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Gasparino Says SEC Has Sent Two Letters To Citi
Presumably this is in response to the ongoing lock out of Michael Mayo, who as Fox Business previously reported claims Citi is cooking its books by misreporting its deferred tax assets, by Citi management. We assume the letters are of a congratulatory nature, and commend Citi management on alleged ongoing fraud, also sharing tips on how the firm's HFT traders can flash dash its worthless stock to a few trillion/share, guaranteeing that unlike in daily isolated flash crashes none of the transactions will be D/K'ed.
The analyst, Mike Mayo, of the securities firm CLSA, has been telling investors that Citigroup (C: 3.68 ,+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.
For that critique, Mayo has been denied one-on-one meetings with top players of the firm, including CEO Vikram Pandit, Chief Financial Officer John Gerspach, and any other member of management, while other analysts enjoy full access to the bank’s top executives, FBN has learned.
More as the fluid situation solidifes:
Gasparino’s sources say the SEC has sent Citi at least two letters asking them to justify their accounting DTAs in question by Mayo. Citi tells Gasparino “We are in continuous contact with our regulators, including the SEC, as part of its normal comment and review process on our SEC filings. We respond to all such comments in due course.” In addition, Citi told Gasparino: “We will meet with Mr. Mayo in due course.”
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Citi gets a $500 fine. Nothing comes of this.
Mayo....Bitchez!
Has anyone ever had a chance to seriously analyze the "reported" $82 billion in off-balance sheet MBS/CDOs they are supposedly sitting on? I've heard rumors the valuations are pretty sucky.....
Is it too late to buy puts??
Citi's motto: I would like one Flash Dash with a side of frauds; please hold the Mayo.
+1 that was funny
Jim Willie and others say Citi is bankrupt and doomed. Don't know.
Maybe Mary wants to refinance.
Deferred tax? What? DT on the loss on the $7 trllion SIV that was supposed to be top secret? When is somebody in this country going to take a real honest hit?
Deferred Taxes has always and will always be a cesspool of chicanery, jacknavery and blackguardism.
Of course, C has bigger problems that that. Aren't they still issuing debt under the TGLP program?
.. should really send a Fumigator to both SEC and Citi.
"cooking its books by misreporting its deferred tax assets"
Ok this amount is a fraction of overall P&L. Overall P&L accounting is TOTAL FUCKING FICTION !!!
Let the SEC look at loan loss provisions and MBS valuations if they want to ACTUALLY DO SOMETHING BESIDES BEAT OFF !!!!
SEC to C; Try the tranny porn. It's Great!
The Govt. owns Citi...snowballs chance in the microwave of them doing anything
The Govt. owns Citi...snowballs chance in the microwave of them doing anything right.
There edited for clarity.
My bet is one reason the Fed doesn't want Bloomberg's FOIA suit disclosing who got what in TARP funds is that the truth will hurt Citi. I'd bet they got far more money than people think but that's just my opinion.
Dick Bove says this is a non-issue and Citi is on the up and up. Hard to argue with Dick Bove!
After this report Citi stock says mehhhhh!
Letter #1:
SEC: Hey Citi, what's up?
Citi: Oh just stuff
SEC: Cool.
Letter #2:
SEC: Having any luck with your finances
Citi: What do you mean by luck?
SEC: Nothing. We're just kidding, don't be mad. Gotta go. See ya later.
Haha. Probably more IMs between friends than actual letters:)
The only way fines should be meaded out is
by using percentages. That way everyone is
treated fairly. Set the fines the SEC and Other
Court Orders be stated in percentages of
income of the corporation. This would make
the penalties fair for large and small
enterprises. Seems fair and very American
doesn't it.
DO YOU HEAR ME!
!!!!!!!!!!SEC!!!!!!!!!!!
Dave
The tale of two envelopes.
First letter says "blame your predecessor".
Second letter says "prepare two envelopes".
Cooking the books is rampant in the corporate world right now, just take your pick.
The SEC is a sham along with the government, they are interested in income via fines rather than fixing the problems.
The government has repealed the Glass-Steagul act and introduced FASB thus enabling these institutions to legally cook the books.