Citi is disputing an earlier characterization on CNBC about their SIVs - special investment vehicles they and other banks use to hold securities - Citi says it has just $70 million indirect exposure to subprime assets, that all of its SIV assets are rated A or above, 80-90% are rated AA or above, and approximately 50% are rated AAA.
The anchors dutifully read this and then started laughing at it. It may even be technically true, though whether or not that takes into account Citi's so-called "liquidity puts" I do not know, but in any case the real point is that a lot of the shitty loans and foreclosures aren't technically subprime even though the subprime term is thrown around as general shorthand for shitty loans.