Jamesb101.com

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CitiGroup following the Bank of America and JPMorgan Chase… returns to profitability ……

And why am I not surprised?

While all of the banks took a beating…..the Stimulus loans and Government assistance programs have put them back on their feet along with the recovery in Europe…..

As the Dog has said during the dark days of last fall……

These things are cyclcal….and no matter what..the banks will be saved……

As for the future…..

Well lets ee what the Democrats can get passed in financial reform….

He, he, he……I say this  again,  though…..

What ever’s passed will only take the backroom boys and girls about ten minutes to figure out how the bank can get around it……

After nearly two years of being drenched in red ink, Citigroup provided the strongest signs yet that the troubled bank is beginning to recover as it reported a $4.4 billion profit in the first quarter.

The earnings, which handily beat analyst expectations and were the bank’s best since the financial crisis began, were the result of the resurgence in the bond market and improvements in the economy, particularly overseas. Both play to Citigroup’s strengths as a major player in fixed income and emerging markets, and come as some of its rivals benefited from similar trends. JPMorgan Chase andBank of America both reported big first-quarter earnings from hefty trading profits and from adding less money to their loan loss reserves.

For Citigroup, however, the promise of a turnaround has always seemed more distant. Just over a year ago, its chief executive,Vikram S. Pandit, was staring at losses so big that the bank received two helpings of bailout money and gave the government a 27 percent ownership stake. It posted multibillion-dollar losses in eight out of its last nine quarters. Citigroup shares briefly traded below a dollar.

Today, however, the stock has started to rebound with shares 6.9 percent higher, to $4.86 on Monday. The Treasury Department has signaled that it will soon begin selling its 7.7 billion shares, and after two years on the job, Mr. Pandit is making progress on slimming down the bank.

More……..

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April 19, 2010 Posted by | Breaking News, Government, Law, Media, Men, Other Things, PoliticalDog Calls, Politics, The Economy, Updates | , , , , , | 1 Comment

Citigroup loses $7.7 Billion in the 4thQ…but has repaid it’s TARP loans…….

The bank said Tuesday it did see some early signs of improvement in its credit business although it still needed to set aside $8.18 billion to cover unpaid loans. That amount was down 10 percent from the third quarter, and 36 percent from a year earlier.

John Gerspach, Citigroup’s chief financial officer, reported one of those improving signs during a conference call with the media, noting that the number of mortgage and credit card loans that were newly delinquent, or between one and three months past due, had started to stabilize and even drop in some of its lending portfolios.

However, “the U.S. credit story is still very much developing,” Gerspach said.

Let’m pay the bonuses…the Govenmenet got it’s money back, with interest….good……

January 19, 2010 Posted by | Government, Law, Media, Other Things, Politics, The Economy, Updates | , | Leave a comment

Citigroup loses $7.7 Billion in the 4thQ…but has repaid it's TARP loans…….

The bank said Tuesday it did see some early signs of improvement in its credit business although it still needed to set aside $8.18 billion to cover unpaid loans. That amount was down 10 percent from the third quarter, and 36 percent from a year earlier.

John Gerspach, Citigroup’s chief financial officer, reported one of those improving signs during a conference call with the media, noting that the number of mortgage and credit card loans that were newly delinquent, or between one and three months past due, had started to stabilize and even drop in some of its lending portfolios.

However, “the U.S. credit story is still very much developing,” Gerspach said.

Let’m pay the bonuses…the Govenmenet got it’s money back, with interest….good……

January 19, 2010 Posted by | Government, Law, Media, Other Things, Politics, The Economy, Updates | , | Leave a comment

Citigroup will repay the Treasury its bailout loan money shortly…..

Citigroup…is the last of the big banks to repay the government the money, and in Citibank’s case, the stock the government purchased almost a year ago…..

The banks have rushed to repay the loans (after getting the Fed and Treasury’s approval to do so) to get out from under the strict control and oversight  they agreed to undergo, as a condition to get the money……

The nation’s taxpayers should be happy……

…..and the economy has seemed to rebounded enough that these banks have been able to once again go to the market to fund these repayment moves……

Not bad for a rookie President and Congress, egh?!

Note:…..The Treasury is claiming that they might make a $13 to $14 BILLION profit from Citibank,  on the loan interest….. payments……

Update:……As of Tuesday December 15, Wells Fargo has won approval  from the Fed, and Treasury to repay it’s TARP loan back, also…..

December 14, 2009 Posted by | Breaking News, Government, Media, Politics, The Economy | , , , | Leave a comment