![\"\"](\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2010\/03\/vikram_pandit100304.03-1.jpg\" "\\"vikram_pandit100304.03\\"")
<\/a><\/p>\nCitigroup Inc.’s stock is up nearly 25 percent in early morning trading Tuesday after CEO Vikram Pandit sent a letter to employees saying that the bank has posted an operating profit through the first two months of 2009.<\/p>\n
The stock (NYSE: C) was trading at $1.31, up 26 cents, or 24.76 percent, from yesterday’s closing price of $1.05.<\/p>\n
The letter also said that the bank is experiencing its best quarter-to-date performance since the third quarter of 2007.<\/p>\n
Last week, Citi’s stock made headlines as it dipped below the $1 mark.<\/p>\n
Citi\u2018s mortgage unit, CitiMortgage Inc., is based in O\u2018Fallon, Mo., and employs 3,500 people.<\/p><\/blockquote>\n
One year later (almost to the day), we see thatthere must have been some kind of leak to move the stock higher by 8% before the announcement of the preferred share offering took place. Of course that could also have been the result of the comments by Vikram Pandit when he was testifying before a Congressional watchdog group:<\/p>\n
“Today, Citi is operating on a very strong foundation and is positioned to contribute to the economic recovery and generate sustained profitability for the benefit of all our stakeholders,” he said.<\/p><\/blockquote>\n
Probably one of them more troubling comments he made before the group was this one that showed that there is no way that \u00a0 he has learned anything. In factr, I am not sure if he believes that there was anything don wrong during his tenure….<\/p>\n
“I do think banks should be banks,” Pandit said, noting that his firm had sold off a lot of its trading-oriented businesses as part of its ongoing restructuring program.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
On March 9, 2009, a private letter to Citi (C) employees was “leaked” and helped to drive the stock and markets higher. Here is a snippet from the St. Louis Biz Journal from March 10, 2009: Citigroup Inc.’s stock is up nearly 25 percent in early morning trading Tuesday after CEO Vikram Pandit sent a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5,12,42,253],"tags":[483,490],"class_list":["post-8566","post","type-post","status-publish","format-standard","hentry","category-economy","category-markets","category-stocks","category-strategy","tag-markets","tag-stocks","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"acf":[],"_links":{"self":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/8566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/comments?post=8566"}],"version-history":[{"count":0,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/8566\/revisions"}],"wp:attachment":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/media?parent=8566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/categories?post=8566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/tags?post=8566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}