Black-Hole Banking

Weinberg, Neil; Condon, Bernard; Kitchens, Susan
November 2007
Forbes Asia;11/12/2007, Vol. 3 Issue 19, p32
The article discusses issues surrounding the alleged fraudulent practice of Citigroup and other banks regarding the so-called structured investment vehicles (SIV). SIV are categorized as bankruptcy remote vehicles, which the banks have no fiduciary duty to disclose and no contractual obligation to support. The SIV of the banks were not included among the liabilities banks disclose as so-called off-balance-sheet items.


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