Shittibank

Citibank $C is the poster child for shitty banks. Under Sandy Weill’s command, a once normal-sized banking entity became a Frankenstein conglomerate resembling a bureaucratic jigsaw puzzle. The C-level execs and investment bankers siphoned billions from the bank’s revenue stream during the deal-making frenzy. Shareholders haven’t fared as well. The stock is back to the same price as before Black Monday in 1987 (down ~94% from 2000 highs of $58.39).

Today Reuters reported: “Citigroup Inc began a long-delayed $58 billion stock swap on Wednesday that is expected to make the U.S. government the bank’s largest shareholder by far with a 34 percent stake.” Another chapter for Barry Ritholtz’s Bailout Nation is in the works. Now, as US citizens, we can factually claim that we all own the largest share of the shittiest bank in the known universe: Shittibank.

Our friends over at Wall St. Parodies have created some witty paraphernalia as social commentary. We just ordered some sweet Shittibank t-shirts, stickers, and two coffee mugs. We hope you too will join the movement to speak the truth about this shitty situation and our new household ownership of Shittibank. A Tea Party only lasts a few hours. Poignant paraphernalia lasts a lifetime …

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