If HSBC Can Bail Out Their SIV, Why Can’t Citigroup?

"As defaults surged on subprime mortgages this year, confidence in these products wilted, and SIVs struggled to refinance short-term debt. That sparked concerns that the vehicles would be forced to sell hard-to-value assets like CDOs into illiquid markets at severely depressed prices. That, in turn, could damage the value of similar assets held by others, such as banks, brokers, hedge funds, insurers and pension funds."