This excerpt taken from the C 10-K filed Feb 22, 2008.
Write-Downs on Highly Leveraged Loans and Commitments
During the second half of 2007, Citigroup recorded write-downs of approximately $1.5 billion pretax, net of underwriting fees, on funded and unfunded highly leveraged finance commitments in the S&B business. Of this amount, approximately $1.1 billion related to debt underwriting activities and $381 million related to lending activities. Write-downs were recorded on all highly leveraged finance commitments where there was value impairment, regardless of the expected funding date. See Highly Leveraged Funding Commitments on page 96 for a further discussion.