Citigroup (C) Freezing Out Mike Mayo Over Accounting Accusations

FOX Business’ Charlie Gasparino reports that Citi’s (C) Vikram Pandit is “freezing out” CLSA analyst Mike Mayo over his questioning into Citi following accounting rules.

Mayo is saying that Citi may be “cooking the books” by inflating its earnings through an accounting gimmick, Fox Business Network has learned.

Mayo has been telling investors that Citigroup should take a write down, or a loss of some $50 billion of deferred-tax assets. That is a tax credit the firm has on its financial statement that Mayo says is inflating profits at the big bank.

FBN: “For that critique, Mayo has been denied one-on-one meetings with top players of the firm, including CEO Vikram Pandit, Chief Financial Officer John Gerspach, and any other member of management, while other analysts enjoy full access to the bank’s top executives.”

Mayo told Gasparino he’d  like to know “why all his competitors get meetings with Pandit and the key people there and [he] doesn’t.”

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