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Citigroup's got the SIVs
Citigroup plans on taking over seven structured-investment vehicles, or SIVs, assuming about 50 billion in debt. SIVs take short-term debt, sell it off and then put the proceeds in higher-yielding securities. The funds have been shaken by the credit crisis and Citi decided to take them on rather than be forced to sell assets. The move comes as Moody's Investors Service lowered the bank's credit rating because of billions of dollars of other assets with declining market value.
Posted on December 14, 2007 2:55 AM PT | Permalink
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