The "Citi can't fail" attitude

I've been expecting Citi to have massive problems since at least early December and long found them to be a creepy and dangerous business model, ever since I learned about the creation of the company, which occurred a little over ten years ago after laws passed during the Great Depression were weakened and changed so that horrible, monopolistic financial behemoths riddled with conflicts of interest could be created again.

How much taxpayer money will be poured into this Titanic mistake before this company comes to an end, whether through outright nationalization, some kind of orderly bankruptcy, or some other form of orderly collapse managed with even more massive amounts of taxpayer cash?

The deal today just eliminated tons and tons of guarantees on the taxpayer money that was given to these banks before by converting the preferred stock the U.S. bought in the company into common stock. So, now when the company falls, all that taxpayer money will be irretreivably lost. But somehow this will prop-up the company and "protect" us all . . . I have a feeling some bank execs will be protect all the way to their offshore account ballances . . . Once again, I hope to be wrong about all this, but I haven't been wrong as much as I would have liked to be lately . . . :-p