mbl vs banks, page-8

"While the market value of assets of a unit trust managed by Macquarie Bank group has been adversely affected by the price volatility in the US credit markets, Macquarie Bank does not, at this time, appear liable for any losses incurred by unit holders," Standard and Poor's said.

The agency did not think the bank would inject funds to recompense such losses, and that Macquarie Bank's own direct exposure to US subprime asset-backed securities was thought to be "less than significant relative to the bank's asset book and earnings".
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In other words, no effect on the bottom line!
So Macquarie just got a 25% haircut for nothing! Gee!