. revenue included $ 14.3 billion of write- downs on subprime-related direct exposures and a negative $ 6.8 billion cva related to the monoline insurers and derivative positions . revenue was also negatively affected by write-downs on highly leveraged finance commitments , alt-a mortgage revenue , write-downs on structured investment vehicles and commercial real estate , and mark-to-market on auction rate securities . total negative marks were $ 38.1 billion in 2008 as compared to $ 20