It is curious to argue, as they seem to, that measuring tangiblecapital poses some problems, whereas the supposed difficulties over measuring intangible capital are almost entirely in their critics' muddled imagination.
Whitney says Citi's tangiblecapital ratio of 2.8% is well below the 4.7% average of banks of similar size, the result of a flurry of acquisitions over the last two years that bulked up its assets by 35%.