Wednesday, June 24, 2009

CASTLES MADE OF SAND

>>March 9 was also the day Citigroup (C, Fortune 500) chief Vikram Pandit spurred the three-month-long rally in bank stocks by telling staff in a memo that Citi, then thought to be on its way to a possible government takeover, was profitable in the first two months of the year.
Though there is now widespread relief that a depression has been avoided, Guillen said he's still very worried.
"The administration seems to be getting distracted, and there's an awful lot left to do,"
he said. <<

Rally also got help when MARK TO MARKET by the GAO was dropped, allowing BANks to use OTHER measures to value their mortgage paper.

AFTER FED 2:15 expect a lot of volatility.

D

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