Yesterday the market jumped up, the sky was blue, and the end of bad times were here.

Happy days are here again
The skies above are clear again
So let’s sing a song of cheer again
Happy days are here again

Vikram Pandit

This man, Vikram Pandit, declared Citigroup was making a profit again. And you believed him.

Before jumping to Citi, Mr. Pandit was President and Chief Operating Officer of Morgan Stanley’s institutional securities and investment banking business. Morgan Stanley – that name is familiar.

Vikram told Congress he would only take $1 a year salary until profitability returns. Guess he’s getting paid now.

Citigroup has received at least $45 billion dollars from the tax payer. In the never ending shell game, Citi is converting the preferred stock the Treasury secured for it’s “investment” to common stock.

New York – Citi today announced it will issue common stock in exchange for preferred securities, which will substantially increase its tangible common equity (TCE) without any additional U.S. government investment.

Hmmm, why do I have the feeling something is rotten in the vault.

Tags: bail-out, stimulus plan

This entry was posted on Wednesday, March 11th, 2009 at 8:48 am and is filed under Government spending, Just thinking - again!. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.