Citigroup, The Enron Of The Financial World

• 1 min read

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]{.small-caps}[]{.push-single}[’]{.pull-single}s move. So far, Citi (NYSE:C) has committed \$10 billion in liquidity to the seven structured investment vehicles it manages on an[]{.push-single} [‘]{.pull-single}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]{.small-caps} Money]

Citigroup better come clean quick or its over for them.

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