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Citigroup Inspired Bear Market Suckers’ Rally
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Matthias Chang
Future Fastforward
March 12, 2009
So long as the filthy rich global gamblers are alive and able to manipulate the stock markets, the currency markets, the oil markets and the derivative markets, there can be no genuine recovery for the global economy.
The reason is simple.
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| Vikram Pandit, Citigroup Chief Executive. | |
There has been such a massive and unprecedented malinvestment and misallocation of capital resources from productive endeavours to the global financial casino in the last twenty-five years, that when the global financial system collapsed in 2007, the real economy starved of essential capital and other resources went into a tailspin in 2008 throughout the Western developed economies. We are now witnessing the pernicious effects spreading throughout the global economy. No one and no economy has been spared!
The gamblers know that unless they can keep suckers coming back to the financial casino on the false promise that not only can they recover their losses, but more importantly, they have better than an even chance to make good money, these financial rapists would in turn be wiped out for good.
Vikram Pandit, Citigroup Chief Executive is a financial fraud par excellence and in testimonies to the US Congress has been lying about the bank’s balance sheet to the extent of short changing the US taxpayers of the value of securities that were pledged to secure the bailout to the tune of US$19 billion.
Financial analysts, including our idiots in Malaysia’s financial dailies and radio talk-show hosts were so taken up by the announcement of the alleged profits in the first two months of 2009 by this crook, that they have commented that the market has bottomed and this good news has sparked the rally and will continue to boost market sentiments.
If there is an example of a drowning man grasping at straws, this is it!
Anyone who believes in this trash is an idiot and I hope that every penny that they still have will be wiped out when this manipulated bear rally fizzles out in the next few days and that they will be forced into bankruptcy. They deserve no pity whatsoever.
Citigroup is bankrupt in law and in fact, notwithstanding the massive bailout by the US Treasury and the Fed. The fact that it has been “nationalised” does not change the financial status of the bank.
I will give a simple analogy.
- A d v e r t i s e m e n t
So what is all this baloney that Citigroup is now on the road to recovery and this is an indication of a turn around in the US economy. The once mighty Citigroup had a market capitalisation of over $250 billion, just a year ago and it has now slumped to less that $8 billion, its share price hovering around $1.05.
Common sense tells me (and I am truly amazed why so many refuse to apply common sense) that if in fact Citigroup is on the road to recovery, this unscrupulous banker, Vikram Pandit would call for a global press conference to announce this fantastic news. Champagne would be flowing again at corporate headquarters.
Compare and contrast what Tiger Woods did when he had recovered from his knee operation. He gave a global press conference and went out to compete again in one of the most demanding match-play tournaments. And although he did not win the tournament, there was ample evidence that he had recovered, but it was also obvious that he needed more time and matches to get back to his normal groove!
But no, this Pandit sent out a so-called memo to his staff, which was conveniently leaked to the mass media (and knowing the gullibility of the stock market idiots) so as to lend credence that this confidential information must be true.
Surely the duty is first to inform officially the shareholders and taxpayers who have bailout the bank. But the preferred method of disclosure (and we are suppose to be in the age of transparency and good governance) is by way of a memo to the staff.
The actual memo has not been reproduced in full by the mass media. But surely the quoted words attributed to this financial crook is sufficient even to a first year student in economics and or finance that the so-called profit is bullshit and horseshit!
I quote:
“In fact, we are profitable through the first two months of 2009 and are having our best quarter-to-date performance since the third quarter of 2007. The bank had US$19 billion of revenue in January and February before disclosed write-downs.”
If you cannot detect the stupid nonsense from this quote, you have no business to be an economist, a banker, an accountant, an investor and or a regulator!
Firstly, two months revenue does not make a quarter.
Revenue is meaningless by itself if your debts are far, far greater than your revenue.
Revenue or income is only one side of the balance sheet.
The financial idiots who put out this piece of shit should be hounded down, hung from the street lamp-post and then tarred and feathered, the preferred punishment by the Irish Republican Army against traitors and other scumbags during the British colonial occupation of Ireland.
To the citizens of America: if you don’t bring a class action against Vikram Pandit, you bloody deserve to be financially raped and plundered by these crooks!
