Citigroup bails out $49bn SIV range

New CEO Vikram Pandit last night outlined the plan, which moves the SIV range on to the group’s balance sheet, in response to a possible downgrade by Moody's and S&P. A type of open-ended structured credit product, SIVs typically invest in a range of asset-backed securities, as well as some financial corporate bonds. Citi says the move will allow the SIVs to continue their current orderly asset reduction plan. "Our team has made great progress managing the SIVs in a very difficult environment,” Pandit says. “After considering a full range of funding options, this commitment is the b...