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

Mary Childs, Bloomberg In just six months, Standard & Poor’s AAA blessing for a slice of a $1.5 billion collateralized debt obligation cost Citigroup Inc. its $15 million investment. The Vertical ABS 2007-1, a mezzanine cash flow structure built with asset-backed securities underwritten by UBS AG, is one of dozens of deals listed in the […]