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March 12th, 2009 at 11:07 am
I posted a video on Youtube Tuesday eluding to this fallacious attempt to jack up the markets. Great article!
http://www.youtube.com/watch?v=LJW8IMmhXBk
Major Karma Reply:
March 12th, 2009 at 11:36 am
Well said, well done.
Tax Rebate Reply:
March 12th, 2009 at 5:19 pm
It is quite obvious the bear market rally is another PPT rigged ‘comeback’. Buying stocks to drive up shares (with our tax bailout money) to induce the non-insider fools to invest in this black shit hole.
Steer clear. Nothing has changed for the better in the economy or debt load. Only the propaganda machine making their usual wmd-type lies, targeting the economy.
Jackson Reply:
March 13th, 2009 at 9:49 am
Damn right this is a great article. I seen right through this bogus statement the day before yesterday when it first came out. I had and still do have the same line of thought about this bullshit profit talk. Make no mistake, nothings changed except for things getting worse. This is a scam through and through. No bank that has received billions upon billions in bailout money and losing $60 billion more this year alone can possibly be making any profit.
March 12th, 2009 at 11:08 am
Amen.
Old Mac Donald Reply:
March 12th, 2009 at 3:06 pm
I’d like to share something with all of you that I saw on the Main Stream Media the other day.
For a year now, I’ve watched Citigroup stock fall from a high of around $60.00 per share to $1.00 just two days ago.
According to a spokesperson for Citigroup, they lost another $60 billion dollars this past quarter. That’s after receiving billions from the federal reserve. According to an SEC spokesperson, trading was suspended on Citigroup stock for those two reasons. It was reported that Citigroup was less than 24 hours away from filing chapter 11 bankruptcy. Now, Citigroup is the largest American bank. If it was allowed to fail, it would have sent the stock market down to around a forty year low of about Dow 3000.
Yesterday, on NECN news, the talking head reported that the reason the stock market climbed 379 points yesterday was because Citigroup suddenly made the claim that they were actually starting to make a profit.
Can anybody tell me how a corrupt banking institution whose shareholders have been abandoning the bank like rats on a sinking ship and who shows a loss of $60 billion dollars in just three months, whose stock value drops like a brick to just $1.00 and is about to file chapter 11 bankruptcy can suddenly start making a profit that drives up the stock market by 379 points in one day?
This has got to be one of the most blatant examples of stock market manipulation that I have ever seen.
It’s common knowledge that the SEC executive structure are joined at the hip with the CIA, obviously for national security reasons. The powers that be are so desperate to forestall the inevitable collapse of the dollar that they are now resorting to the most outrageous schemes available to them.
I thought you should know. Thanks.
Tax Rebate Reply:
March 12th, 2009 at 5:23 pm
All need to read PROTOCOLS FOR ECONOMIC COLLAPSE- the plan for martial law soon to be triggered when the DJIA hits a requisite bottom. Soon to be compounded by the abandonment of the dollar.
This could be what David Wilkerson is warning about, or maybe it is in conjunction with a NWO nuke on our heads. You know, their coordinated domino strategy to bring down USA.
Harold Reply:
March 12th, 2009 at 6:37 pm
Old macdonald you do deserve a farm.
March 12th, 2009 at 11:09 am
A sucker born every minute I suppose.. that makes for alot of suckers huh?
http://www.youtube.com/watch?v=zNOJc0w-fzY
March 12th, 2009 at 11:09 am
Citibank’s claim of profit would be akin to a welfare recipient claiming he/she earns a salary.
March 12th, 2009 at 11:14 am
The stock market has gone up two days in a row. Does this mean the depression isn’t coming now? I hope so. So many people in my area need to go back to work where they got laid off.
Giordano Reply:
March 12th, 2009 at 12:09 pm
No, it doesn’t.
manhammer Reply:
March 12th, 2009 at 2:42 pm
BobbieJo..the Market rallied in 1930 after the crash as well. This is a wishful thinking rally…nothing more.
Rande Reply:
March 12th, 2009 at 10:36 pm
This is what they call a sucker rally. As manhammer mentioned, it happened during the Great Depression. After a 60% rally to the upside, the Markets then dropped another 90%. This rally is the last gasp of a dying country, and it will suck the few who have any money back into the Market. Buy Gold and silver coins; it will be your only salvation.
