Citigroup is Splitsville

The latest from the corporation sitting on top of (literally) St. Peter Lutheran Church.

Citigroup Inc. on Friday announced its latest attempt to become profitable again: Splitting the bank into two pieces.

Citigroup — after suffering a loss of $8.29 billion, its fifth straight quarterly deficit — is reorganizing into Citicorp and Citi Holdings. The first will focus on traditional banking around the world, while the second will hold the company's riskier assets and tougher-to-manage ventures.

Well, well, it appears that Citigroup has Glass-Steagalled itself! There's a karmic lesson here somewhere. Except for all the innocent victims lying underneath their speculative rubble, that is.