Everybody is getting over-excited about CitiGroup being "profitable" in their report.
Let's put it into perspective.
They were only profitable (even after all the government money) BEFORE "one-time items". Which is to say, they weren't profitable at all. (One Time Items are irritating things you have to do like investment writedowns and credit losses.)
Even with all the taxpayer money, this company managed to burn more capital than they spent by a long shot.
Let's put it into perspective.
They were only profitable (even after all the government money) BEFORE "one-time items". Which is to say, they weren't profitable at all. (One Time Items are irritating things you have to do like investment writedowns and credit losses.)
Even with all the taxpayer money, this company managed to burn more capital than they spent by a long shot.