naked capitalism: Whither Citigroup's $1.1 Trillion of Off Balance Sheet Assets?: "It seems so long ago that the Treasury's failed effort to organize an SIV bail-out entity, the MLEC, was regular front page news in the financial press. Citigroup was to be the biggest beneficiary of this operation.
Well, the MLEC never came to be, and Citi still has those pesky off balance sheet assets to contend with. Bloomberg provides an update, and it isn't pretty:
At an investor presentation in May, Citigroup Inc. Chief Executive Officer Vikram Pandit said shrinking the bank's $2.2 trillion balance sheet....was a cornerstone of his turnaround plan.
Nowhere mentioned in the accompanying 66-page handout were the additional $1.1 trillion of assets that New York-based Citigroup keeps off its books..."
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