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Caution on Citigroup Due to Regulatory Hurdles - Credit Suisse

Cit is a living, breathing accounting hall of mirrors, so much more so than its peers.
They have/are selling off the best revenue producing entities and are simply playing the hope and wait game ( and not too well !!)

The "upside " to their new business model is actually qiute limited. sure, there is some potential but they are far behind JP Chase, Wells, and even BoA that srill has its revenue engine intact.

What a shame for the once great company

Citi: Financial Reverse Engineering

What is the exposure that C faces from TPG credit and how easily can this be replicated for C's big bag of CDOs.

Do you know how to say BLOOD BATH?

Citigroup Inc. Q3 2009 Earnings Call Transcript

Finally, someone that gets it !!!! I cannot believe on the call how several of the analysts didn't puke all over these INCREDIBLE slides. What outlandish BS. The Chairman, CEO and CFO should be immediately fired by the Board for even daring to present a fantasy like this.
Then the Board should be dismissed by the US government under the RICO statute. Yes, a transparent set of financials and a well articulated strategy, and, oh yes, great leadership.
Citi is doomed, it is a zombie bank !!!1


On Oct 15 09:18 PM BIG-MONEY wrote:

> THE BIG LIE. ALL THIS IS GARBAGE. Citibank is broke and has been
> closed by the Fed. CITIBANK DID NOT MAKE ANY MONEY. Citibank has
> a $5oo BILLION gift LOAN TO THE FED. Citibank cannot issue any debt
> without the backing of the FDIC. Citibank gone to its grave in 2009.
> CITIBANK IS THE JOKE ON THE STREET, THE ceo's will be the JOKE IN
> THE CAN NEXT TO MADOFF. ALL THESE REPORTS ARE ALL FRAUD, and the
> Fed is filing charges as you read this. citibank.........RIP

Cramer's Mad Money - Citigroup Is the Next Chrysler (8/19/09)

Oh, Cramer is correct about Citi following Chrysler, but his timing is off. Citi will follow the 2009 model of the car maker and declare bankruptcy !!!

Citi has sold off its best revenue producing franchises/businesses and is still saddled with $1.5 Trillion of crap assets off the books. Look at Citi's competitive positioning compare to JP chase, Wells, BofA, even Capital One or TD, they are a third tier player now.
Let's see when Citi pays back the $45 Bil to uncle Sam, and we sure can expect common share appreciation with now 5.5 or so BILLION !!!!! common shares outstanding.
Yeah, stategically Citi is sooooo "well" positioned for success.

Citigroup Looks Overpriced

NO ONE HAS TO BUY A STOCK, not an individual or a fund trader !!!!! So, it's a multinational bank that loses money everywhere, it that what makes it so special and places a premium on its price?
But most importantly, Citi has already sold/gotten rid of some of its largest revenue engines -- the consumer franchise in Germany, 51% of Smith Barney, the private & commercial bank in Japan, Nikko Cordial, a large Bankcard portfolio, and they are trying to sell quite a few more positive bottom line businesses as well. ONE THE REVENUE IS GONE, IT'S GONE !!!!!
Now, add to this the FACT that Citi is a WEAK consumer franchise in the USA, less than 1000 branches, they are a third tier player. If you go into a Citi branch lately it looks like a ghost town.
On the corporate and investment side, they have been wiped out of talent resources and have lost tremendous market share over the past year. It's easy to lose it and difficult to get it back.
On the management side, Pandit & Parsons are a joke, a rather sad joke. Marginal talent and NO LEADERSHIP what so ever.
So, if you think this is a viable recipe for share price appreciation more power to you

Citigroup: Priced to Succeed

Your comments are frightening !!!! Good Q2 earnings ? True operating results were a loss of mearly $3 BIL.
Dick Parsons a leader, a good manager? Are you his PR head?
There is over $1 Trillion off the books of crap that will come onto the books at year end, and oh, that little thing called massive common dilution.
Yeah, C is right up there with JP Chase and other well run companies !!!!!!1

