management 2019s discussion and analysis net revenues in equities were $ 8.21 billion for 2012 , essentially unchanged compared with 2011 .net revenues in securities services were significantly higher compared with 2011 , reflecting a gain of $ 494 million on the sale of our hedge fund administration business .in addition , equities client execution net revenues were higher than 2011 , primarily reflecting significantly higher results in cash products , principally due to increased levels of client activity .these increases were offset by lower commissions and fees , reflecting declines in the united states , europe and asia .our average daily volumes during 2012 were lower in each of these regions compared with 2011 , consistent with listed cash equity market volumes .during 2012 , equities operated in an environment generally characterized by an increase in global equity prices and lower volatility levels .the net loss attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2012 , compared with a net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2011 .during 2012 , institutional client services operated in an environment generally characterized by continued broad market concerns and uncertainties , although positive developments helped to improve market conditions .these developments included certain central bank actions to ease monetary policy and address funding risks for european financial institutions .in addition , the u.s .economy posted stable to improving economic data , including favorable developments in unemployment and housing .these improvements resulted in tighter credit spreads , higher global equity prices and lower levels of volatility .however , concerns about the outlook for the global economy and continued political uncertainty , particularly the political debate in the united states surrounding the fiscal cliff , generally resulted in client risk aversion and lower activity levels .also , uncertainty over financial regulatory reform persisted .operating expenses were $ 12.48 billion for 2012 , 3% ( 3 % ) lower than 2011 , primarily due to lower brokerage , clearing , exchange and distribution fees , and lower impairment charges , partially offset by higher net provisions for litigation and regulatory proceedings .pre- tax earnings were $ 5.64 billion in 2012 , 27% ( 27 % ) higher than 2011 .investing & lending investing & lending includes our investing activities and the origination of loans to provide financing to clients .these investments , some of which are consolidated , and loans are typically longer-term in nature .we make investments , directly and indirectly through funds that we manage , in debt securities and loans , public and private equity securities , and real estate entities .the table below presents the operating results of our investing & lending segment. .
[['in millions', 'year ended december 2013', 'year ended december 2012', 'year ended december 2011'], ['equity securities', '$ 3930', '$ 2800', '$ 603'], ['debt securities and loans', '1947', '1850', '96'], ['other', '1141', '1241', '1443'], ['total net revenues', '7018', '5891', '2142'], ['operating expenses', '2684', '2666', '2673'], ['pre-tax earnings/ ( loss )', '$ 4334', '$ 3225', '$ -531 ( 531 )']]
2013 versus 2012 .net revenues in investing & lending were $ 7.02 billion for 2013 , 19% ( 19 % ) higher than 2012 , reflecting a significant increase in net gains from investments in equity securities , driven by company-specific events and stronger corporate performance , as well as significantly higher global equity prices .in addition , net gains and net interest income from debt securities and loans were slightly higher , while other net revenues , related to our consolidated investments , were lower compared with 2012 .if equity markets decline or credit spreads widen , net revenues in investing & lending would likely be negatively impacted .operating expenses were $ 2.68 billion for 2013 , essentially unchanged compared with 2012 .operating expenses during 2013 included lower impairment charges and lower operating expenses related to consolidated investments , partially offset by increased compensation and benefits expenses due to higher net revenues compared with 2012 .pre-tax earnings were $ 4.33 billion in 2013 , 34% ( 34 % ) higher than 2012 .52 goldman sachs 2013 annual report .

Question: operating expenses for 2012 , were what percent of pre- tax earnings?
Answer: 221%