Citi: Pandit's Defense Boosts Wall Street

The bank CEO's talk of profits sparks a stock rally, but others still worry about Citi's toxic assets

Strip away the billions of toxic assets and the billions more that the feds have pumped into Citigroup (C), and what you have is a dandy little bank that actually makes money. At least that was the upbeat takeaway from Citi's beleaguered CEO Vikram Pandit, who distributed a memo to employees late on Mar. 9 about the bank's bright prospects, despite the current $1-a-share price tag.

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