Mayo Is Right About Citigroup
A large write-down of its deferred tax assets could be devastating for Citi--over 30% of its total book value is comprised of net deferred tax assets. Our detailed analysis of the Notes to the Financial Statements also found these RED FLAGS :
1. Over $7bn in off-balance sheet debt
2. $2.2bn in under-funded Pension liabilities
3. Over $10bn in Asset write-offs
David Trainer, Founder & CEO