By THE ASSOCIATED PRESS Published: March 10, 2009
Stocks are rising after troubled Citigroup said it operated at a profit during the first two months of the year.
The Citi chief executive Vikram S. Pandit said the bank had an operating profit of $8.3 billion before taxes and special items through February. Word of the bank’s performance is breaking, at least for the moment, a torrent of bad news from the banking industry that has pounded financial stocks and in turn, the overall market.
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A leaked memo that shows a profit, before accounting for the black hole, and the market goes up 4% in an hour. On the one hand this demonstrates how desperate the investor is for "good" news. On the other hand it shows what idiots the investors are. Citigroup is one of the biggest parts of the black hole. Peacenik has not read anyone, other than the author of this memo, who thinks Citigoup can survive. After a few bagholders cash out their positions the market will continue its march towards zero. Was this leaked memo a criminal attempt to manipulate the market. Is anyone going to investigate. Yawn. It is so farcical that even this event can only draw a yawn. This is what the stock market has become.
