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Citigroup Blackballs Analyst Claiming the Bank’s DTAs Should Be Written Down

Posted on by Caleb Newquist

Fox Business Network’s ace news-breaker Charlie Gasparino reports that Citigroup’s management team, including CEO Vikram Pandit and CFO John Gerspach will not meet with CLSA banking analyst Mike Mayo since he’s been telling investors that the big C should be writing down their $50 billion in deferred tax assets.

Carlito reports that Mayo states that this refusal to write down the DTAs amounts to “cooking the books by inflating its earnings through an accounting gimmick.”

Simple question from Mayo via CG, “I’d like to know why all my competitors get meetings with Pandit and the key people there and I don’t.” It’s not like the guy is one of the top banking analysts in the entire world. It’s not like Citigroup has a solid track record of transparent financial reporting. Or did everyone forget that C has the U.S. Treasury as its backstop?

The KPMG audit team can weigh in on this at any time. Or just email us the details.

Analyst: Citigroup is Cooking the Books [FBN]

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How Are Accountants Dealing with Their Co-workers Who Are Planning for the Rapture?

Today in Brits worry about the strangest things news, an AccountingWEB UK reader has Rapture fever and wonders if anyone else still down here is going to call it quits come Monday.

The Rapture is upon us (according to a man in the US) so, as shown in the Simpsons, I will soon be ‘left below’, as will, I imagine, many of my fellow board users.

Anyone else have a sudden urge not to do any of their accounts/tax backlogs, given the world as we know it won’t exist on Monday?

For starters, there are plenty of men, women, children and family pets (not just “a man in the US”) that believe that the Son of God will be gracing us with his presence this Saturday and judging by what people are paying for one share of LinkedIn stock, the odds have narrowed that it’s going to happen. That said, I overheared the Big Guy himself say that Saturday ain’t the day. The question is, how do you handle the crazy accountants in your office that are planning for the Rapture? Do you:

A) Mock them openly first thing Monday morning.

B) Claim to know who the identity of the Antichrist (it’s me!).

C) Ask politely, that in the event that the person’s significant other happens to be left behind, if you can hit that.

D) Start digging through their drawers for supplies.

E) Convince them to wait it out in a JIT.

F) Your ideas.