Junk Income at Citigroup

In a challenging lending environment, Citigroup (C-$3.25) posted revenues of nearly $25 billion and net income of $1.6 billion for the first quarter of 2009. "The clear message from this quarter is that our clients remain engaged,” trumpeted chief executive officer Vikram Pandit. “Despite the challenges we have faced this past year, they [our customers] remain closely engaged with us.” Might the financial service provider’s performance gains have more to do with fuzzy math? Read More….

Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.