Citi To Value Assets Using Special In-House Method. God Help Us (C)

From ClusterStock:

Citi's CFO (C) whacked the stock yesterday by saying the firm will likely need to take more writedowns. Why? In part because market conditions continue to deteriorate. And in part because no one really knows what all that crap on Citi's balance sheet is worth (especially you), and accounting rules allow Citi to say they're worth whatever Citi wants them to be worth....MORE