The deepest correction ever!

Reuters is reporting that according to Lehman's chief global fixed income strategist, Jack Malvey, this is going to be the "deepest correction" ever in structred finance.

Fasten your seat belts, we are in for one hell of a ride.

"This is the deepest correction we've ever seen in structured finance,"
Malvey said in an interview on Friday. "This is now worse than Long-Term Capital. This is so dispersed, so interlocked and the relationships among the various entities are not as evident. This is a painful lesson in financial engineering."

http://www.reuters.com/article/bondsNews/idUSN0937458120071109

Citibank faces additional $6-$10 Writeoff

CNBC is reporting that Citibank is facing additional $6-$10 billion writeoffs.

http://www.cnbc.com/id/21601044

The size of Citi's write-off is still being debated, though a source told
CNBC that Citi's board is pressing company finance executives to clarify the issue. The firm's audit committee is also scheduled to meet Sunday, in advance of the emergency board meeting.