So you go away for a weekend and, when you come back, Citibank is on the verge of death? What to say about it? Then you read Brad Delong, and realize he's written the blog post you wish you had written. Go read it.
Addendum: Mark Thoma rounds up the reactions. No one likes this deal. (I particularly don't like the part in which Citigroup management gets to stay around and screw things up in the future.)