Oh, and stock up on ammunition for when the civil unrest starts.
March 12th, 2009 at 11:15 am
Chang is a good fellow , listen to his words , HANG the fuckers from LAMPOSTS ,
March 12th, 2009 at 11:16 am
Excellent article. Personally, I will be glad when this fake system goes down. I’ve planted my garden and I have lots of ammo. Fuck these motherfuckers!!!!!!!
March 12th, 2009 at 11:20 am
Great article. I can’t wait until the system crashes. Maybe then people will wake the fuck up. I have already planted my garden and I have lots of ammo. Fuck these motherfuckers!!!!!!
March 12th, 2009 at 11:34 am
Great article, and ain’t it the truth. The entire world’s financial system has collapsed, and the idiots in Washington are trying to revive it. The US has used its constitutional powers to change currency/central-banking set-ups more then once in its history. Now is the time to use it again. Don’t let the US people be hostage to the fantasy $1/2-1 QUADRILLION derivatives bubble.
http://www.RevokeTheFed.com
Tax Rebate Reply:
March 12th, 2009 at 5:26 pm
No Joe,
They are not reviving it. It was completely rigged and is now proceeding according to Plan. This is exactly what they want to bring in the NWO and cashless society. It is the Illuminati raping the nation for as much as they can before the final annihilation of the USA by them.
March 12th, 2009 at 11:54 am
This is wrong. The market will rebound in a big way.
John Wayne Reply:
March 12th, 2009 at 10:07 pm
What color is the sky in your world?
March 12th, 2009 at 11:59 am
Anyojne buying into this sucker’s market needs to lose their money. Anyone know how Chelsea Clinton’s distressed hedge fund is doing? They making money out of these bailouts?
March 12th, 2009 at 12:13 pm
wait until the HUGE FAKE RALLY hits
gold down to four hundred
and the market GOING up up
it will only last for a week
but they want to suck up the rest of the money
thats OUT THERE
Tax Rebate Reply:
March 12th, 2009 at 5:27 pm
Jim Kramer said gold would bottom at 600. We know how reliable HE is…
Mike Reply:
March 12th, 2009 at 7:32 pm
inyourservice -
Interesting you say this. It’s basically what everyone else is saying. This is truly a FAKE rally. Well, not exactly fake; it’s the suckers pumping their assets into the system, only to be taken and sucked away by the elite.
I DO, in fact, see a huge surging of the DJIA, only to then see it plunge so hard and fast that it scares the ever-loving shit (ELS) out of everyone in the world. It will happen. And, it will happen that way. When we see the stock market continue to post gain after gain after gain – LOOK OUT! At that point, be prepared, and watch the world fall apart. I didn’t want this to happen. I do not want this to happen. But, as David Wilkerson said, a calamity of the likes the world has never seen is going to hit, and we will be shaken until FEAR and TREMBLING grips us all. I pray that God provides a hedge around all of you, and will bless you in the coming collapse. I talk to Him everyday, asking that He will show me where to go, what to say, and what to do when this happens….
Son of Isaac Reply:
March 12th, 2009 at 9:35 pm
Appalachian Mtns or Ireland is where to go. The remnant will not be hurt.
John Wayne Reply:
March 12th, 2009 at 10:10 pm
Yeah, I’m past fear and trembling, now I’m at pissed and shootin!
March 12th, 2009 at 12:21 pm
Citigroup’s profits………. it’s all a lie & frankly GOD is tired of all the lies. Any upward swing in the markets is false and manipulated. Truth will expose the lies and the house of cards will ultimately come tumbling down. the only question is when………not if.
March 12th, 2009 at 12:32 pm
My 401 is tied up in Walmart, so shop smart, shop WalMart.
Blondebrainstorm Reply:
March 12th, 2009 at 4:32 pm
Don’t you mean “shop China”?
I, for some time, have been curious as to the implied meaning of Wal-Mart’s apparel brand “Faded Glory” (with an American flag displayed on the label). Is this a slanted insult at the ideals and the history symbolized in our national flag, which has been referred to as “Old Glory”? Perhaps Wal-Mart views our founding principles as being washed-up.
