Fuzzy Math at Citigroup and Bank of America

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я думаю: превосходно. а82ч

Lockbiff of AL 5:52PM February 24, 2010

я так считаю: восхитительно. а82ч

adjuct of AL 5:44PM February 24, 2010

It's a bit distressing to see a large part of the financial reporting community and most bank analysts simply repeating the mantra of C and BoA regarding their Q1 results.
It has only been in the past two days where FINALLY some are questioning the numbers and getting under the hood of the reported results.
However, the public relations stunt put on by C drove the market and C common WAY BEYOND its fundamentals. It comes close to stock price maipulation.
HOW CAN THE BOARD, THE COE, CFO and whoever else, sign-off on such a P&L ? Sure, it's legal due to a recent FASB scheme,but to claim a gain/credit for a REAL loss incurred in prior years, that's really threading the needle.
Besides this smoke and mirrors approach to quarterly reporting, there is still $2.5 T!!! of serious questions on and off the balance sheet of C. There is nary a word about those assets and instraments. Does C management think just because they put it in their "bad bank" category we shold just forget about it?
I am afraid that as long as the Pandit/Parsons regime is in charge, and the Board remains in a coma, C is doomed to be a mediocre bank both in terms of its share price and corporate ethics.

al of NY 3:49PM April 20, 2009

Ctibank and Bank of America are both guilty of taking advantage of their lower income clients by charging excessive fees on small accounts and making it difficult to close small bank accounts which are losing more to fees than it gains in interest.
Citibank is notorious for raising credit card interest rates whether or not you have missed or had a late payment. They even make it difficult for one to make a last minute payment online to prevent getting hit with a $39.00 late fee. In one instance my husband was told he would have to pay an additional twenty dollars to make the payment online. It's a shame that these are the financial institutions our government has to prop up to try to get us thru this financial crisis.

Joyce Dindayal of NJ 3:41PM April 20, 2009