Banking, finance, and taxes
Was The Wall Street Journal Completely Wrong About Citigroup (C)?
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Vikram Pandit, CEO of Citigroup (C), said that the bank made money in the first two months of the year. Primarily on the strength of those comments, the firm’s stock is up 36% to $1.43.
But, this morning, The Wall Street Journal ran a piece saying, ” Barely a week after the third rescue of Citigroup Inc., U.S. officials are examining what fresh steps they might need to take to stabilize the bank if its problems mount.”
The WSJ article would indicate that the federal government has some passing concern about the bank’s future. What Pandit did not say is what the bank’s write-offs for bad loans and toxic assets might be.
Douglas A. McIntyre
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