Citigroup Inc (C) touched a 5 year low yesterday and we'll be seeing C in the low 20's for sure as one smart commenter predicted on this site. As the news breaks about C's "not on the balance sheet" Structured Investment Vehicles (SIVs), I can't help but wonder if Citigroup is now the Enron of the financial world? Emphasis mine.
Citigroup said it has no plans to mimic HSBC's move. So far, Citi (NYSE:C) has committed $10 billion in liquidity to the seven structured investment vehicles it manages on an 'arm's length' basis, and has kept them off its balance sheet -- meaning Citi has not been counting the SIVs' debt as its own. [via CNN Money]
Citigroup better come clean quick or its over for them.
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