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Tuesday, March 10, 2009 

Citibank Profitable??

Is today's rally on the stock market for real or is it a false rally? With Citibank coming out and saying even though it would have gone out of business without federal bailout money it has turned a profit. Bail me out, I am profitable?

Does this smell to anyone else? I do not understand this at all. How can a bank be on the verge of collapse and desperately needing federal bailout money then at the same time they are receiving this money claim that they are profitable. If profitable then why did they need this money in the first place? It is a circle that seems to not even make it around with out stinking up the place.

Lets look at the normal person who may be in need of a monetary loan. If this person is in a pinch for money and goes in to take a loan out. This person has to show the lending institute financial records that it can pay back this loan. It has to show a reasonable foundation that it will be able to make the payments on said loan.

Now if this person goes into a lending institute and says I am going to go bankrupt and am not profitable at this time. Will the lender give them this loan. When the person demonstrates that they are financially sinking and can not pay this loan back. No they will not , do to sound financial reason receive this loan. It is bad business to make such a loan for the lender.

This all being said, we have Citibank (the person) claiming that they are going to go bankrupt without an infusion of monies to keep it afloat. Why, they have made very bad financial decisions. The government ( the lending institute) says sure we will help bail you out. We will give you the money to stay afloat because we see that there is a need to do so. We have a theoretical unlimited supply of tax payer money to do this with. Here is the loan (45 billion dollars worth).

So today Citibank says hey guess what. We were not in as bad of shape as we portrait. We made a profit over the time we said that we were going under. RED FLAGS HERE.

At the very least this is fraudulent to the shareholders and an SCC investigation along with a civil lawsuit needs to begin. On the other hand it smells of some sort of monetary payback and under the table dealings.

This whole things stinks. It requires an earmark of its own to reduce the stench. Something is just not right with this at all. Anyone else see this?

Then the claims that this is what is leading the rally on the market today makes me wonder just what, or WHO is behind this financial string pulling on our economy.

I live in AZ, I am in real estate, I sold my properties two and a half years ago. I moved my kids 529s into bonds at the Dow hitting 14,000. I know what I am talking about. I review foreclosures(notice of trustee sales). On Monday March 9th I counted almost 700 notices filed with the Maricopa county Recorder. That number is the highest I have ever reviewed. 2.5 years ago there were about 35 a day. Many of these bad loans are Citibanks. GIVE ME A BREAK! IT IS A LIE AND A SHAM. PANDIT AND DIMON BETTER BE ACCOUNTABLE WHEN IT IS UNCOVERED!

You are confirming that Citibank made bad loans? What was the basis of the bad loans, the criteria? As I undestand it the Government encouraged the banks to loan to those who could ot afford a loan, courtesy of Barney Frank and Chris Dodd. Also I understand that Citibank over leveraged themselves badly on these bad loans.

I agree it is a lie. What makes it smell to me is how can you say I have to have money to stay in business then turn around and say oops. I was profitable with out the money and didn't really need it. This to me smacks of a payoff politically to cover the over leveraging Citibank had done.

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  • I'm Devious Mind
  • From Denver, Colorado, United States
  • Good judgemnt comes from experiance. Experiance comes from bad judgement. Karma, its a bitch.
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