<?xml version="1.0" encoding="UTF-8"?><?xml-stylesheet title="XSL_formatting" type="text/xsl" href="/lib/css/styleRSSFeed.xsl"?><rss version="2.0" xmlns:ft="http://www.ft.com/FTRSSExtensions">
<channel>
	<title>Comments on: The $25bn Citi CDO liquidity put - and who else has one</title>
	<link>http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liquidity-put-and-who-else-has-one/</link>
	<description>FT Alphaville from FT.com</description>
	<copyright>Copyright The Financial Times Ltd 2006. "Alphaville", "FT" and "Financial Times" are trademarks of the Financial Times.</copyright>
	<webMaster>help@ft.com</webMaster>
	<pubDate>Mon, 08 Sep 2008 09:33:20 +0000</pubDate>
	<lastBuildDate>Mon, 08 Sep 2008 09:33:20 +0000</lastBuildDate>
	<ttl>5</ttl>
	<language>en</language>

	<item>
		<title>by: get out of debts &#124; Sydney Financial Group</title>
		<link>http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liquidity-put-and-who-else-has-one/#comment-8702</link>
		<pubDate>Wed, 28 Nov 2007 06:26:35 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liquidity-put-and-who-else-has-one/#comment-8702</guid>
					<description><![CDATA[[...] An article published by Financial Times gives some more detail on the current examination of the mysterious “liquidity puts” that have been troubling banks. According to the article: Doing the rounds is talk of a CDO “liquidity put” that has troubled Citi with billions in extra subprime exposure. Speculation about the “liquidity put” kicked-off after an interview with Citi president Robert Rubin in Fortune magazine last week.  FT Alphaville noted Citi’s massive growth in CDO exposure - bizarrely through the commercial paper market - when the bank reported its Q3s… In a nutshell, this is the mystery “liquidity put”. Back in early November, we didn’t know them as “liquidity puts” - just “agreements” in the structuring of Citi’s CDO deals. To mitigate any CP rollover risk, Citi entered into a series of “agreements” which forced it to buy the CDO CP if no one else would. As Mr Rubin calls them, “liquidity puts”. And those CDO commercial paper “liquidity puts” forced a staggering $25bn increase in Citi’s CDO exposure - at a time when the market was falling apart. Like Salmon, we’re bemused as to why that notion hasn’t been more widely reported. And it may not just be a Citi problem. It seems that Bank of America had similarly structured CDO deals in place. [...]]]></description>
				</item>
	<item>
		<title>by: Goldnotes - A Resource Investor&#8217;s Blog &#187; London Irvine Report November 23, 2007</title>
		<link>http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liquidity-put-and-who-else-has-one/#comment-8688</link>
		<pubDate>Tue, 27 Nov 2007 18:17:49 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liquidity-put-and-who-else-has-one/#comment-8688</guid>
					<description><![CDATA[[...] http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liq [...]]]></description>
				</item>
	<item>
		<title>by: Anonymous</title>
		<link>http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liquidity-put-and-who-else-has-one/#comment-8390</link>
		<pubDate>Wed, 21 Nov 2007 17:08:55 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liquidity-put-and-who-else-has-one/#comment-8390</guid>
					<description><![CDATA[I agree with Shareholder, while many of the people involved trained as engineers and scientists they have now become a disgrace and should be disowned.  Its is hard to believe that so many smart people can be quite so stupid.

as Hellasious says on his Sudden Debt blog:

"Only collusion, malfeasance and determined obscurantism can transform a basket of 100% CCC loans into 85% AAA bonds and produce huge fees paid to all involved." 

http://suddendebt.blogspot.com/2007/11/washington-not-constantinople.html
]]></description>
				</item>
	<item>
		<title>by: Shareholder</title>
		<link>http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liquidity-put-and-who-else-has-one/#comment-8389</link>
		<pubDate>Wed, 21 Nov 2007 14:32:24 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liquidity-put-and-who-else-has-one/#comment-8389</guid>
					<description><![CDATA["that borrowed from technology used in designing SIV"

 To all journos covering the crisis, pleas don't insult engineers and technologists by stating that a few words  and arithmetic in a financial contract constitute ' technology.'

 A better description would be 'toys' that these people play with secretly trying to maximise bonuses at shareholder risk and  expense.]]></description>
				</item>
	<item>
		<title>by: bsb</title>
		<link>http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liquidity-put-and-who-else-has-one/#comment-8386</link>
		<pubDate>Wed, 21 Nov 2007 13:52:47 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2007/11/21/9075/the-25bn-citi-cdo-liquidity-put-and-who-else-has-one/#comment-8386</guid>
					<description><![CDATA[liquidity puts - otherwise known as "backstop agreements" - what we mean when we say "forcing liabilities back onto balance sheets" - as if they should ever have been off-balance sheet in the first place...]]></description>
				</item>
</channel>
</rss>
