The Times has reported that:
The Securities and Exchange Commission, the US financial regulator, is understood to be conducting an investigation into Citigroup's accounting of its use of structured investment vehicles, or SIVs.
As I disclosed, it was these structures that helped bring down Northern Rock.
Now it's time for these structures, usually located off balance sheet and in tax havens but with the capacity to bring down banks, to be put on the record. But don't expect it to be pretty. These things are based on deceit. That, after all is what off balance sheet accounting is. And deceit is never pretty.