| User Info
| Citigroup: Essentially ZERO Actual Profit in forum [Market-Ticker]
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Throxxofvron
Posts: 10448
Incept: 2009-02-17
Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off
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Truly astounding levels of hubris and disinformation...
How many Hundreds of Millions in repurchase agreements are being demanded by FHLBanks and the GSEs?
The Bastards are gonna try to bonus themselves more than the company actually made at the end of the year.
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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
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Lizardqueen
Posts: 3562
Incept: 2008-04-01
He's cute, but he can't swim
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This is a serious topic but I couldn't help but chuckle at your great disclosure :).
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"Pull your pants up, turn your hat around, and get a job"
---P.J. O'Rourke
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Clumsygardener
Posts: 112
Incept: 2009-07-17
High Atop the Alleghenies
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I love how noble and selfless Pandit (the douche) is purported to be because he accepts only one dollar in compensation.
That's all you're worth, ya jackwagon.
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For the love of money is the root of all evil...
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Everton86!!
Posts: 34
Incept: 2010-10-10
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market strong this POMO morning...dont own Citibank but i'd sell if i did.
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Wearedoomed
Posts: 3610
Incept: 2009-01-14
slightly red state
Online
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Quote:Disclosure: Pandit is a douche.
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Lies, all of it.
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Mari
Posts: 1012
Incept: 2010-03-05
Central MD
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If they have reserves, there won't be as much incentive for the government to bail them out and they will have wasted all that money they set aside for losses to actually cover their losses rather than pretend they made a profit so they can get their big bonus bucks.
Loved, loved, LOVED the disclosure!
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I bleed purple and orange!
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Curbyourrisk
Posts: 3605
Incept: 2008-08-19
Farmingdale, NY
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Disclosure......I agree with your disclosure.
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Time is up.
I hate to burst your bubble, but there is no Santa Claus, the tooth fairy does not exist and American justice does not involve the courts.
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Patentleathershoes
Posts: 10003
Incept: 2007-09-13
On the Daisy Chain
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Nice disclosure!!
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"An unborn child's property rights are protected by law. His right to life is not." Ronald Reagan
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Randy123
Posts: 5859
Incept: 2008-09-24
Earth
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Mr. Vikram is doing a bang up job.
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China is the Enemy. Wake Up.
New Normal. Same As The Old Awful.
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Docj
Posts: 1010
Incept: 2009-09-10
Duck & Cover
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Headline from the AP, via Yahoo: Stocks climb after Citigroup tops forecasts
Obviously the fraud is going to continue a little longer.
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The preservation of liberty depends upon the intellectual and moral character of the people. As long as knowledge and virtue are diffused generally among the body of a nation it is impossible they should be enslaved. - John Adams
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5755hsa
Posts: 651
Incept: 2008-09-07
North of 40 in the land of pathetic highways
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we are well capitalized.....famous last words. Citi= Has No Clothes
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Ineptocracy (in-ep-toc'-ra-cy) - a system of government where the
least capable to lead are elected by the least capable of producing,
and where members of society least likely to succeed, are rewarded with goods paid for by the
confiscated wealth of a diminishing number of producers.
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Striker754
Posts: 671
Incept: 2009-07-09
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Just like Alcoa. Why would you want to own this trash that can only squeeze a 1%-2% margin?
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Leicestersq
Posts: 225
Incept: 2009-10-12
UK
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Once you are in the position of having cash but more liabilities than assets what do you do?
You are really caught. Either you fess up, which means you have to close down the bank, and face howls of protest from investors and bondholders, or you carry on, hoping for a miracle, whilst breaking the law, and presumably making things worse for everyone. With no Prompt Corrective Action, the misery is prolonged.
Not sure how I would fare in that situation. I think I would be begging the authorities to close me down, just so that it appeared the closure was being forced on me. I bet that is what a lot of the people at the top of the banks want, but due to their own efforts, they have emaciated the regulators that should be carrying out this face saving role for the bust banks.
Hoisted by their own petards.
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Otiswild
Posts: 5677
Incept: 2009-03-09
Inside you, the force is!
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BUYBUYBUY!
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Donethat
Posts: 782
Incept: 2009-04-22
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Citibank, which should be making millions on their student loans at the Congressionally mandated fixed 8 or 8.5 percent while the FRB will back them at any time at 0.25? Oh wait, they are selling that business. Wonder why.
Writing off bad loans at 2 Billion a quarter, now that may take awhile.
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Ruffcut
Posts: 2903
Incept: 2007-07-07
Mushagain
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Ha Ha! They created the "tip of the iceberg" rule, where you only show 10% of your exposure, losses or fudgery.
Waiting for cumblow to come on and say; "Come on people, they told some truths here, yes, they told some truths. Throw them a bone."
****, "throw them a bone"? How could I throw a bone when it is stuck up me bum.
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Support locally, and **** off globally!
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Ktrosper
Posts: 1509
Incept: 2010-04-06
ft collins co
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Is there a line item in their Quarterly report that shows how much they LOOTED?
Because that number would be seriously huge and, of course, drive their stock higher and higher!!!!
Party on!
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The unexamined life is not worth living.-Socrates
The only stable state is the one in which all men are equal before the law.-Aristotle
Liberty exists now in the spaces government has not yet chosen to occupy.-Doc Zero
I anticipate that 10 Dallas Cowboys Cheerleaders will blow me this evening.-K.D
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Medicdan
Posts: 8127
Incept: 2010-02-11
Scottsdale, AZ
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Quote: Disclosure: Pandit is a douche. 
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Eaglewwit
Posts: 6054
Incept: 2007-11-30
SoCal
Banned
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This ought to fall under SARBOX, they are paying bonuses out of loan loss reserves. They don't even have the cash flow to justify paying bonuses. GMAFB.
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Blackswan
Posts: 5588
Incept: 2007-11-06
Just outside of Philly
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This is what the asshats are saying on the Radio.. heard this while I was out driving picking up lunch - market update.. stocks higher today partly due to Citibank earnings and lower losses in write offs of bad debt.. worse appears to be over and things are improving.
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“It’s checkmate. Everywhere it’s checkmate.”
Hugh Hendry
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Blackswan
Posts: 5588
Incept: 2007-11-06
Just outside of Philly
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Sarbox is a joke just look who came up with it.
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“It’s checkmate. Everywhere it’s checkmate.”
Hugh Hendry
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Muscleknight
Posts: 4008
Incept: 2007-06-26
Columbia, SC
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I bet all the major banks "adjust" the loan loss provision to "beat" estimates.
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Bshj
Posts: 349
Incept: 2007-08-07
Near Huntsville Texas - Execution Capital
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Perhaps a silly question but......don't they need MORE loan-loss provisions now, even more than in prior months or quarters?
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End_the_bubbles
Posts: 9596
Incept: 2009-03-25
The New 3rd World
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It's astounding to see this heaping pile of dung trading up 6%. This is a big fat ZERO! Reducing loan loss provisioning now is insane when the worst is yet to come. EDIT: I posted something last month about how they'd scam #'s, although this is a bit different. I think they may have found a way to transfer uncollected (and noncollectable) debts to a SIV without showing the loss. There is something wrong with this whole situation (lowering loan loss provisions) as there is an epic pipeline of defaults coming. http://market-ticker.org/akcs-www?single....
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In the long run even the most despotic governments with all their brutality and cruelty are no match for ideas. Eventually the ideology that has won the support of the majority will prevail and cut the ground from under the tyrant's feet and rise in rebellion to overthrow their masters.
Reason: add
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