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Meredith Whitney Defecates All Over Everybody

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She’s been saying it for a while but Meredith “Take No Prisoners Unless You Plan To Waterboard Them” Whitney just reiterated on CNBC that everyone sucks, imploring you to short Merrill, Citi, and UBS. She also noted that the banks are probably going to be looking at $70 billion in writedowns before adding icily (in my fantasy), “and that is a wildly restrained estimate on my part.” And of the chosen ones, she said: "They are suffering from their own success," which you might’ve been thinking to yourself but didn’t have the Whitney brand brass to put out there. Love her! (Big W concluded her report by saying, “Because you, Goldman Sachs, you've been on top too long. It's time for the Whitney Express to take you down!” She then threw down her microphone and stormed off, to which Gorilla Monsoon replied, “Goodnight, Irene.”)*
(A word of warning to the 85 Broad Mafia who may be considering retribution: If this saucy minx can take down a guy from the WWF, I think she can handle herself against a bunch of paper-pushing, numbers-fudging bitches.)
More Write-Downs Ahead? [CNBC]
Goldman Accelerates Layoffs As First-Quarter Woes Mount [Dow Jones]
*Little wrestling humor for you. You're welcome.


Meredith Whitney: Citigroup Should Just Give Up

Earlier today, we wondered if, in light of the news that Vikram Pandit had resigned as CEO of Citigroup, analyst Meredith Whitney's opinion of the bank had changed. Choice comments that Whitney has made about the Big C in the past have included: "Citigroup is in such a mess Stephen Hawking couldn’t turn this company around"; "Citi is like an old broken-down Victorian house"; and Citi “has no earnings power, isn’t going to grow, hasn’t been investable in four years." She also once told Maria Bartiromo that the only way she'd change her mind about company would be if she received "a new brain." Still, sometimes analysts change their tune when new blood is brought in and, like former FDIC chair Sheila Bair, perhaps some of her beef with the bank had been a personal dislike of Uncle V. Now that he's gone, is she seeing Citigroup in a new light? Not so much, no. In the wake of CEO Vikram Pandit‘s surprise departure this morning, Whitney, founder and CEO of Meredith Whtney Advisory Group LLC, issued a note cautioning clients to be wary of Citigroup even under new leadership. “Citigroup is ‘the incredible shrinking bank,’ and the least interest of the big four, in our opinion,” Whitney said. “No CEO will be able to change these facts in the near-term. It appears the board feels the same way, as they have appointed an unknown to the outside to the new CEO position, Mike Corbat.” [...] On Tuesday, the stock has wavered between gains and losses on heavy trading volume in reaction to Pandit’s resignation. Shares are up 29% this year through Monday’s close. Despite signs of incremental improvement, Whitney isn’t backing down from her bearish stance. “Any seat in Citigroup’s court should come with a warning label,” Whitney says. Meredith Whitney: No CEO Can Fix Citigroup [WSJ] Earlier: Meredith Whitney Cannot Stress Enough How Little She Thinks Of Citigroup

Meredith Whitney Is Returning To Her Roots

Running a hedge fund is out, making Citigroup wish it had never been born is (back) in.