⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐
The Washington Independent
The Washington Independent

Citigroup Posts $4.4 Billion Profit

It’s earnings week on Wall Street, and analysts had estimated that megabank Citigroup would break even in the first quarter. This morning, it announced a $4.4

Tobey Strickland
News
Last updated: Jul 31, 2020 | Apr 19, 2010

It’s earnings week on Wall Street, and analysts had estimated that megabank Citigroup would break even in the first quarter. This morning, it announced a $4.4 billion profit — meaning the bank made around $49 million a day in the first three months of the year. Sure, markets improved and revenue grew, but, in a release along with the financial statement, Chief Executive Office Vikram Pandit noted the real reason for the company’s profitability:

All of us at Citi recognize that we would not be where we are without the assistance of American taxpayers. We are gratified that Citi has been able to repay their TARP investment in our company, with a substantial return, as well as create a significant increase in the value of their equity in Citi.

Still, that is not enough. We owe taxpayers a huge debt of gratitude for assisting us at a critical time. We are determined to repay this debt by continuing to build a strong company and contribute to America’s economic recovery.

Citigroup received a total of $45 billion in bailout funds during the worst of the crisis. It has repaid billions to the Treasury Department, which announced that it will sell off its Citigroup stock before the end of the year. The government owns nearly 30 percent of Citigroup shares, and stands to make a $7.5 billion profit if the stock stays up.

Tobey Strickland | Reiki Master. In the process of becoming a real estate mogul. Brewery aficionado. Netflix series critic who is semi-professional. Every day, I assist clients in locating their ideal dream house. After I finish my work for the day, you can find me at Crossfit, doing yoga, or meeting up with friends to listen to live music around town. I enjoy traveling regularly, whether it's relaxing on a South American beach or hiking through Asia's mountains. Now it's your turn. What are your favorite places to visit?

Related

$1.3 trillion in federal spending unaccounted for, report finds

Despite calls for independent bodies to keep government accountable, the Sunlight Foundation’s most recent Clearspending report has found the federal

$1.89 billion given to states to fight HIV

The federal government Monday announced more than $1.89 billion in funding to states to fight the HIV epidemic with access to care and with more cash for the failing AIDS Drug Assistance Program. According to an HHS press release , $813 million of that money will go directly to the ADAP programming. An additional $8,386,340 will be issued as a supplement to 36 states and territories currently facing a litany of unmet needs and access issues.

1 Brigade and 1 Battalion

ISTANBUL – It’s 10 p.m. in the lowest level of the Istanbul airport. In 20 minutes I’ll be allowed to board my plane to Kabul, bringing me to the

1. Brian Schweitzer

As governor of Montana, Schweitzer doesn’t represent one of the most highly populated, high-profile electoral states in the country. But this

#1 in Conspiracy Theories

Andrew Young’s tell-all biography of John Edwards, hitting shelves next week, is surging in one Amazon.com category in particular. #1 in Conspiracy

$1 Million for Toomey

Pat Toomey, the former Club for Growth president and leading Republican candidate in Pennsylvania’s 2010 Senate race, has announced a $1 million haul in the

$1 Trillion for Fannie and Freddie?

That is the worst-case scenario, according to Egan-Jones Ratings Co., quoted in a Bloomberg article making the rounds. The agency says that if home prices

$1.3 Million for Brown

The GOP’s candidate in the Massachusetts special election raised more than one million dollars -- double the goal -- in a 24-hour moneybomb on the Ron Paul

Ten Loopholes That Can’t Make It Into FinReg

Dan Pfeiffer, the White House communications director, wrote a blog post that lists the loopholes lobbyists most want inserted into Sen. Chris Dodd’s (D-Conn.)

Bachmann uncomfortable over earmarks ban

Republicans appear to have boxed themselves into a corner with their portrayal of earmarks as wasteful spending, as many of them have backed a moratorium on

Troubled mine holds hope for U.S. rare earth industry

China currently controls 97 percent of the world’s rare earth production. The Mountain Pass Mine could change that -- if it can overcome serious environmental concerns.

© Copyright 2022 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com

⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