For Lehman, it's 11 percent. Goldman, Morgan Stanley and Merrill don't disclose how much of their total retained securities are rated below investment grade, or junk. Overall, their exposure is in ``the low- to mid-teens,'' CreditSights said.
Disclosures are kind of lacking,'' Hofmann at CreditSights said in an interview. ``They don't tend to break out the subprime piece of their retained interest.''