Citibank says it's had two profitable months - if you forget about taxes and special items, that is - and this triggers a 5.8% increase in the Dow? This makes sense to you? This is a company that is trading at less than the billions we have loaned them. This is a company whose losses on CDS today are $140.3 billion, but it only has $108 billion in reserves.
This happened on a day when it was reported that the loss risks from derivatives from the five largest banks increased 49% in the 90 days ending 12/31/08.
We really want to believe.
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