Citi twists again

Although it's been a while since his foxtrot out of the Citi boardroom (or should that be ballroom?), Chuck Prince's dancing shoes are still making an impact on their balance sheet. As well as being forced to have $17 Bln of SIV assets waltz back onto their balance sheet, they were forced to close an internal hedge fund after a 50% loss.

I'll admit that this time last year, a hedge fund raking up such a poor result would have caught my attention - now it's a daily recurrence. Now it the nerve hedge fund managers are showing that amazes me. Several of them tap-danced into my office this month with great offers of temporary "management fee reductions" if we don't redeem, even as the prices continued to shine red on my screen. One of them even offered a "rare opportunity" to access their new distressed debt fund.

At this rate, it might be more fun to put the money into Citi, just to see what mess they get themselves into next. At the very least, it'll be one hell of a (con)tango!