The sheiks think they are clever trying to catch falling safes (Citi) and do a horrible deal with a mandatory convertible. With C in such bad shape, an 11% coupon for 2 years with a forced conversion above current market prices is a raw deal. Just like CFC was smart to sucker in BAC, C was clever enough to sucker in the sheiks thinking their deal would be like the once done by Prince Alaweed in 1990, when in fact things are much much worse and the stock not nearly as cheap. Investment banks have so much crap off balance sheet that you will not get a bottom until these stocks go back to levels of 2002 before the housing bubble. We are a long ways away. Today was a great selling opportunity, all rallies should be sold. This is going to be one mean bear market and we are nowhere near a bottom.