Citi: Not Dead Yet (WSJ)
Analysts were looking for, well, death from Citi, but in spite of all their negative energy Pandit and crew pulled their shit together to post a net income of $1.59B and an EPS loss of 18 cents per share on a 24 cent charge. Full release from Citi here, conference call at 8:30.
Let's Get This Out In The Open: Liddy Owns Some Goldman (NYT)
"Mr. Liddy earned most of his holdings in Goldman, worth more than $3 million total, as compensation for serving on the bank's board and its audit committee until he stepped down in September to take the job at A.I.G. He moved to A.I.G. at the request of Henry M. Paulson Jr., then the Treasury secretary and a former Goldman director.
Details about his holdings were disclosed in Goldman's proxy statement and confirmed by an A.I.G. spokeswoman, who said they constituted "a small percentage of his total net worth." Mr. Liddy had already owned some stock in Goldman Sachs before joining its board in 2003."
Banking Industry Showing Signs Of Recovery (NYT)
After a couple of months of living out of dumpsters and being chased by half-lunatic beard yielding women in pink shirts it appears the banking industry is on it's way back up; a good sign for everyone in the unemployment line, I'm sure. Banks get better when they're left alone to do what they do: make money. Bankers get better when properly pickled and left to dry, but that's another story.
New circle chart from the Journal, and this one's interactive.
Lehman Failure Might Have Been A Mistake (Bloomberg)
"We were drunk, and you know, Ben was half naked and covered in war paint with a fucking feather sticking out of his hair. None of us were in the right place. We just, Lehman, we thought, could go fuck themselves."
"The impact of Lehman's failure "was devastating," Yellen said yesterday after a speech in New York. "That's when this crisis took a quantum leap up in terms of seriousness."
Nardelli Sees New Chief At Chrysler If Pact Clears (WSJ)
This is kind of boring; GM all ready did it back a couple of weeks ago when the government did that whole socialism thing there for a second. I think we should narrow the candidates down to maybe 8 or so, and have cage matches.
GE's Financial Unit Sucks (WSJ)
"GE Capital's profit dropped 58%. The energy-infrastructure business, which makes turbines for power generating facilities, posted a 19% rise in profits and a 7% gain in revenue."