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]
Yeah, WFT!!
Of course they don’t – they have no idea about what they’re talking about as well.
WFT? How many Gimlets taday Bess
Let’s wildly speculate about Citi’s future and release it in a down market!
Damn, new font, youse crazy Bess
“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.”
@3 – Not a mistake…it stands for What Flippin’ Taxes?
Full Disclosure: I thought it was a mistake too, and it might be.
Mike Mayo’s mom is so fat, when she sits down on a toilet, skittles fall down from the sky.
my vote is for “what a whackjob this guy is”
-DD
@6
If most tax authorities have 5 employees grossly under qualified to do the job, then yes.
*[under breath] While shockingly similar to our own numbers…
[with gusto] We have no idea how analysts came to this conclusion.
YOU LIE!
-Count Vikula
* We direct all questions on this subject to Alan Schwartz.
Oh, thats bold.
Classic non-denial denial. I love it Count Vikula!
“quit being a jerk”
Is Mayo’s wife a wrestler?
“We thought FAS 109 was something do with fetal alcohol syndrome”
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.”
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.
Mike Mayo takes it in the ass harder than Maria B. on a rebound.
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.
How about a nice game of Chess?
I got chunks of guys like him in my stool!
LaBeef
Vikram Pandit is a shitheel.
I am closing out my short now…thanks Mayo
I predict 100 billion.
-MW
Just when I think Liesman can’t get any further up the govt’s ass, I see him shouting out of Vik’s mouth.
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?
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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.
Let us spread Mayo liberally so as to affect our incoming “bread” and not appear to be “loaf”-ing.
10 Billion? An optimist huh?
Vicula, Dollar Dom, and Mayo. Steel cage match. Fight to death.
Mayo? That reminds me, I left half a chicken salad sandwich in the office fridge.
-SC
“We have no idea how he came to that conclusion”
Love it. Can’t get hammered by Shapiro et all with this statement.
Sh*tty never sleeps? Take a nap once in a while, Dbags.
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.