Citigroup Lost $15 Million With UBS’s ‘Crap’ CDO Blessed by S&P

Citigroup Lost $15 Million With UBS’s ‘Crap’ CDO Blessed by S&P

Scott Eells/Bloomberg

Federally insured Citigroup’s Citibank unit bought into what was supposed to be the safest portion of the CDO, relying in part on S&P’s assessment of the securities, according to the complaint.