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Goldman Downgrades Citi, Merrill, Mediocre Liberal Arts School

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Goldman Sachs cut its second quarter earning estimates for Citigroup and Merrill Lynch today, predicting that the banks will incur $8.9 billion and $4.2 billion in writedowns, respectively, earning them a place on Goldman's "conviction sell" list. Way more important recommendation not included in analyst William Tanoma's formal note, but reported by CNBC's Darren Rovell to an in-denial Erin Burnett just now? "Conviction sell on the purple cow." That is right, suck it Williams.
Citigroup, Merrill Estimates Lowered by Analysts [Bloomberg]