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.
Chales Prince is going to resign tomorrow at the Board meeting.
They also seem to have more writedowns and an SEC is also reviewing
Citibank practices(SIV's that Mr. PaulSIV is trying to rescue).
The SEC is reviewing how Citigroup accounted for certain off-balance-sheet transactions that are at the heart of a banking-industry rescue plan, according to people familiar with the matter. The review is looking at whether Citigroup appropriately accounted for $80 billion in structured investment vehicles, or SIVs, these people said. SIVs are off-balance-sheet entities that have invested heavily in mortgage-backed securities. A plan pushed by Citigroup and other banks would set up a new "superconduit" to buy assets from SIVs.
The board is expected to discuss whether Citigroup should
update the amount of write-downs that it has taken on certain securities to reflect their deteriorating value, according to people familiar with the matter.
