.p . morgan chase & co . of the conduit . in determining the primary beneficiary of the conduit , the firm leveraged an existing rating agency model that is an independent market standard to size the expected losses and considered the relative rights and obligations of each of the variable interest holders . as a result of the restructuring , jpmorgan chase deconsolidated approximately $ 5.4 billion of the vehicle 2019s assets and liabilities as of december 31 , 2003