Citigroup Underwrote $6.9 Billion of Ambac's Most Troubled CDOs
Bloomberg News February 29, 2008 (New York)
By Christine Richard

``Given the deterioration in these deals, Ambac may experience substantial principal losses, and capital suppliers may view the portfolio as financial guarantees on non-investment grade products,'' Janet Tavakoli, president of Tavakoli Structured Finance, wrote in a Feb. 18 research report. ``It is no surprise that the major underwriters of the CDO deals on Ambac's books are participating in the rescue.''

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