. March 10, 2009 SouthAmerica: Talking about Zombie banks this one comes to mind: Citigroup, Inc. (C) On Monday March 9, 2009 this Zombie bank closed at $ 1.05 per share. I have no idea why the US government has not nationalized as yet 100 percent of this insolvent bank. Why the Obama administration is afraid of taking this Zombie bank out of its misery since this financial institution is bankrupt for all practical purposes. ***** By the way, why the following thread has been closed? Here is how the US banking nationalization process works http://www.elitetrader.com/vb/showthread.php?s=&threadid=154754 .
. March 10, 2009 SouthAmerica: Citigroup stock looks good for anyone who trades stock based only on wishful thinking. Citigroupâs revenues looks good before they book the massive losses that are underway from all kinds of line of businesses such as: credit cards, sub-prime mortgages, derivatives, commercial real estate, foreign operations from around the world and so onâ¦. But if you look at the Citigroup figures on a P&L basis including all these massive losses then the figures for the 1stQâ09 make it look like a Zombie bank. If you made a little profit on this stock then sell it and let the suckers hold the bag. Only FOOLS would believe that in a fast deteriorating global market - and Citigroup (a Zombie Bank) would manage to have a profitable 1Q'09. You have to be "Brain Dead" to believe on that one. ******** âStocks shoot higher on Citigroup profit newsâ By SARA LEPRO, AP Business Writer Sara Lepro, Ap Business Writer Associated Press â March 10, 2009 NEW YORK â Wall Street got some good news from Citigroup, and responded with a huge rally. Led by financial stocks, the market made its first big move upward in weeks Tuesday after Citigroup Inc. said it had operated at a profit during the first two months of the year. All the major indexes soared more than 4 percent, and the Dow Jones industrials at times shot up more than 300 points. Still, while word of Citi's performance at least temporarily broke a months-long torrent of bad news from the banking industry, analysts weren't ready to say the stock market was at a turning point and about to barrel higher. "To have a sustained rally, we have to have a shift in sentiment," said Kurt Karl, chief U.S. economist at Swiss Re. "One day isn't going to make a trend. But the Citigroup news offered investors some hope that the first quarter will show some signs of improvement. In a letter to employees Monday, Citi Chief Executive Vikram Pandit said the performance so far this year has been the bank's best since the third quarter of 2007 â the last time it recorded net income for a full period. Based on historical revenue and expense rates, Citi's projected earnings before taxes and one-time charges would be about $8.3 billion for the full quarter. Pandit declined to say how large credit losses and other one-time items have been that would at least partially offset profit. Citi shares jumped more than 30 percent while Bank of America Corp. rose more than 25 percent; both are Dow components and helped propel the average higher. Other banking stocks also rose sharplyâ¦. .