citibank.. profit my ass Mr. Pundit

[gin]

http://www.globeinvestor.com/servlet/ArticleNews/story/RTGAM/20090417/wcitigroupearns0417

Citigroup's problems are far from over, but it reported its smallest quarterly loss since 2007. The bank posted a first-quarter loss to common shareholders of $966-million (U.S.) after massive loan losses and dividends to preferred stockholders. Mr. Pandit said in a statement Friday that he was “pleased” with Citigroup's performance

Since late 2007, Citigroup has gotten a new CEO, a new chairman, and a new structure that splits its traditional retail and investment banking business from its consumer finance units, asset management, and risky mortgage-related assets. It's also been downsizing by selling off businesses and laying off a fifth of its employees. And it's gotten $45-billion in government funding and a federal backstop on roughly $300-billion in assets.

what's to be pleased about that his rally memo pushed the stock price way up

[picasso moon]

Yep, i bet this gets a lot less publicity than his "we have an operating profit" memo from last month, which ignited the still-going rally.

[PacifikDreamer]

Shades of Ken Lay.

Hope he finds jesus at the end of a barrel the way old Kenny Boy did.

[jtmo3]

They were talking on one of the talking head show this morning about how Citi was hiding 2.7b of loses because of the "new" accounting changes in MTM amongst other ways. And if that's all, I'd be amazed. If anyone actually believes Citi made money last quarter, I have a great stock for them to buy.

I wonder what idiots see in these bank stocks that makes them want to buy this trash. As the economy dies and people lose their jobs, who in their right mind thinks these banks are going to do well? Gov can only funnel so much into them and hide loses for so long. This whole Citi, banks, market thing makes me want to vomit it's so overplayed.

[Big Scotsman]

Shades of Ken Lay.

Hope he finds jesus at the end of a barrel the way old Kenny Boy did.

Kenny's not dead, just vacationing in FL 

http://www.kenlayisalive.org/

Gotta love the joke of the day:

What is the difference between an onion and an investment banker?

No one cries when you slice open an investment banker!