By all means, shop at Wal-Mart. Keep the forced labor in China “employed”.
John Wayne Reply:
March 12th, 2009 at 10:11 pm
Dumb move. Fuck walmart!
March 12th, 2009 at 12:44 pm
No one knows the end game, only the enlightened ones. I do know that the gold bugs, and those last few greedy people , who have not taken a bath yet are targets. As is the remaining money belonging to the noveau rich. We could possibly have sustained market rally before, something, slams it all down again. (Its all Fake , up or down). Just be prepared for a very big thud, on the next leg down, whenever that might be.
March 12th, 2009 at 1:18 pm
^^^ ALEX , Just finished watching *it*. I have one word for You,,, MASTERFUL! You have done one of the most POSITIVE things for Your Country and the World that has EVER been done!!! KUDOS! and Thank You for having a pair! It was MEN Like You (with guts) that built this country to be as strong as she ONCE was and could be again!!!! May God Bless, protect and prosper You! -in Jesus Name… http://www.radioliberty.com
March 12th, 2009 at 1:37 pm
Pump n Dump that Citi Zombie!
March 12th, 2009 at 1:52 pm
Okay you dullars of America greed, belly up to the gamblers table and put forth you fiat money in hopes to win. Send them a message that you are not dead yet and you have one more hand to play while the Fraud Street casino owners smile with glee.
March 12th, 2009 at 2:28 pm
Hmmm, last I checked Revenues never make the balance sheet. They go the income statement….. but that’s just me be another no nothing stupid accountant. I would like more slander and insults in my news please. Libel is always good too….
Brad Reply:
March 12th, 2009 at 3:38 pm
I noticed this as well. It appears to me the article was typed up in 5 minutes of rage someone who probably has no business commenting on the markets nor financial accounting. I’m relieved to see that I’m not the only one who feels this way.
March 12th, 2009 at 3:03 pm
http://www.youtube.com/watch?v=G7X24_vOWwU
March 12th, 2009 at 3:06 pm
wall street is a suckers game. dont believe these lies that their telling to get you back in the market. It sounds to me like the P.P.T “Plunge Protection Team” has taken it over.
March 12th, 2009 at 3:08 pm
You forgot the most beautiful part of this little fraud. There was a fawning biography of Pandit in the NY Post the day that the memo was “leaked.” This had the effect of putting a friendly face on Pandit. Clearly this sucker’s rally was designed very carefully so the banksters could gouge a few more dollars out of the credulous investors.
March 12th, 2009 at 3:28 pm
Let’s see come April when they report their Q1 results. The Bandit Pandit can’t lie about his quarterly results like he can in a memo to his staffers. This will prove to be a brilliant maneuver or jail time!
Tax Rebate Reply:
March 12th, 2009 at 5:30 pm
Wait till they see how many folks DONT file taxes on April 15 to pay for this garbage.
Wake up America, April 15 could be your last stand.
March 12th, 2009 at 3:36 pm
While I agree that the markets are being constantly manipulated by these well-to-do’ers (read: crooks), this article is so snarky it’s hard to take it seriously. The author should perhaps take a minute to calm down and provide more reasoning instead of name-calling before posting his next article.
March 12th, 2009 at 4:08 pm
This is a market rally? The Dow drops 30% in Obama’s first month and this is a rally? Wow. Anyone dumb enough to be throwing money at this deserves to go to a camp…Poor souls!
March 12th, 2009 at 5:43 pm
It’s an opprotunity to really make some money short term, I mean it goes up 50% in 2 days!
Don’t get me wrong, I’m glad I sold out my 401k’s but not I don’t have a quick way to buy stock, I should have left that IRA in cash reserves.
March 12th, 2009 at 6:13 pm
NOW THIS IS THE FINAL RALLY BEFORE THE BIG PARADE
OF A DEAD ECONOMY. IT MAY RALLY AND HOLD FOR ALITTLE
WHILE BUT, DO NOT BE HAPPY THIS IS THE FINAL BREATH
BEFORE THE GIANT DIES………………………………………
March 12th, 2009 at 7:42 pm
I heard this before! Lehman & Merrill were fine and needed no help just a week before Lehman’s collapse and Merrill’s forced merger/take over! Nothing wrong at Bear Stearns either the week before they were fed to JP Morgan. Our banks are “Well Capitalized” just weeks before the Treasury felt compelled to re-capitalize them to the tune of $500 Billion Dollars and still counting!