Why Pandit Must Sell Phibro

Stop with the Philbro praise, enough. Hall & company are a bunch of excellent oil futures/contract traders. Tell me what value they add to the energy space?
They don't explore , find, produce, refine, transport, etc. they do nada. But give the devel its due. They have in no small way "helped" push up the price of oil on their speculation trades.
Gee, I guess the American consumer owes Mr. Hall a big round of thanks for all of his efforts on our behalf.
Now, as far as $100 Mil. Philbro generates approx. $800 Mil. and Hall and his boys want a collective $200 Mil.? Tell me any company that pays out at a 25% comp rate.The truth is the management at Citi, Pandit & Parsons are clueless and exhibit zero leadership.
Do you honestly think these results are due to Mr. Hall. No, it is about a smart lawyer he retained to write a FAT contract. Get any good energy trader in there under the same circumstances and profits will be nearly identical. PS, pay the new guy $10 Mil or so and he'll wax your car every week end !!!!!!

Citi: Division of Accounting Results Hints at Future Holdings Spin-Off

C is doing NOTHING strategically or even in a tactical sense to resolve its major issues !!!!!
Sure, divide the company in two, report on two sets of books, ALL ACCOUNTING TRICKS !!!!! Kinda sounds like a play out of the ENRON book of tricks.
C has trillions of dollars of crap assets left and is just playing the waiting game. These guys are hoping to somehow move the vast majority of the government's common shares into Citi Holdings and not dilute Citicorp down to nothing.
If they SOMEHOW are able to get away with this hairbrain scheme, the governmnt and we, the TAXPAYERS will NEVER GET OUR MONEY BACK !!!!!!
C is in desperate need of real leadership and talent. Get rid of Parsons & Pandit now !!!!!

Citigroup Is Too Important to Fail, Which Is Why It's a Great Long Term Investment

Bove is clearly a crack addict that has not had his fix yet.
Let's see, we hace C the poster child for STUPIDITY AT MANY LEVELS and they today come up with another brilliant idea -- let's raise our costs !!!!!!

However poorly bonuses were managed, at least they were for extraordinary results that added to the bottom line. So, theoretically, you only got one if you contributed above and beyond the expected level of performance/results.

Now, C wants to, in effect, just pay out this higher level of compensation regardless of results on the grounds it is "competitively necessary". Sorry but aren't these the very same staff who nearly brought down this once great bank? And now you " have to pay them more" to ensure they will stay and continue to do the same thing they were always doing?
Doesn't that sound like the height of madness? There is more than a double digit unemplyment rate in these areas of finance/investment right now. Perhaps HE UGLY TRUTH IS THAT C CANNOT ATTRACT/RETAIN TALENT AND NEEDS TO PAY A PREMIUM BECAUSE EVERYONE KNOWS WHAT A CRAPPY MANAGEMENT STRUCTURE IS IN PLACE WITH THE DYNAMIC DUO OF PANDIT AND PARSONS at the helm !!!!!

The poor jerks in the retail bank, tellers loan officers, etc are not the focus of this grand scheme. No it's the derivitive guys, the special vehicle people, the folks that package and sell the toxic crap, the wheeler dealers who are at the center of all this. The poor babies cannot survive on a $500 k base salary and are threatening to go/have gone to competitors as well as boutique shops.

If, and that's a big leap of faith, Pandit and Parson had any brains or backbone, they would let them go and get back to the core businesses that once made C great.
But I don't expect that to happen so let's just nee.dlessly increase salary costs and drive down the common share price some more

What's Citi Doing to Pandit?

Please, from the first transaction of Pandy, Old Lane Partners, which net cost Citi 1 BiIllion !!!!!, the Board should have said Adios.

But now with the dynamic duo of Pandit & Parsons, there is no hope. Sell off the pieces that can be sold, and stick the government with the $1.5 Trillion of crap hidden in every nook and cranny.

Does anyone really believe that reclassifying preferred to common has made Citi healthy? They are still in a deep coma on life support. Just quanify the revenue that has been lost by all of the divestitures under Pandit's watch and even if they do survive, they will be a mere shadow of a once great company.

