Citigroup is ‘financially sound’

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How bad is it out there? So bad that the guy who runs the ‘pre-eminent financial services company’ on the planet has to tell his employees that the bank is not running out of money. CNBC reports this morning that Citigroup CEO Vikram Pandit sent a letter to his employees telling them the company is ‘financially sound.’

The letter was necessary because of yesterday’s news that ‘the head of a Dubai-owned investment firm said funds from Persian Gulf sovereign governments may not be enough to bail out the bank.’

Did someone just say, ‘bail out the bank’? Yes, someone did. (Riley McDermid of MarketWatch).

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