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  Citi shenanigans with the books - $80 billion
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jo_jo  
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 More options Nov 20 2008, 9:19 am
From: jo_jo <jo_jo_j...@yahoo.com>
Date: Thu, 20 Nov 2008 06:19:27 -0800 (PST)
Local: Thurs, Nov 20 2008 9:19 am
Subject: Citi shenanigans with the books - $80 billion
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Citi announced in their town hall meeting that they would be
reclassifying $80 billion of assets in hopes of avoiding further write-
offs.

This move wouldn't normally be approved by one of the Big 4 accounting
firms simply on the basis that they want to avoid losses or, as Pandit
put it, "these assets will bounce back in value"....

When the book cooking starts, you know a company is out of options.


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