Consider an investment company with four open derivative positions held by a financial institution. The table below provides the market values of these positions.

Position	Exposure (USD)
Long swaptions	32 million
Long credit default swaps	12 million
Long currency derivatives	-16 million
Long futures contracts	-8 million

In the event that the investment company defaults, calculate the financial institution's loss by comparing the scenarios when netting of positions is applied and when it is not applied.