Federal regulators got a fresh look at Citigroup's books over the weekend — and it wasn't pretty. The result: a new $306 billion federal bailout for the bank. On the one hand, it provides more clarity as to the lengths the government will now go to shore up the U.S. financial system. On the other hand, investors continue to be wary about whether Citi was worth saving from oblivion. Worse, some worry that if a bank with one of the highest capital ratios nearly went under, who's next? "You had a tremendous amount of people looking inside at Citi in the last few days to figure out how bad it was, and they came away thinking that the capital markets can't handle this," says David Ellison, manager of the Small Cap Financial Fund. "So, Citigroup wasn't a going concern. What does it tell you about the industry and everybody else around the world that has the same assets?"
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