Says Company Is Having Best Quarter Since 2007…
Citibank CEO Vikram Pandit sounded an upbeat note about his bank’s future today saying the financial giant is having its “best quarter-to-date performance since the third quarter of 2007.”
Considering the stock is down 95% in the past year, that’s quite a snappy vote of confidence from the head guy.
Combine that with Pandit’s giddy assessment that Citigroups deposits are “relatively stable” after a $300 billion capital infusion which made the Federal government the financial firm’s largest shareholder and it’s enough to make you want to mortgage your house to buy Citibank stock.
Oh, wait. …read more

Bailed-Out Bank Looks to Extend Credit to People Out of a Job and More Than 60 Days Behind on Their Mortgage
Citibank virtually assured it will be back for another government handout by announcing its new program to aid “certain borrowers who have recently lost their jobs and are at least 60 days behind on their mortgage payments.”
Okay, I’m no banker … but aren’t loans to people with good credit and a steady income more profitable than loans to deadbeats with no job?
At first, I thought the high-priced executive talent at Citibank (rather than the politicians) were the best people to …read more