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To: Bank Holding Company who wrote (212685)	7/28/2009 6:56:17 PM
From: RockyBalboa	Respond to of 306849

gg. perhaps - for now you hear 23B outstanding Citi shares, giving the outfit a market cap of 70B. OT: Citi - shares are delivered on Thursday: >>>>>>>>>> The exchange offer, announced in February, has made the government Citi's largest stakeholder, holding roughly 34% of the company's shares. Citi's total shares outstanding were expected to jump to as much as 23 billion from the completion exchange vs. 5.5 billion at June 30. Citi's stock, which has hovered around $3 a share for most of this year, has been hampered by the arbitrage trade for much of this year where institutional investors and hedge funds have taken long positions on Citi's preferred stock, while shorting the common stock. Some observers said that the stock would rise once the conversion was complete as the shorts were forced to unwind their positions. But Citi shares closed down on Monday, despite the completion of the exchange offer.

To: Bank Holding Company who wrote (212685)	7/28/2009 7:16:44 PM
From: RockyBalboa	Respond to of 306849

Used some time and looked through teh composition of Citigroups "Income" in Q109. There is exactly one position which is significantly positive: Institutional clients, Europe with 2B, all others are small, or negative, particularly Cards (USA) and Consumer Banking (USA and EMEA). Whats more, ICG appears to have turned around from -1.2B to +2B in Europe, and from -6B to -0.1B in the U.S. This does looks odd. ICG improved +9B Y/Y in total (between Q108 and Q109 which was by far not an easy quarter). In EMEA the earnings are 2B out of revenues of 4.5B. Perhaps. I bet a shitload of AIG money has contributed to this turnaround. I can´t believe it, it simply does not add up. Bernie Made-off would tip his hat would he wear one.