In Financial News:
Shares of Citigroup soared today after the CEO sent a letter to all employees claiming that Citigroup has posted an operating profit the first two months of 2009. Citigroup shares gained 38 percent today...
We have so many questions about this letter that we could fill 10 or so posts. A little creative accounting does not a recovery make. For those of you holding Citigroup stock, don't get too excited. The stock gained 40 cents from $1.05. Unless, of course, you have millions of shares.
In other "Financial" News:
Bernie Madoff, the largest Ponzi Schemer in history, will plead guilty to federal charges and spend the rest of his life in prison. Madoff is charged with securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with the U.S. Securities and Exchange Commission and theft from an employee benefit plan.
The U.S. Attorney heading the case denies there is any plea agreement.
Estimates of losses from the Ponzi Scheme are around 50 Billion Dollars.
No word yet on whether Ruth Madoff, the Mrs., will face prosecution or forfeiture of the 42 Million Or So Dollars she controls. Although denying knowledge of the Ponzi Scheme, Ruth Madoff has amassed quite the tidy sum while being employed as a homemaker and socialite.
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