Why, that would be all those speculators, driven purely by their own greed and desire for lucre, producing the price signals that lead to this resourceallocation.
Citi stock remains 90% below its pre-crisis level (or 50% lower after adjusting for its increase in share count) and, in our view, reflects the failure of resourceallocation, oversight and management that stretches back to the formation of the company in its current form in 1998.