Get a real banker, manager, leader in there NOW !!!!!

The FDIC Is Upset There's No Real Banking Experience Running Citibank

Panit and Parsons, now there are two names that will go down in banking history, in the hall of shame,
What a consistent set of track records of failue for both---- Parsons, better known as the love daddy, put Bowery Savings Bank into the ground, crapped up Time Warner big time, and now has a chance to replicate/surpass all this with Citi.

Pandit took Old lane Partners and like the snake oil salesman, sold it to Citi for $800 Mil, he personally pocketed $117 MIil, and six months later as CEO he had to close it down with a write-off of some $600 Mil. In the 1.5 years in charge he has manage to sell off all of the crown jewel revenue producing businesses but keeps the $1.5 Trillion !!!!!! of toxic asets hidden off the varios balance sheets of Citi.
Yeah, these guys have a great plan, they clearly know what they are doing.......taking the money and running with it.
Citi is like old Yella", put the place out of its misery.
Get a group of managers/leaders that are actually bankers and know what they are doing before the government owns 80% of this once great institution !!!!!!!!

Candidates to Replace GM, Citigroup in the Dow

To the comment that asked why replace Citi, C needs to be replaced because it is a dead bank walking. It "only failed" the stress test by $5 Bil. BECAUSE THE FED GAVE THEM CREDIT FOR THE $50 BIL. THEY ARE GOING TO CONVERT FROM PREFERRED TO COMMON !!!!
The reality is that C needed %55 Bil. under the test, far more trhan any other institution. From a competitive standpoint they are a weakened institution with BAC. Wells, JP Chase, eating thir lunch.
Remember they sold more than half of Smith Barney, Germany, The Japanese investment and broakerage businesses, a bunch of foreign credit card businesses, AND WHO KNOWS WHAT ELSE IN THE FUTURE !!!!!!
SO, WHAT DO YOU THINK WILL REPLACE THESE REVENUE STREAMS THAT NO LONGER EXIST ??????? In addition, they still have $1.5 T !!!!!! of special vehicles on the books that are CRAP !!!!
GEt them off the DOW and put on a real bank like WELLS !!!!1

Six Stress Test Revelations

Hey, Mr. Newmam, your take on the "stress test" results is, well, crappy. C is by far the worst. The government assessment ASSUMES the preferred conversion happens. That's why C "only" needs another $5 B.
Gee, take the $45 B they already needed and the conversion plus this last $5 B, and you are approaching $85 B !!!!!!! And of course, add to that the back stopping of $300 B of crap assets and you have a disaster waiting to happen.
Just three questions Mr. Newman, 1) Did you think there was an operational integrety in C's Q1 results, did you like that FASB hat trick? 2) as the unemployment rate ticks up what do you think will happen to C's credit card, installment loan, commercial real estate loan, and mortgage portfolios? What happens when C's "good" mortgages reset from their teaser rates? and 3) how long is it going to take C to get $1.5 TRILLION !!!!!! of toxic assets off the books and how much of a loss will they realize?
C may not go under but, there will be YEARS OF REBUILDING and writeoffs to contend with.

Valuing Citi, JP Morgan: What's in the Piggy Banks?

Throw the CEO and CFO, and while we are at it, the ENTIRE BOARD of C in jail for signing offf on CRAP/DISHONEST accounting like the magical first quarter.

HOW CAN ANTONE BELIEVE IN THE COMMON SHARE PRICE OR RESULTS WITH STUFF LIKE THIS !!!!1

Citigroup's Horrible Conference Call

So, the great C does their financial dance again and declares "victory".
I'm sure while this obscure FASB rule is kosher, it is not tangible to the shareholder, just another accounting hat trick that lets C report a black number.
Now that the financial press and analysts are getting under the hood of the Q1 results, when are we GOING TO HEAR THE SCREAMING?

When will the shareholders AND THE BOARD SAY ENOUGH ALREADY !!!!!! Fire Pandit's butt out of there, smoke and mirrors never works long term.