What a joke! The market is getting Manipulated this week by the Government. Obama got tired of being beat down by all of the negative press against his policies and his Treasury Secretary Tim. I’m absolutely sure the MEMO went out telling the Banks to “Speak It Up” Jamie of JP Morgan, Vikrum of Citi and Ken of B of A all come out the same week of March uttering such bullshit that they are all of a sudden profitable in the first 2 months of 2009. (BULLSHIT)
IF IN FACT THEY ACTUALLY REPORT THAT NEXT MONTH (A PROFIT) WHEN Q1 REPORTS ARE DUE. IT WILL ONLY BE BECAUSE “MARK TO MARKET” RULES HAVE BEEN SUSPENDED SO THEY DON’T HAVE TO BOOK THOSE BILLIONS IN LOSSES! I JUST READ THESE BANKS STILL HAVE NOT MARKED DOWN 80+% OF THEIR ASSETS! AND THAT IS JUST COUNTING THE ASSETS THEY SHOW ON THEIR BOOKS! ALL OF THE BAILOUT MONEY SO FAR IS ONLY COVERING MARKED LOSSES ON LESS THAN 20% OF THEIR ASSETS! AND THAT DOESN’T COUNT OFF BALANCE SHEET ASSETS/LIABILITIES!
This is insane bullshit that these guys are crying about “MARK TO MARKET” when these very same assholes don’t even show the “Real Crap Assets” on their balance sheets!
The CNBC and friends media have been told to talk it up too, but don’t be fooled. The worse is not over! Commercial Real Estate losses are huge and just now hitting, Credit card losses are huge and mounting not yet fully realized!
AT BEST THIS IS A “DEAD CAT BOUNCE” PUSHED BY OBAMA BECAUSE HE HATES THE CRITICISM. HE IS A “LEO” AND LEOs HATE TO BE CRITISED!
JRegal Reply:
March 12th, 2009 at 10:31 pm
Jim T, you hit the nail on the head. On 03/10/09 I was sitting there and scratching my head on how Citibank made the miraclous turn around. Then I remember an old proverb “If it sounds to good to be true…it’s not”
March 12th, 2009 at 8:18 pm
OBAMA is the SAVIOR, remember. This rally is an inside job to give Obama a God like image, and for everyone to love him. Dow will be 10,000 in no time!!! LOL!!! This rally really is for real though…..
Plus, don’t forget, Wall streaters need money to fund next weeks trip to Vegas for March Madness!!!!!
March 12th, 2009 at 8:54 pm
I’m not that savvy to the Market workings but I can see by way of peripheral; the issue facing all of us through economic treaties, the mass printing of money and high stakes gambling of CDO’s that these banks and the Fed. Reserve is playing games.
This rally is to try and clean up all and any money left within the pension’s plans and to those able to spend in this fools markets today.
March 12th, 2009 at 10:17 pm
I knew this was a fake story when I heard it 03/10/09. Bank is losing money and not gaining any capital. It just didn’t add up.
March 12th, 2009 at 11:34 pm
Ha Ha Ha Ha Ha told ya so. Bitch is goin tits up. Real soon.
March 13th, 2009 at 8:33 am
It’s just like gas prices falling from $4 to $2. Political and economic climates have been hit hard. Wonder what they have in mind for their social hit?
I still think Hillary and her cankles are hot!!!
March 21st, 2009 at 9:29 am
You folks need to keep the rhetoric down and try to work things out in a more positive way. Does everyone really know what a depression would be like? Every one of you will be on the street and hungry if not committing suicide. I know these firms had unscrupulous people doing illegal acts but this is why we have laws and courts. I suggest everyone take a course on the colonial period of 1750 to 1800, this will show people how precious this great country is and what the framers had gone through to start America. I say go out and start a businesses or buy these stocks but also right letters to the companies and congress on how to fix the problems and stop the bashing.