Recently, Mike Mayo has gotten into a bit of public with Citigroup. To recap, a few weeks back, the analyst started telling clients and whoever else will listen that the bank is inflating its profits and needs to a write down $50 billion of deferred-tax assets. For the offense, Citi apparently froze Mayo out, denying him any and all access to Vikram Pandit. This, being the worst thing you can do to a person, made Mayo hit harder, musing that maybe we can’t trust Citi at all. Somewhere along the way Charlie Gasparino got wind of all this and made it public, meaning Citi had to be all, “Mike Mayo? LOVVVVE him. There’s no freeze out, Vik’s just been really busy finalizing his fantasy football team, is all.” Citi has graciously extended an offer for Mayo to come over on October 1, which he’s accepted, at which time they probably think a little face time and sweet talking from Uncle Vik will be all that’s necessary to get Michael to upgrade Citi to “fucking awesome” in his book. According to Charlie Gasparino, that may not be the case. Mayo’s next note will more likely be along the lines of “we are about two quarters from consigning this dump to the scrap heap of corporate history.”

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Comments (24)

  1. Posted by Gubmint | September 13, 2010 at 4:35 PM

    None of the banks are solvent without free money at the Fed window.

    Mayo isn’t wrong; he is just louder / less than the rest

  2. Posted by Slowerlower3rd | September 13, 2010 at 4:47 PM

    I let my club sandwich day-trade for me.

  3. Posted by PasteSpecialFormats | September 13, 2010 at 4:53 PM

    Mike Mayo tells me why not even God could eat more sopresseta than I in an interview with the analyst at 3:30pm today.

  4. Posted by Write That Down! | September 13, 2010 at 4:59 PM

    YOU LIE! I didn’t touch the sopressata!

  5. Posted by Polly T Ist | September 13, 2010 at 5:02 PM

    What about a Hindu Kubera?

  6. Posted by Shallow Thinker | September 13, 2010 at 5:04 PM

    It’s funny to hear commentary along the lines of “one of the largest banks on earth is impossible to operate profitably” from a fairly well respected analyst and go “meh.”

    Back to chuggin’ diet cokes.

  7. Posted by Mr. Nobody | September 13, 2010 at 5:19 PM

    Citi should hire a seasoned poker player as CEO. They know when to cut their losses.

  8. Posted by guestosaurus | September 13, 2010 at 5:23 PM

    Mr Pandit, prince alwaleed called to ask if you can bring to the investor update this afternoon: the usual vaseline, as well as a life-size portrait picture of that Jamie Dimon, and a roll of duct tape and a razor/ waxing set.

    – Vikram Pandit’s assistant

  9. Posted by Charlie's intern | September 13, 2010 at 5:41 PM

    Prior to his visit, Mike Mayo may want to review the “safe word” with Count Vikula…just so there’s no confusion.

  10. Posted by plang | September 13, 2010 at 5:45 PM

    citi is doing just about the same as the rest of the big banks.the US is two years into a depression and without a president.you cant expect to much!!

  11. Posted by Yawningpro | September 13, 2010 at 6:16 PM

    I always end up laughing so hard I cry when I see Mayo referred to as an “analyst” (as well as Whitney and Bove). In my book you cease being an analyst when all you do is make wild-***ed speculated assumptions/conclusions to generate attention.

  12. Posted by Karl Marx | September 13, 2010 at 7:35 PM

    those Citigroup Jan 2011 $10 calls not in the money yet, eh comrade?

  13. Posted by The dude | September 13, 2010 at 7:35 PM

    Credit Agricole is a TTT shop and Mayo is a TTT analyst in that TTT shop. Enough said. He’s about 3 years too late.

  14. Posted by TMZ - Finance Dept. | September 13, 2010 at 8:42 PM

    Is this why Citi’s head of ECM left for Jefferies?

  15. Posted by Raving Lunatic | September 13, 2010 at 8:56 PM

    INFESTATION!!!

    -Phil Davison
    Stark County, OH

  16. Posted by RenoConti500 | September 14, 2010 at 1:57 AM

    So let’s just think about this for a moment, shall we. I’m confident that Mayo is a source for Gossipio. And, like Gossipio, Mayo is frequently wrong. His reputation in the analyst community is about as pitiful as Gossipio’s in the media world. WTF – he works for who???? And they are what??? And he has how many jobs since he got slammed at DB??? And, companies hate his ass because he is always wrong and blames it on their guidance/disclosure???? This guy, like Gossipio, has a batting average lower than his body weight!
    So, like Gossipio, people don’t like him and choose not to even talk to him. In Gossipio’s case, the list of Wall Street guys is extremely long ( Lloyd, Hank Paulson, Corzine, etc). And, when they ignore him (Dr Ambush) – he accuses them of blackballing him or being afraid of him or playing favorites. The simple fact of the matter is that they consciously choose not to talk to someone who consistently misreports the facts and sensationalizes the story for personal ambition and gratification. Trust me on this one – they aren’t afraid of a rodent / they would simply prefer to stay away from roaches or step on them.
    So now Mayo has pretty much aliented everyone on the buyside and on the company side. He gets his mouthpiece (and believe me – he uses Gossipio like a tampon) to fabricate some conspiracy. DUDE – get a clue. They simply choose not to be part of your stupidity (and Gossipio’s). Simple fact – Lil Vic has an army of professionals who support their accounting treatment and if you think that they SEC has missed one here, well, you’re a bigger idiot that we all thought.
    There is only one conclusion here: Mayo tips to Gossipio who then manipulates the markets. Mayo profits from that manipulation. When Mayo gets his ass kicked (righteously), Gossipio comes to his rescue. Nice scam guys. Let’s get the SEC to investigate that one. The last time I checked, market manipulation was against the law.

  17. Posted by anon | September 14, 2010 at 3:27 AM

    other than the duct tape and razors, i have no concerns

  18. Posted by Mr. Market | September 13, 2010 at 4:45 PM

    Mike Mayo told me why not even Charlie Gasparino could finish the 6-foot-sub he ordered this past weekend today at 2.30pm on DB

  19. Posted by Mr. Market | September 13, 2010 at 4:45 PM

    Mike Mayo told me why not even Charlie Gasparino could finish the 6-foot-sub he ordered this past weekend today at 2.30pm on DB

  20. Posted by Mr. Market | September 13, 2010 at 4:45 PM

    Mike Mayo told me why not even Charlie Gasparino could finish the 6-foot-sub he ordered this past weekend today at 2.30pm on DB

  21. Posted by Watchmen | September 13, 2010 at 4:53 PM

    How come we hear little about Chuck Prince and his henchmen regarding the crumbling of Citigroup?

  22. Posted by Watchmen | September 13, 2010 at 4:53 PM

    How come we hear little about Chuck Prince and his henchmen regarding the crumbling of Citigroup?

  23. Posted by Watchmen | September 13, 2010 at 4:53 PM

    How come we hear little about Chuck Prince and his henchmen regarding the crumbling of Citigroup?

  24. Posted by crork | September 10, 2012 at 5:58 PM

    HcQIvz Thanks for the blog.Thanks Again. Great.