This is a no-brainer. Citigroup would have no problem if it didn't "own" the SIVs. Why is Hank Paulson trying to create MLEC? Where were the: SEC, the Big Four CPAs and Justice Department (DOJ) when the SIVs were created? Where are the securities fraud lawsuits? Imagine, the DOJ could prosecute William Lerach and Martha Stewart. What about Citigroup executives? See my 14 October post about this.
In 1979 I heard Jesse Jackson (JJ), yes, that JJ, give a speech in Chicago. He said something to the effect that, "The government should be as concerned about crime in the suites as crime in the streets". In 1979 I thought JJ was crazy. I don't anymore.