The Desi Butcher Vikram Pandit-led financial mess Citigroup reported a hefty loss of $5.1 billion on revenues of $13.2 billion in its first quarter ended March 31 and will throw another 9,000 employees on the streets.
On a conference call with analysts, Citigroup CEO Vikram Pandit acknowledged:
To start with, weâ€™re not happy with our financial results this quarter although theyâ€™re not completely unexpected given the assets we hold.
Who would be happy with these crappy results? Reaching a new acme of greed, grasping Wall Street pigs in top positions have taken home hundreds of millions of dollars and ultimately left investors and employees holding the bag when the inevitable crash came.
Results include $6.0 billion in pre-tax write-downs and credit costs on sub-prime related direct exposures, write-downs of $3.1 billion on funded and unfunded highly leveraged finance commitments, a downward credit value adjustment of $1.5 billion related to exposure to monoline insurers, write-downs of $1.5 billion on auction rate securities inventory, and a $3.1 billion increase in credit costs in global consumer.
Revenues fell 48% year-over-year because of Continue reading »