So Mike Mayo said earlier that Citi “may have to write down about $10 billion in deferred tax assets in the fourth-quarter” and Steve Liesman reports that the House of Vikula had this to say in response: “We have no idea how analysts came to this conclusion.”
Here were some earlier drafts of the statement which would’ve been released had a media representative not intercepted :
* WTF?
* Is he insane?
* No seriously, Mayo, what are you smoking?
* We got nothing.
* What a whackjob this guy is
* Not even the Dollar Dom is this nuts
* We’ve pulled a lot of stuff out of our asses but this takes the cake
* That can’t be right but we have no idea why— CHALLENGE
* [Your call]
Posted by guest , Oct 30, 2009 3:11PM
Yeah, WFT!!
Posted by guest , Oct 30, 2009 3:11PM
Of course they don't - they have no idea about what they're talking about as well.
Posted by guest , Oct 30, 2009 3:14PM
WFT? How many Gimlets taday Bess
Posted by guest , Oct 30, 2009 3:14PM
Let's wildly speculate about Citi's future and release it in a down market!
Posted by guest , Oct 30, 2009 3:16PM
Damn, new font, youse crazy Bess
Posted by Jimmy , Oct 30, 2009 3:16PM
"Our tax department is larger than most tax authorities in the world. I think we know a little bit more about our tax situation than some dinky little analyst."
Posted by CoveredLong , Oct 30, 2009 3:17PM
@3 - Not a mistake...it stands for What Flippin' Taxes?
Full Disclosure: I thought it was a mistake too, and it might be.
Posted by guest , Oct 30, 2009 3:20PM
Mike Mayo's mom is so fat, when she sits down on a toilet, skittles fall down from the sky.
Posted by guest , Oct 30, 2009 3:20PM
my vote is for "what a whackjob this guy is"
-DD
Posted by Anal_yst , Oct 30, 2009 3:20PM
@6
If most tax authorities have 5 employees grossly under qualified to do the job, then yes.
Posted by guest , Oct 30, 2009 3:22PM
*[under breath] While shockingly similar to our own numbers...
[with gusto] We have no idea how analysts came to this conclusion.
Posted by guest , Oct 30, 2009 3:22PM
YOU LIE!
-Count Vikula
Posted by guest , Oct 30, 2009 3:23PM
* We direct all questions on this subject to Alan Schwartz.
Posted by guest , Oct 30, 2009 3:24PM
Oh, thats bold.
Posted by guest , Oct 30, 2009 3:24PM
Classic non-denial denial. I love it Count Vikula!
Posted by guest , Oct 30, 2009 3:26PM
"quit being a jerk"
Posted by guest , Oct 30, 2009 3:27PM
Vikram Pandit is a shitheel.
Posted by guest , Oct 30, 2009 3:27PM
Steve Lies man. Give Mayo a twizzler.
-LD
Posted by guest , Oct 30, 2009 3:27PM
Is Mayo's wife a wrestler?
Posted by american bandersnatch , Oct 30, 2009 3:29PM
"We thought FAS 109 was something do with fetal alcohol syndrome"
Posted by guest , Oct 30, 2009 3:32PM
The correct response is "Citi never sleeps, and we will not rest until we find someone who can deliver an atomic wedgie - with gusto - to Mr. Mayo's nether regions."
Posted by guest , Oct 30, 2009 3:35PM
he is spot on. same exact thing happen to fannie and freddie at the end. citi has very large affordable housing business and lots of low income housing tax credits that are now worthless (to them). JPM/GS now biggest buyers.
Posted by guest , Oct 30, 2009 3:37PM
Mike Mayo takes it in the ass harder than Maria B. on a rebound.
Posted by guest , Oct 30, 2009 3:38PM
Essentially Mayo is questioning the earnings power of the C.... You write down deferred tax assets when the likelihood of achieving earnings to be offset by such assets is not likely to happen.
But hey, it's only accounting right? Who the fuck cares about gaap, it's just a clothing company.
Posted by guest , Oct 30, 2009 3:39PM
How about a nice game of Chess?
Posted by Shia , Oct 30, 2009 3:40PM
I got chunks of guys like him in my stool!
LaBeef
Posted by guest , Oct 30, 2009 3:42PM
Vikram Pandit is a shitheel.
Posted by guest , Oct 30, 2009 3:42PM
I am closing out my short now...thanks Mayo
Posted by guest , Oct 30, 2009 3:46PM
I predict 100 billion.
-MW
Posted by guest , Oct 30, 2009 3:47PM
Just when I think Liesman can't get any further up the govt's ass, I see him shouting out of Vik's mouth.
Posted by JT , Oct 30, 2009 3:48PM
Still confused on why Leisman telling us what Mayo said to his clients or wrote in a note - that lots of us saw - is considered a big news break for CNBC?
Posted by guest , Oct 30, 2009 3:59PM
Comment removed by moderator.
Posted by MM , Oct 30, 2009 4:12PM
I stand behind my analysis. Those who think otherwise can vote with their dollars or they can take a drink from the "Mayo Jar". Peace out.
MW... I am going to take you to the bank, the blood bank.
Posted by guest , Oct 30, 2009 4:18PM
Let us spread Mayo liberally so as to affect our incoming "bread" and not appear to be "loaf"-ing.
Posted by guest , Oct 30, 2009 4:27PM
10 Billion? An optimist huh?
Posted by guest , Oct 30, 2009 4:28PM
Vicula, Dollar Dom, and Mayo. Steel cage match. Fight to death.
Posted by guest , Oct 30, 2009 4:29PM
Mayo? That reminds me, I left half a chicken salad sandwich in the office fridge.
-SC
Posted by Vicky , Oct 30, 2009 4:40PM
"We have no idea how he came to that conclusion"
Love it. Can't get hammered by Shapiro et all with this statement.
Posted by Zombie Mike Mayo , Nov 01, 2009 7:17AM
Sh*tty never sleeps? Take a nap once in a while, Dbags.
Posted by the dude , Nov 01, 2009 7:39AM
Nitwits. The auditors will require C to take a valuation allowance against the deferred tax assets if it is not likely Vikram and his team will be able to monetize the NOLs. The allowance is charged against equity. Do the math.
The auditors will be under tremendous pressure to keep the allowance reasonable. Tens of millions of future revenue fees are at stake vs. reputation risk. No reason the average life expectancy of an audit partner at a Big 4 is below 60 and another reason to make it a government service instead.