when this giant goes, watch out below! The worst of the cooked books... Citi shares in record slump, CDS spreads widen Bank takes on $17 billion of SIV assets, shuts another hedge fund By Alistair Barr, MarketWatch SAN FRANCISCO (MarketWatch) -- Citigroup Inc. shares slumped a record 23% Wednesday and credit-default swap spreads on its debt widened after the bank took on more than $17 billion in assets from structured investment vehicles and shut another hedge fund. Citi shares slumped 23% to close at $6.40. The previous biggest one-day drop was 21.7% during the market collapse on Oct 19, 1987. ... "Citigroup showed the greatest deterioration on news of hedge fund closures and SIV takeovers," David Klein, manager of CDR's credit indexes, said in an e-mail. Citi is shutting down a corporate credit hedge fund called Corporate Special Opportunities after it slumped more than 50% in October.