Emboldened by Merrill's courting of public embarrassment, Citi is likely to post third-quarter write-downs of about $8 billion from its exposure to collateralized debt obligations, according to Deutsche Bank analyst Mike Mayo.
Analyst sees $8 billion Citi writeoff after Merrill move [Reuters]
They said it couldn't be done. They said it didn't matter if it was $4.5 million or $2.5 million or if they were giving it away. They said potentials buyers wouldn't be swayed by the pitch to "sleep where Angelo Mozilo hath slept, after a few too many troughs of Boone's farm" (AKA "The Mozilo Bedroom"), or to impress guests with the cocktail party fodder that "that chair you're sitting in right now the very one Ken Lewis was sitting in when he decided to buy Merrill Lynch, can't get better investing karma than that." They said the vomit stains on the rug would not be a selling point. They were wrong.
Because he's had some previous success putting bankers on deadlines for complying with his demands and because he has had it up to here with financial regulators and the companies they supervise, both of which have been dragging their heels since Dodd-Frank was passed, CLSA analyst Mike Mayo appeared on CNBC today to issue a message: The time for thumb twiddling is over. Move your asses, NOW, or he'll move them for you. Regulators need to write new financial services rules and banks need to get back to banking, CLSA analyst Mike Mayo told CNBC’s Squawk on the Street. “It’s been two years since Dodd-Frank was passed,” Mayo said. “If you’re the regulators, get these laws written, if you’re the banks, at some point you have to play the ball where it lies. You need to get back to the business of banking.” Mayo said there should be “no more excuses.” Everyone understand or does he need to enunciate? Yes? Okay: play the ball where it lies, you useless cocksuckers! If it's in the water, roll your fucking khakis up and do something useful for once in your pathetic fucking lives. ‘No More Excuses’ from Banks or Regulators: Analyst [CNBC] Related: Mike Mayo Suggests Citi Chair Dick Parsons Be Gone In A Fortnight, Or Else
