Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  CITIGROUP INC
 2. Date of Event Requiring Statement (Month/Day/Year)
06/26/2008		 3. Issuer Name and Ticker or Trading Symbol
TAILWIND FINANCIAL INC. [TNF]
(Last)
(First)
(Middle)
399 PARK AVENUE, 3RD FLOOR		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

NEW YORK, NY 10043		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, par value $.001 per share 1,250,000 (1)
I
By Subsidiary (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrant 10/18/2007 10/18/2010 Common Stock, par value $.001 per share 1,250,000 (2) $ 6 I By Subsidiary (2)

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
CITIGROUP INC
399 PARK AVENUE
3RD FLOOR
NEW YORK, NY 10043		     X    
CITIGROUP GLOBAL MARKETS HOLDINGS INC
388 GREENWICH STREET
NEW YORK, NY 10013		     X    
CITIGROUP FINANCIAL PRODUCTS INC
388 GREENWICH STREET
NEW YORK, NY 10013		     X    
CITIGROUP GLOBAL MARKETS INC
388 GREENWICH STREET
NEW YORK, NY 10013		     X    

Signatures

Citigroup Inc., By: /s/ Riqueza V. Feaster, Assistant Secretary 07/07/2008
**Signature of Reporting Person Date
Citigroup Global Markets Holdings Inc., By: /s/ Riqueza V. Feaster, Assistant Secretary 07/07/2008
**Signature of Reporting Person Date
Citigroup Financial Products Inc., By: /s/ Riqueza V. Feaster, Assistant Secretary 07/07/2008
**Signature of Reporting Person Date
Citigroup Global Markets Inc., By: /s/ Riqueza V. Feaster, Assistant Secretary 07/07/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The shares of Common Stock ("Common") reported in Table I represents 1,250,000 Common beneficially owned by Citigroup Global Markets Inc. ("CGMI"). Citigroup Financial Products Inc. ("CFP") is the sole stockholder of CGMI. Citigroup Global Markets Holdings Inc. ("CGMHI") is the sole stockholder of CFP. Citigroup Inc. ("Citigroup") is the sole stockholder of CGMHI.
(2) The Warrant shares ("Warrants") reported in Table II represent 1,250,000 warrants beneficially owned by CGMI. CFP is the sole stockholder of CGMI. CGMHI is the sole stockholder of CFP. Citigroup is the sole stockholder of CGMHI.
 
Remarks:
Pursuant to the restructuring announced on June 12, 2008 of Old Lane Partners, LLC ("Old Lane"), a Citigroup subsidiary, the securities reported in Table I and Table II in this Form 3 include Common and Warrants previously held by Old Lane which were transferred to CGMI on June 26, 2008.

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