Tuesday, December 11, 2007

SuperSIV Melting Away

by Bill McBride on 12/11/2007 11:19:00 PM

Reuters: SuperSIV fund now seen only $30 bln in size-CNBC

A banking industry fund to bail out structured investment vehicles reeling from the subprime mortgage crisis may only total $30 billion ... CNBC reported on Tuesday.

Bankers working on the fund said "if they're lucky," they may get $30 billion in SIV assets in the fund ...
On Nov 23rd, it was $75 billion to $100 billion.

Last week, it was $50 billion.

Now the SuperSIV will be "lucky" to be $30 billion. It's melting away.

I wouldn't be surprised if Citi's new CEO Vikram Pandit decides to pull out of the SuperSIV and move what remains of the Citi SIVs to their balance sheet.

A new broom sweeps clean.