
As a result, management performed the second step of the impairment analysis in order to determine the implied fair value of Primary Metals’ goodwill.
The results of the second-step analysis showed that the implied fair value of goodwill was zero.
Therefore, in the fourth quarter of 2013, Alcoa recorded a goodwill impairment of $1,731 ($1,719 after noncontrolling interest).
As a result of the goodwill impairment, there is no goodwill remaining for the Primary Metals reporting unit.
The impairment of Primary Metals’ goodwill resulted from several causes: the prolonged economic downturn; a disconnect between industry fundamentals and pricing that has resulted in lower metal prices; and the increased cost of alumina, a key raw material, resulting from expansion of the Alumina Price Index throughout the industry.
All of these factors, exacerbated by increases in discount rates, continue to place significant downward pressure on metal prices and operating margins, and the resulting estimated fair value, of the Primary Metals business.
As a result, management decreased the near-term and long-term estimates of the operating results and cash flows utilized in assessing Primary Metals’ goodwill for impairment.
The valuation of goodwill for the second step of the goodwill impairment analysis is considered a level 3 fair value measurement, which means that the valuation of the assets and liabilities reflect management’s own judgments regarding the assumptions market participants would use in determining the fair value of the assets and liabilities.
Intangible assets with indefinite useful lives are not amortized while intangible assets with finite useful lives are amortized generally on a straight-line basis over the periods benefited.
The following table details the weightedaverage useful lives of software and other intangible assets by reporting segment (numbers in years):

<table><tr><td>(Dollars in millions)</td><td> Multi-Seller Conduits</td><td> Asset Acquisition Conduits</td><td> Municipal Bond Trusts</td><td> CDOs</td><td> Leveraged Lease Trusts</td><td> Other Vehicles</td><td> Total</td></tr><tr><td> Consolidated VIEs, December 31, 2008<sup>-1</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maximum loss exposure<sup>-2</sup></td><td>$11,304</td><td>$1,121</td><td>$343</td><td>$2,443</td><td>$5,774</td><td>$3,222</td><td>$24,207</td></tr><tr><td>Consolidated Assets<sup>-3</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trading account assets</td><td>$–</td><td>$188</td><td>$343</td><td>$–</td><td>$–</td><td>$–</td><td>$531</td></tr><tr><td>Derivative assets</td><td>–</td><td>931</td><td>–</td><td>–</td><td>–</td><td>–</td><td>931</td></tr><tr><td>Available-for-sale debt securities</td><td>7,771</td><td>–</td><td>–</td><td>2,443</td><td>–</td><td>1,945</td><td>12,159</td></tr><tr><td>Held-to-maturity debt securities</td><td>605</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>605</td></tr><tr><td>Loans and leases</td><td>–</td><td>–</td><td>–</td><td>–</td><td>5,829</td><td>1,251</td><td>7,080</td></tr><tr><td>All other assets</td><td>992</td><td>2</td><td>–</td><td>–</td><td>–</td><td>1,420</td><td>2,414</td></tr><tr><td> Total</td><td>$9,368</td><td>$1,121</td><td>$343</td><td>$2,443</td><td>$5,829</td><td>$4,616</td><td>$23,720</td></tr><tr><td>Consolidated Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial paper and other short-term borrowings</td><td>$9,623</td><td>$1,121</td><td>$396</td><td>$–</td><td>$–</td><td>$1,626</td><td>$12,766</td></tr><tr><td>All other liabilities</td><td>53</td><td>–</td><td>–</td><td>–</td><td>55</td><td>582</td><td>690</td></tr><tr><td> Total</td><td>$9,676</td><td>$1,121</td><td>$396</td><td>$–</td><td>$55</td><td>$2,208</td><td>$13,456</td></tr><tr><td> Consolidated VIEs, December 31, 2007<sup>-1</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maximum loss exposure<sup>-2</sup></td><td>$16,984</td><td>$2,003</td><td>$7,646</td><td>$4,311</td><td>$6,236</td><td>$4,247</td><td>$41,427</td></tr><tr><td>Total assets<sup>-3</sup></td><td>11,944</td><td>2,003</td><td>7,646</td><td>4,464</td><td>6,236</td><td>5,671</td><td>37,964</td></tr></table>
<table><tr><td>(Dollars in millions, except per share information; shares in thousands)</td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td> Earnings per common share</td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>$4,008</td><td>$14,982</td><td>$21,133</td></tr><tr><td>Preferred stock dividends<sup>-1</sup></td><td>-1,452</td><td>-182</td><td>-22</td></tr><tr><td>Net income available to common shareholders</td><td>$2,556</td><td>$14,800</td><td>$21,111</td></tr><tr><td>Average common shares issued and outstanding</td><td>4,592,085</td><td>4,423,579</td><td>4,526,637</td></tr><tr><td> Earnings per common share</td><td>$0.56</td><td>$3.35</td><td>$4.66</td></tr><tr><td> Diluted earnings per common share</td><td></td><td></td><td></td></tr><tr><td>Net income available to common shareholders</td><td>$2,556</td><td>$14,800</td><td>$21,111</td></tr><tr><td>Average common shares issued and outstanding</td><td>4,592,085</td><td>4,423,579</td><td>4,526,637</td></tr><tr><td>Dilutive potential common shares<sup>-2, 3</sup></td><td>20,406</td><td>56,675</td><td>69,259</td></tr><tr><td>Total diluted average common shares issued and outstanding</td><td>4,612,491</td><td>4,480,254</td><td>4,595,896</td></tr><tr><td> Diluted earnings per common share</td><td>$0.55</td><td>$3.30</td><td>$4.59</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31</td></tr><tr><td>(Dollars in millions)</td><td> 2008</td><td>2007</td></tr><tr><td>Europe</td><td>$66,472</td><td>$74,725</td></tr><tr><td>Asia Pacific</td><td>39,774</td><td>42,081</td></tr><tr><td>Latin America</td><td>11,378</td><td>10,944</td></tr><tr><td>Middle East and Africa</td><td>2,456</td><td>1,951</td></tr><tr><td>Other</td><td>10,988</td><td>8,361</td></tr><tr><td> Total regional foreign exposure</td><td>$131,068</td><td>$138,062</td></tr></table>

Question: What's the average of Net income of 2008, and Maximum loss exposure Consolidated VIEs, December 31, 2007 of CDOs ?
Answer: 4159.5