yes, it's going to take years for the financial sector to recover from its excesses, just as it took years for energy to recover from the 1980 collapse and for technology to recover from 2000. still, c looks very attractive here, as the stock costs less than half of what it did last year. the market value of $129 billion looks high against earnings of $3 billion. but those earnings reflect the subprime writeoffs - these writeoffs have simply nothing to do with the underlying business. take them out of the equation and you find c going for four times operating earnings. DO YOUR OWN DD, but i think this is a $40 stock by mid-2009.
disclosure: long c