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The AIG [AIG
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(%)
] damage is limited, and that is good news.
-- Other P&C insurers are not showing any serious declines
-- Financials in modest rally
-- The VIX is already dropping.
The biggest factor: the Citigroup [C
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(%)
] conference call, with new Chief Executive Vikram Pandit and CFO Gary Crittenden, appears to have gone well. A few headlines:
-- Consumer finance business "wonderful"
-- Credit card business "great"
-- Re-engineering will save $15 billion
-- Talking that in next few years they will decide how to handle extra capital, whether to boost dividend or buy back shares.
Is this happy talk? Telling the Street what they want to hear? Maybe. But the quotes are being passed around on the Street -- and they're a perfect antidote to AIG's downbeat report.
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