Citibank reports big profits

[Praxeas]

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.
Revenues excluding externally disclosed marks were $19 billion in January and February alone, almost reaching the $21 billion of the first quarter last year, although Pandit warned market volatility in March could still hit results.


The New York-based bank has received $45 billion from the taxpayer-funded Troubled Asset Relief Program (TARP: undefined, undefined, undefined%), and last month agreed to give the government up to a 36 percent equity stake in the company to bolster its capital base.


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


http://www.foxbusiness.com/story/mar...-strong-start/


Ok...now WHY did we bail them out again?

[TJJJ]

Because they wanted it!!!!

What, AG is on their 4th or 5th handout?

Where is mine?

[coadie]

I have a mixed summary of citi. They were used to do a large acquisition and bolster a failing bank I do expect more write downs. as long as we have mark to market FASB standards.