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Citigroup Gets a Lease on Life From FASB

By Jim Cramer

 About this article:
 Maybe the Notorious B.I.G. is on my mind, because I feel like it is all in a dream, not one from Word-Up magazine but one from a change in the FASB rules for prospective accounting, meaning that if you think the future will be better than the past, you don't have to mark things down, and you have to consider buying -- drum roll, please -- Citigroup. This is huge news for Citigroup, even with all of its problems, and it changes the equation and makes Tier 1 capital, not common equity, the real barometer of health. That's good, because the bank had been artificially put in the "do not resuscitate" corridor by shorts pushing the common down, so the common is a joke. The joke has been made into a sick joke by the preferred cramdown. I am now wondering if the cramdown doesn't have...

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