How does Citibank have a 'profit' in a quarter it gets a welfare check?

Quote from Jachyra:

Did any of you Citigroup bashers even bother reading the article before you started typing?

They operated at a profit for the first 2 months of the year -- thats it? Whats the big deal about that? Is it really that hard to believe that when a major money center bank was able to subtract all of their monthly operating costs (expenses) from all the money they brought in for the month (revenues) and also subtracted the amount of the monthly loan payment to the government (also an expense), that the number was actually positive?
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Citigroup CEO, Vikram Pandit is a Indian-born which reminds me of "Satyam computers" fraud previous month. The 4th largest IT company in India, Satyam's boss inflated profits of $1.5 billion for 8 years. The company had no real profits and investors & people believed it is a profitable company for 8 years.

The Auditors, PriceWaterHouse Coopers were not able to detect the well-engineered and hidden fraud.
 
Quote from m22au:

http://globaleconomicanalysis.blogspot.com/2009/03/another-bear-market-rally-or-something.html

"So Citigroup has a profit, excluding what?

Who knows? Pandit did not say.

In other news, I am announcing I have $10 billion in my bank account except for the portion of the $10 billion I do not have."
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"Bear in mind the market is not rallying because of this nonsense. The market is rallying because at a minimum, it was technically very oversold and was ready to rally."

He is right, when the market gets so oversold like that any type of catalyst that flies well with the market mood puts stock buyers in a bargain hunt mode since things look 'cheap' because they are down so much, then everything soars. I dont think it has anything to do with the BS 'capitulation' nonsense that people cant explain and cannot be tested
 
Quote from power:

Citigroup CEO, Vikram Pandit is a Indian-born which reminds me of "Satyam computers" fraud previous month. The 4th largest IT company in India, Satyam's boss inflated profits of $1.5 billion for 8 years. The company had no real profits and investors & people believed it is a profitable company for 8 years.

The Auditors, PriceWaterHouse Coopers were not able to detect the well-engineered and hidden fraud.
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Wow... how incredibly.... oh what's the word I'm looking for? ummmm... RACIST! How incredibly racist of you! Do you have the same problem with Jewish people reminding you of Hitler or Bernie Madoff?
 
Quote from Jachyra:

Wow... how incredibly.... oh what's the word I'm looking for? ummmm... RACIST! How incredibly racist of you!
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There is nothing rasict about my post. It is a known fact worldiwde that Indians are known to be frauds. They acquire high positions through bribes and illegal contacts. That' how you have Indians managing giant companies. Indian managements are one of the major reasons for bankrupt giant companies worldwide.
 
Quote from power:

There is nothing rasict about my post. It is a known fact worldiwde that Indians are known to be frauds. They acquire high positions through bribes and illegal contacts. That' how you have Indians managing giant companies. Indian managements are one of the major reasons for bankrupt giant companies worldwide.
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Ahhh... I almost started to respond until I noticed that you have only just registered a brand new handle and only have 3 posts... my guess is this is your 30 or 40th handle on ET. Obviously your posts are just hoaxes designed to be inflamatory.

One thing I know for certain.... you either don't believe what you're saying (most likely) or you really are a bigot. Either way, onto the ignore list you go.
 
He's not racist, just stating fact.

He's saying is that many many many Indian businessmen, like their fellow citizens love to pull fast ones.

Spend some time in India and you'll soon find this out for yourself.
 
Quote from AK100:

He's not racist, just stating fact.

He's saying is that many many many Indian businessmen, like their fellow citizens love to pull fast ones.

Spend some time in India and you'll soon find this out for yourself.
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The dude was asserting that the CEO of a major money center bank is a swindler just because he's Indian... if thats not racist I'm not sure what is.

And I've been to India twice. Yes, many Indian businessmen like to pull fast ones... but guess what, many American businessmen also like to pull fast ones... as a matter of fact, I don't think I've traveled to a country where businessmen don't like to pull fast ones... so what -- they're still in the minority.
 
Humans are naturally racist get over it.

Take the Harvard racist test and you'll all be surprised just how racist you all are.
 
Quote from Jachyra:

The dude was asserting that the CEO of a major money center bank is a swindler just because he's Indian... if thats not racist I'm not sure what is.

And I've been to India twice. Yes, many Indian businessmen like to pull fast ones... but guess what, many American businessmen also like to pull fast ones... as a matter of fact, I don't think I've traveled to a country where businessmen don't like to pull fast ones... so what -- they're still in the minority.
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I just want to intervene and mention that I have close relatives which used to do a lot of import/export in Southeast Asia, including India. I hate to break it to you, but it is a well established fact that Indian businessmen are especially sheisty. It's a cultural thing, similar to the Nigerian scammers. Of course noone beats Nigerians when it comes to businessmen pulling fast ones.

As for Vikram Pandit, he has already proven himself to be a liar & sheister. So that is besides the point. The main reason I would doubt that "profit" is this. Citibank is lucky to have survived a bank run, let alone have any deposit growth.
 
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