Word: citigroup
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...rally that took the S&P 500 up 6.4% to 720 got most of its fuel from bank stocks. Whipping boy Citigroup (C) moved up 38% and that pulled other banks such as Wells Fargo (WFC) up almost...
People who wanted to invest money in the market saw what they were waiting for in a few pieces of news. The first was that Citigroup CEO, Vikram Pandit, made public remarks that his company had a profit in the first two months of 2009. But, even school children who hone their skills trading mock accounts online know that two months do not make a quarter, especially in banking. Some auditor may mention that Citi's toxic assets ran into more trouble in this quarter or that its consumer credit and LBO businesses needed to be adjusted for bad debt...
...stock price of the beleaguered financial giant Citigroup jumped 38% today, to a whopping $1.45 per share. Shares are now down only 93% from a year...
...crisis. Among that group, which also includes Fannie Mae, Freddie Mac and AIG, only IndyMac has been returned to private ownership. The others seem a long way off from a similar outcome, if at all. Critics of nationalization say taking over and resolving the issues at a bank like Citigroup, which has hundreds of thousands of employees and businesses spread around the world, would be a much more difficult task than turning around IndyMac, which is a relatively small bank concentrated in the mortgage business...
...IndyMac was a one-trick pony," says Bert Ely, a banking consultant. "Citigroup has a whole stable of horses you have to deal with." Nonetheless, IndyMac does provide an example in which nationalization worked, suggesting that at least some of the fears critics have of nationalization may be unfounded...