Citigroup Value

Felix Salmon has a chart that shows the decline in the market capitalization and book value of Citigroup. The key point is:

The problem is that the blue bar (book value per share) can't fall much further, without Citigroup breaking minimum capital adequacy requirements. In fact, Citi is skating so close to its regulatory minimums right now that it's almost impossible not to suspect that a large part of where it's marking its assets is a function of where the CFO needs the company's book value to be.

It looks like only a matter of time before it becomes insolvent.