Tickle A Vickle in the house.
Apparently the reaction inside Citiville to the whole gov thing has been "Overwhelmingly positive!"
"We're committed to rebuilding as much value as we can, as quickly as we can."
Vik hands the mic to some guy named Gary.
"This move will allow us to rebuild shareholder value."
"We've cut a lot of costs...we've cut our headcount by 52,000 people...we've reduced assets from $413 billion."
"We're making excellent progress on the Citi Corp. split."
"January was good...The quarter's far from over though, and things could get ugly
"Does the announcement today mean we don't have to raise more capital? That was the goal. But things beyond our control could happen that could mess with that."
"The potential outcome of the transaction could vary substantially."
Mike Mayo: Why would a common shareholder want to increase their ownership with the gov getting involved?
Vikram: This is an exchange offer and a conversion...NOT additional capital from the government. We're doing the day to day not the gov...The thing everyone has to focus on is that the goal is to enhance the franchise value....Net net net we're gonna run Citi for the shareholders.
Betsy Graseck: The gov investment in the form of common, will that affect Banamex?
Vikram: No. We've structured these investments so that all our franchises in Citicorp remain intact.
I miss Jeff Harte's question. Something about how the deal will affect the franchises (Vikula says it won't).
No further questions. Apparently if you think of one later you're to call investor relations, says Gary.