I'm going to go through a more in-depth study of this, but at first glance, I don't like Citi's report at all. I don't mind gains driven by mark-ups. Some level of mark-up is legitimate this quarter. But a decrease in loan loss provision? A day after J.P. Morgan increased their provision? This reeks of earnings management.
I'll post more thoughts as I get through the report, but I welcome your comments.
Thursday, October 15, 2009