Does this mean the worst is over?
I think the Street was right and the worst is over, says Gasparino. And I believe Citigroup traded up because when profits are off 60% someone will be held accountable. And that someone will (likely) be Citigroup CEO Chuck Prince.
Gasparino explains that investors he spoke with really want Prince out. "It’s a presumption that Prince’s days are numbered," he says.
Have we reached a point where we know what the liability is with the credit crunch?
It seems so, right now. But, adds Gasparino, investors are still cautious.
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Trader disclosure: On Oct. 1 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (HAS), (ATVI), (INTC), (SWY); Najarian Owns (GS) Options; Finerman's Firm And Finerman Own (FLS); Web Caller Roger Nesham Owns (DE), (AGU)