"The situation in Mexico is, in my view, a horror show because basically, at this stage, seven years after the big crisis which almost—which did make them bankrupt—this company finds that it doesn't have controls in Mexico and lets $400 million walk out the door," he said. "This company is not a 'buy.' I don't care what the price to tangible book is. It is not a 'buy.' "
Earlier this month, the U.S. Securities and Exchange Commission was reportedly found to be investigating Citigroup for accounting fraud after it had disclosed $400 million in bad loans in its Banamex unit.