Citi - Best Quarter to Date Since 2007

[Clio the Leo]

Citi's Pandit Is "Confident" on Capital Strength

Citigroup was profitable in the first two months of 2009 and is confident about its capital strength after tough internal stress tests, Chief Executive Vikram Pandit told staff in an open letter.

The news sparked a sharp rise in Citigroup's shares in European trading. It came after the cost of insuring Citi's debt against default hit a record on Monday, and days after shares in Citi, once the world's biggest bank by market capitalisation, tumbled below $1 apiece for the first time.

In the letter, Pandit said he was disappointed with Citi's stock price and "broad-based misperceptions about our company and its financial position".

"We believe our credit spreads are disconnected from our condition and are inconsistent with the government's announcements regarding support for the financial system."

In the note, Citigroup said it was having its best quarter-to-date performance since the third quarter of 2007 -- the last time it made a quarterly net profit.

http://www.cnbc.com/id/29610375

I think we ALL know who gets credit for this ..... yep, it's THIS guy...



Hyperbole? Of course. But if they can do it, so can I right?

[PBS Poll-435]

1. Their stock is up 18% in pre-bell trading...

:shrug:

[harun]

2. If this proves true, there will be a significant rally accross the board.

[PBS Poll-435]

5. So far so good....

At this hour:

Dow 6,803.12 +256.07 (+3.91%)
NASDAQ 1,331.72 +63.08 (+4.97%)
S&P 706.54 +30.01 (+4.44%)

[Beetwasher]

3. Well, I Hope That's True

But I'm wondering HOW it can be true...If Citi starts to turn positive it can hopefully mean we're reaching a bottom. Maybe they'll start loosening up some credit. They're big enough to start nudging the economy away from the brink...

[PassingFair]

4. People clapping for fairies....

[regnaD kciN]

6. Of course, they're showing a profit...

After all, they got billions in federal aid, then turned around and jacked up the interest rate on their credit-card holders.

At Citibank, they make money the old-fashioned way -- highway robbery. :grr: