Global Perspectives: Keeping Believers Informed, Equipped, and Prepared

Home Our Perspective Analyst: Citigroup Is Cooking the Books
Analyst: Citigroup Is Cooking the Books PDF Print E-mail
Written by Steve Meyers   
Thursday, 26 August 2010 10:43

An all-out war has broken out between Citigroup CEO Vikram Pandit and a prominent securities analyst who is saying that the big bank may be cooking the books by inflating its earnings through an accounting gimmick, FOX Business Network has learned.

The analyst, Mike Mayo, of the securities firm CLSA, has been telling investors that Citigroup (C: 3.72 ,+0.02 ,+0.68%) should take a writedown, or a loss on some $50 billion of “deferred-tax assets,” or DTAs. That is a tax credit the firm has on its financial statement that Mayo says is inflating profits at the big bank by as much as $10 billion.  READ MORE

Comments
Search RSS
Only registered users can write comments!
SteveG  - Nooooooooooooooo... say it ain't so!! |2010-08-26 10:57:22
Cooking the books? What a strangely out-of-characterization of a TBTF bank.

I just don't believe it, what is this world coming to?


Reddit! Del.icio.us! Mixx! Free and Open Source Software News Google! Live! Facebook! StumbleUpon! TwitThis Joomla Free PHP
 

Disclaimer

The statements, opinions and analyses presented in the articles and newsletters on this website are provided as a general information and education service only. Opinions, estimates and probabilities expressed herein constitute the judgment of the author as of the date indicated and are subject to change without notice. Nothing contained in this website is intended to be, nor shall it be construed as, investment advice, nor is it to be relied upon in making any investment or other decision. Prior to making any investment decision, you are advised to consult with your broker, investment advisor or other appropriate tax or financial professional to determine the suitability of any investment. Neither GrainBelt Commodities, LLC. nor Steven R. Meyers shall be responsible or have any liability for investment decisions based upon, or the results obtained from, the information provided.

Global Perspective Audience