Citigroup Earnings Beat Expectations!

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Of course, expectations weren't very high to begin with, as news outlets reminded us with varying amounts of hostility this morning after the bank reported second-quarter earnings of $2.2 billion:

Like Bloomberg: "Citigroup Inc., the bank 12 percent- owned by U.S. taxpayers, said profit surged, beating analysts’ estimates ... "

And The Wall Street Journal: "Citigroup had recently seen weak investment-banking results, anemic loan demand and a lack of progress in its consumer-banking business hamper its results."

And, of course, the Times: "Two years after Citigroup became the poster child for all that went wrong in the financial system, the banking giant announced Monday that it had squeezed out a profit for the third consecutive quarter ... Whether the improvement is sustainable remains an open question, given the fragile economy."

Don't let the Negative Nancies get you down, Citi. You're still a winner!