Skip navigation
Watchlist Sponsored By :

Current DateTime: 08:42:17 10 Jul 2009
LinksList Documentid: 24355697
  • Highest Grossing Movies

      What are the highest grossing movies of all time, adjusted for inflation? Click ahead to find out!

  • Most Expensive Places To Live

      Each year, Mercer Consulting assembles its ranking of the most expensive places to live. Mercer compiles information from 143 cities worldwide.

  • Recession-Resistant US Cities

      Some cities have been hit much harder than others during the recession. Here are the metro areas faring the best.


Current DateTime: 08:42:17 10 Jul 2009
LinksList Documentid: 24890560
  • Boom, Bust and Blame

      The inside story of the economic crisis that has gripped the entire world.

  • E3: Gaming's Cutting Edge

      North America's premier computer and video game trade show draws tens of thousands of professionals to experience the future of interactive entertainment.

  • The Fall of GM

      A look into the fall of General Motors as the automaker heads toward bankruptcy and an effective nationalization.

Citigroup to Bail Out Internal Hedge Fund
By: AP | 23 Feb 2008 | 01:23 PM ET
Text Size

Citigroup earlier this week agreed to provide $500 million in credit to one of its troubled hedge funds, the bank disclosed in a regulatory filing late Friday.
Citigroup
Mark Lennihan / AP

The Citi-managed fund, known as Falcon, was brought onto the bank's books, which will increase the bank's assets and liabilities by about $10 billion. The fund focuses on fixed income.

Citigroup [C  Loading...      ()   ] recorded a $10 billion loss in the fourth quarter, and has been working to sell shares of itself and other assets to raise cash.

The bank might continue having trouble returning to financial health, though. After home mortgages drained more than $150 billion from the world's banking industry last year, many experts say commercial real estate loans and bond insurers could be the next culprits. In Citi's regulatory filing Friday, it detailed its exposure to these risky assets.

Bond Insurer Exposure

The bank had $4 billion in investments, as of Dec. 31, that were directly exposed to bond insurers, which have been struggling to maintain their superior ratings and scrambling for cash.

Citi is most exposed to the bond insurer Ambac Financial, which is in talks with regulators and a group of banks, including Citi, to come up with a way to raise its cash levels. Citi's exposure to Ambac, through trading assets and debt instruments, was nearly $3 billion as Dec. 31.

Meanwhile, Citi said it had approximately $20 billion in trading-related exposure to commercial real estate, and more than $20 billion in loans related to commercial real estate.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Tools:
Print EmailAdd This share icon


Current DateTime: 08:26:52 10 Jul 2009
LinksList Documentid: 29778428

Current DateTime: 01:04:09 10 Jul 2009
LinksList Documentid: 29779196

Current DateTime: 07:29:15 10 Jul 2009
LinksList Documentid: 29779199

Current DateTime: 01:05:34 10 Jul 2009
LinksList Documentid: 29779198
CNBCCNBC
About CNBC  |  Site Map  |  Privacy Policy  |  Terms of Service  |  Video Reprints  |  Advertise  |  Help  |  Contact
Partners: AOL Money  |  BloggingStocks.com
CNBC is a Division of NBC Universal
  Data is a real-time snapshot *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
Thomson ReutersThomson Reuters