• 30 Aug 2010 at 2:34 PM

Mike Mayo: Citi Not To Be Trusted

As mentioned last week, analyst Mike Mayo has been going around 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 has, according to Charlie Gasparino, frozen Mayo out. No one-on-ones in Pandit’s office, no phone interviews, and he’s even blocked from Uncle Vik on IM, which has got to chap some serious hide. On Friday, fellow analyst Dick Bové inserted himself into the situation, coming out and claiming Mayo be talking shit, and that Citi is “not cooking the books.” Today, Mayo went on.

“We believe that Citigroup’s financial targets can encourage short-term excesses over long-term prudence,” Mayo wrote in a note to clients titled “A Matter of Trust.” Mayo, an analyst at the securities firm CLSA, added: “Citi has an aggressive financial target of 5% asset growth when so much of its past problems stem from excessive asset growth.”

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  • 27 Aug 2010 at 12:00 PM

Dick Bové: FYI, Citi Is Not “Cooking The Books”

Lest there be any confusion about what they do over there all day. Read more »

  • 26 Aug 2010 at 5:45 PM

Vikram Pandit Urges Employees To Get A Little R&R

From: VikramPandit
Sent: Thursday, August 26, 2010 5:36 PM
To: VikramPandit
Subject: Let’s Keep Going!

Dear Colleagues,

In New York, summer can be a time of year when things slow down. But as I talk to our people and visit Citi locations around the world, it is very clear to me that we have been keeping up a good pace throughout this great institution. Having held Town Halls in Mexico City, St. Petersburg, Hanoi and Singapore over the past few months, I continue to be struck by your enthusiasm and dedication. I want to share with you some of the things we have accomplished together recently.

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  • 12 Aug 2010 at 11:55 AM

Citi Cares Deeply About Your Fuck-Up Offspring

Only half-serious, of course (though Vickles does love a charity case). What the bank does care about is having its wealthy clients’ hard-earned money pissed away by a bunch of pissants who need to be put on a leash.

Citigroup is testing a website to let millionaires’ children manage their allowances, while alerting parents and bankers when scions blow through cash too quickly. Heirs to Citigroup’s wealthiest clients can log in to parent-funded accounts for discretionary spending, investments and “one-click giving” to charities. The site was developed by Tile Financial LLC, founded by former New York Stock Exchange finance chief and Bear Stearns Cos. analyst Amy Butte.

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  • 10 Aug 2010 at 4:25 PM

Moscow-Based Citi Bankers Not Afraid Of A Little Heat

The delicate flowers at JPMorgan may have canceled their daily note but you can’t hold down Vikram’s little soldiers. Read more »

  • 03 Aug 2010 at 1:41 PM

Bonus Watch ’10: Citi

Did you know that last year Citi was a “market leader”? From the mailbag: Read more »

So, the London police recently decided they’ve had it with brothels and have started to crack down on the pay-to-lay establishments. Perhaps you heard about their last raid– codename “Operation Monaco”– through the grapevine or because it was your colleague laying there with a ball gag in his mouth while a terrifying woman with a thick Eastern European accent shouted “Administer the testicle clamps!”? Sound familiar? It might if you’re tight with the “35-year-old from Citibank in Canary Wharf” who had been “availing the services of two Polish hookers” when the cops walked in. Read more »