The one-time items include credit losses, write-downs and additions to loan-loss reserves. Pandit did not disclose the size of those items.
typical of company setting up pre-aranged bankruptcy, say that you are healthy but getting killed by taxes and one time charge, nice try pandit, you and the middle east really think we are stupid?
I love morons like you. LOL
Citi is an insolvent bank with liabilities that far exceed any assets that they hold. The TARP programs and Government back stopping at the US Tax Payer expense only allows CITI to act like they have value.
Old Lane Partners was the investment fund Mr. Pandit founded and sold to Citigroup for about $800 million.Mr. Pandit sold Old Lane to Citigroup, he personally reaped a $165 million.Citigroup discover later that they hardly had anything profitable from Old Lane! It was shut down and C got Pandit as the prize.
What a joke, profitable only if they don't include losses. And the entire market is up on this crap news?Good chance to sell some shares on an upswing since it won't last long. Short term trading is the only way to play this market.
Yup, and that's why I've bought modearate amounts of CITI (play money)Those one timers can make them insolvent.But, CITI is definately worth looking at!Good Luck
Pandit includes their deferred tax credit as a tangible asset, in their TCE ratios.. That is about $45 billion, and a potential tax credit is NOT tangible.