Reply #49: Ah Yes, the Smell Of Official Sector Bullshit In The Morning

[TheWatcher]

Smells Like.....Fraud.

So The Futures Are Flying, and the Fairies Are Ready For A Full Court Press, With ALL NEW MATERIAL!

Here are your Turnaround Tuesday Propaganda Headlines, Ready for The Telescreens!......

For Immediate Release In the Meadow.....

Bernanke says regulatory overhaul needed
Tuesday March 10, 9:19 am ET
By Jeannine Aversa, AP Economics Writer
Bernanke calls for overhaul of nation's regulatory structure to avoid future financial crises

WASHINGTON (AP) -- The nation's financial regulatory system must be overhauled to strengthen oversight of banks, mutual funds and large financial institutions whose collapse would put the entire economy in peril, Federal Reserve Chairman Ben Bernanke said Tuesday.

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"We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components," Bernanke said in a speech to the Council on Foreign Relations.

The Fed chief's remarks come as the Obama administration and Congress are starting to crafting their overhaul strategies. For the administration, critical work on that front will be carried out among global finance officials this weekend in London. That will help set the stage for a meeting of leaders from the world's 20 major economic powers in April.

Revamping the U.S. financial rule book -- a patchwork that dates to the Civil War -- is a complex task. Congress, the administration and the Fed are involved because they want to strengthen the system to prevent a repeat of the financial crisis -- the worst since the 1930s-- that has plunged the U.S. and many other countries' economies into recession.

:eyes: Just :eyes:

http://biz.yahoo.com/ap/090310/bernanke.html



Pandit: Citi operating at profit through February
Tuesday March 10, 7:43 am ET
By Stephen Bernard, AP Business Writer
Citi CEO says bank had operating profit in first 2 months of year

NEW YORK (AP) -- Citigroup Inc. has been operating at a profit through the first two months of the year, according to a letter that the embattled bank's chief executive sent to employees.

In the letter sent Monday, CEO Vikram Pandit said Citi had an operating profit of $8.3 billion before taxes and special items through February. Pandit said the first-quarter performance so far has been the bank's best since the last time it recorded net income for a full quarter -- that was in the July-September period in 2007.

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Provisions that could offset all or part of the operating profit include credit losses, write-downs and additions to loan-loss reserves. Pandit did not disclose the size of any potential provisions.

Citi has been among the hardest hit banks by the ongoing credit crisis and recession. It has been forced to take tens of billions of dollars in write-downs and loan losses since late in 2007 as the value of its investments plummet and more customers fall behind on repaying loans.

The New York-based bank has posted five consecutive quarterly losses, including a fourth-quarter loss of $8.29 billion.

http://biz.yahoo.com/ap/090310/citigroup_ceo_letter.html

:rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl:

Oh Vik!!!!! Baby!!!!! You're Killing Me!!!! Stop!!!!! STOP!!!!!


European markets buoyed by Citigroup hopes
Tuesday March 10, 7:57 am ET
By Pan Pylas, AP Business Writer
European markets buoyed by Citigroup hopes; Nikkei hits new 26-year low

LONDON (AP) -- European stock markets rallied Monday on hopes that the worst may be over for Citigroup Inc. after a leaked memo from the company's chief executive Vikram Pandit indicated that the troubled U.S. banking giant enjoyed its best financial performance in over a year during the first two months of 2009.

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Most Asian stocks rose, though Japan's Nikkei closed at a new 26-year low, while U.S. stock futures pointed up.

In a letter sent to employees Monday, Pandit said Citi had an operating profit of $8.3 billion before taxes and special items through February. He says that is the bank's best performance since the third quarter of 2007.

Even though Pandit did not say how large the special items, such as credit losses and writedowns, are, the memo was enough to spark a modest amount of buying. The letter was written to reassure employees as the New York-based bank's stock has taken a beating in recent weeks as the government is increasing its stake in the bank.

http://biz.yahoo.com/ap/090310/world_markets.html

Wow. Just WOW. You can't MAKE this stuff up. I mean my God, I didn't even think things were going to get this Bizarre.

When Citi finally gets Nationalized, we are forever going to be re-visiting this morning. There are just no words for what these people are doing.

It's pretty clear that this is all a game to them.

And you know who the loser ultimately will end up being.

US.

Jail These Bastards.

PERIOD.