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Legal Commentary

: TalkLeft

Citi's "Earnings:" A One Time $2.5B Profit In Derivatives

By Big Tent Democrat

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Boy, how could that have happened?:

Citigroup, the battered banking giant, announced a first-quarter net profit on Friday after more than a year of staggering losses and three bailouts from Washington. The New York-based bank reported first-quarter net income of $1.6 billion, after a loss of $5.11 billion in the period a year earlier. It announced a loss, however, of 18 cents a share, because of changes in its stock structure. The results were also helped by an accounting adjustment that allowed the bank to post a one-off gain of $2.5 billion on its derivative positions.

(Emphasis supplied.) Can you spell A-I-G?

Speaking for me only

Full post as published by TalkLeft on April 17, 2009 (boomark / email).

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