Discontinued Operations

12 Months Ended

Dec. 31, 2012

Discontinued Operations

Discontinued Operations

24. Discontinued Operations

During the fourth quarter of 2011, the Company sold Securities America to Ladenburg Thalmann Financial Services, Inc.

The components of loss from discontinued operations, net of tax, were as follows for the years ended December 31:

	2012			2011			2010
	(in millions)
Total net revenues	$	—		$	382		$	467
Income (loss) from discontinued operations	$	2		$	(124	)	$	(40	)
Gain on sale		(7	)		26			—
Income tax benefit		(3	)		(38	)		(16	)
Loss from discontinued operations, net of tax	$	(2	)	$	(60	)	$	(24	)