Citi really earn money?

If you thought banks like Citigroup (C) made money in the  first quarter, think again. Its business just deteriorated and bonds declined so much, but ironically that was one of the biggest moneymakers for Citi.

The lesson is: if you screw up, screw up big, drive your bond prices into the ground and voila your profitability increases.  Seriously, that is what happened to Citi last quarter.