Friday, April 17, 2009

Citigroup 1Q results top Wall Street forecasts

Citigroup's Q1 results beat the street and its loss was the smallest since 2007. It would have earned $1.6 billion in profit, but it had to pay huge dividends to the government. Once again this is another blatant example of how the inapplicable idea of "taxpayer on the hook," causes policy to actually be destructive to taxpayers. Shareholders took a loss, the government got money, which is nothing more than a reserve drain. So how did that help taxpayers

By the way, where is Meredith Whitney and Mike Mayo. Please feel free to listen to Meredith's theme song.

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