Sunday, September 19, 2010
Friday, September 17, 2010
Wednesday, September 15, 2010
Citigroup still facing criticism by Mike Mayo
By Jim Kim Comment
Citigroup's (NYSE: C) grudgingly granted upcoming meeting with Mike Mayo is not making the respected analyst any more reticent about sharing views about the bank. It will apparently take much more than a meeting to do that.
Mayo, who will meet with CEO Vikram Pandit and CFO John Gerspach, was recently interviewed by FOX Business, which gave him plenty of air time to discuss his dispute. "You need a Jamie Dimon on steroids to run Citigroup," he told Fox. That's not really an insult, just a way of noting that Citi defies management in many ways.
But Mayo also noted that one objective measure of a CEO's success is how well the stock has done since he took the reins. By that measure, Pandit has not fared well.
Mayo noted some red flags, and even praised it for separating out a bad bank, getting rid of some board members and taking other positive steps. "But have they done enough? No," he said.
This is a time-worn issue for executives: How to deal with an analyst who goes public with negative views. We've said all along the company is much better off if it engages analysts and critics. It looks like Citi has come around to that view. But the damage to the relationship has been done. Mayo has been given a megaphone and the ill-will the bank fostered is not serving it well at all.
For more:
- here's the interview; http://video.foxbusiness.com/v/4336867/mayo-need-jamie-dimon-on-steroids-to-run-citi-/?playlist_id=87185
Related Articles:
Mike Mayo to meet Citi execs Oct. 1
More IR lessons from Citigroup-Mike Mayo battle
Update: Citi execs to meet with analyst Mike Mayo
Tide turning for Citigroup CEO Vikram Pandit
Citigroup's (NYSE: C) grudgingly granted upcoming meeting with Mike Mayo is not making the respected analyst any more reticent about sharing views about the bank. It will apparently take much more than a meeting to do that.
Mayo, who will meet with CEO Vikram Pandit and CFO John Gerspach, was recently interviewed by FOX Business, which gave him plenty of air time to discuss his dispute. "You need a Jamie Dimon on steroids to run Citigroup," he told Fox. That's not really an insult, just a way of noting that Citi defies management in many ways.
But Mayo also noted that one objective measure of a CEO's success is how well the stock has done since he took the reins. By that measure, Pandit has not fared well.
Mayo noted some red flags, and even praised it for separating out a bad bank, getting rid of some board members and taking other positive steps. "But have they done enough? No," he said.
This is a time-worn issue for executives: How to deal with an analyst who goes public with negative views. We've said all along the company is much better off if it engages analysts and critics. It looks like Citi has come around to that view. But the damage to the relationship has been done. Mayo has been given a megaphone and the ill-will the bank fostered is not serving it well at all.
For more:
- here's the interview; http://video.foxbusiness.com/v/4336867/mayo-need-jamie-dimon-on-steroids-to-run-citi-/?playlist_id=87185
Related Articles:
Mike Mayo to meet Citi execs Oct. 1
More IR lessons from Citigroup-Mike Mayo battle
Update: Citi execs to meet with analyst Mike Mayo
Tide turning for Citigroup CEO Vikram Pandit
Monday, September 13, 2010
Talking 2 $hiti -Banks Top Banana
http://www.citigroup.com/citi/corporategovernance/profiles/pandit/index.htm
The Most Powerless Power Guy on Wall St; http://nymag.com/news/businessfinance/55035/
The Most Powerless Power Guy on Wall St; http://nymag.com/news/businessfinance/55035/
Shiti Wars Continued...
Called today and spoke to worker LMullins 88334 who transferred me to (yeee gads) Liz Cory again,...the one that accused us of lying on three different occasions. I asked Liz if we could have someone else from $hiti to work with us and she said No it was her or no one, so then I asked to speak with her supervisor and SUPRIZE she put Matthew Johnson on the phone who I am speaking with now.....My first question to him was "what kind of plan does $hiti offer for its upside-down mortgage holders ? The simple ans is NONE. He informed me that $hiti has no such plan and I then asked...."well that is just your policy, but couldnt you, if you wanted to, make an exception, as all the OTHER big banks are doing now on their own, as per Obomba's Jan. 2010 Directive?"...He didnt know what to say......lol.
Anyways, wefinally got a statement from $hiti, that they would only send by "special request,"... saying the total we owe is $78,047.49, so my next question to him was this: If we only owe $78,047.49, how come the total on our modification plan is $95,000+? He also didnt know what to say but promiced to look into it....
The most amazing thing I learned of this conversation was that $hiti' has the house valued (their BPO) at $135,000 and it is NO WHERE NEAR worth that amount - so I asked them what did they base that amount on - indicating to him that NO house in our neighborhood is worth that much! Again, no discernable ans.
I am thinking this is the type of Illegal, Artificial Inflation of the value of the securities that has $hiti in hot water with the SEC and in the federal district court right now! I told them that if they couldnt work us out a batter plan, more in line of the actual value of the home,....to go ahead and start the forclosure process and we would move to have our contract decalred Null and Void based on the illegalities involved....end of story. Next call goes out to our Chap 13 BK lawyer....to let her know what to expect, and,...oh yeah, and also, time to file a complaint with;
http://www.helpwithmybank.gov/complaints/index.html
DONE - 9/13/2010
Office of the Comptroller of the Currency at (800) 613-6743
Federal Reserve Board at (888) 851-1920
Federal Deposit Insurance Corporation at (877) 275-3342
Office of Thrift Supervision at ( 800) 842-6929
Anyways, wefinally got a statement from $hiti, that they would only send by "special request,"... saying the total we owe is $78,047.49, so my next question to him was this: If we only owe $78,047.49, how come the total on our modification plan is $95,000+? He also didnt know what to say but promiced to look into it....
The most amazing thing I learned of this conversation was that $hiti' has the house valued (their BPO) at $135,000 and it is NO WHERE NEAR worth that amount - so I asked them what did they base that amount on - indicating to him that NO house in our neighborhood is worth that much! Again, no discernable ans.
I am thinking this is the type of Illegal, Artificial Inflation of the value of the securities that has $hiti in hot water with the SEC and in the federal district court right now! I told them that if they couldnt work us out a batter plan, more in line of the actual value of the home,....to go ahead and start the forclosure process and we would move to have our contract decalred Null and Void based on the illegalities involved....end of story. Next call goes out to our Chap 13 BK lawyer....to let her know what to expect, and,...oh yeah, and also, time to file a complaint with;
http://www.helpwithmybank.gov/complaints/index.html
DONE - 9/13/2010
Office of the Comptroller of the Currency at (800) 613-6743
Federal Reserve Board at (888) 851-1920
Federal Deposit Insurance Corporation at (877) 275-3342
Office of Thrift Supervision at ( 800) 842-6929
Subscribe to:
Posts (Atom)
Posts
