Word: pandits
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...first trigger for the elation was a comment by one of the least respected executives in the recent history of Wall St. Vikram Pandit, who many think ran Citigroup (C) into the ground. He said recently that the bank had been profitable for the first two months of the year. If this week marks the bottom of the stock market and the beginning of the end of the recession, his words will join "Remember The Alamo" and "The British Are Coming" in the history books. (See the 25 people to blame for the financial crisis...
...Just two days after Pandit's comment, the head of another beleaguered firm, Bank of America (BAC), said the company would not need another dime from the government and that it would make money in 2009. Ken Lewis has been maligned for his role in buying brokerage firm Merrill Lynch and then not noticing that it had lost $15 billion late last year. And, oh yes, then may have illicitly paid some of that money in bonuses to Merrill management...
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...
...plot should remind you of Kung Fu Panda, last year's excellent DreamWorks cartoon about the clumsy bear, employed in his father's noodle shop, who becomes a martial-arts expert and saves his village from a villainous tiger. Chandni Chowk is more a Kung Fu Pandit, with the oaf-hero Sidhu (Akshay Kumar), chopping away in the shop of his Dada (Mithun Chakraborty). Some visiting Chinese folks ID him as the incarnation of their nation's greatest warrior, Liu Sheng, and think Sidhu is just the fellow to rid their village of the oppressive Hojo (Gordon Liu). Accompanied...
...Wall Street Journal reports that the Citi board has given CEO Vikram Pandit a vote of confidence. Even if the firm loses tens of billions of dollars this year, Pandit is getting that public support just the way his predecessor Chuck Prince did, right up until...