This is a classic Bear-market rally. Citi showing a profit? Yeah, I guess we should just take their word for it...
From Mish -
"The stock market is on a tear this morning on the heels of a statement by CEO Pandit that
Citigroup Has A Profit for the first two months of 2009.
In a letter sent to employees Monday, Citi Chief Executive Vikram Pandit said the first-quarter performance so far has been the bank's best since the third quarter of 2007 -- 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.
So Citigroup has a profit, excluding what?
Who knows? Pandit did not say.
In other news, I am announcing I have $10 billion in my bank account except for the portion of the $10 billion I do not have."