This is a tough time to be a Citi director. The eyes of Wall Street are firmly upon them. It's fair to say there's a lot riding on the bank's  short-term fate. Not all are convinced that we can take Citi's solvency for granted, despite the TARP injection. The Financial Times reports that the board has been in active discussions about various strategic options that include selling all or part of the company. CEO Vikram Pandit reportedly favors independence, but you would have to think that he's a lost a lot of clout. Many think his time at Citi is limited and you have to wonder if the Goldman Sachs option is being discussed. Recall that Pandit spurned an overture by CEO of Goldman Sachs Lloyd Blankfein not so long ago. A government-brokered deal with another bank may be a possibility, as is some sort of a break-up, though Pandit says that won't happen.

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