Citigroup is apparently quite motivated when it comes to asset sales. It just sold its stake in Japanese asset manager Sumitomo Trust & Banking for nearly $800 million. We have to assume more sales are coming. We also have to assume that this is exactly what the government has prescribed for the ailing bank. All of this makes sense, but the bank is also expanding in Asia and other international markets, even at the retail level.

Citicorp, the bank's biggest operation, "will derive half of its future business from emerging markets," reports Bloomberg. That raises an interesting question and thorny PR issue. Why is bank that is 34 percent owned by the U.S. government focusing on overseas markets? Shouldn't it be focused on lending in the United States to help revive the economy? It makes sense to tap overseas opportunities, but the large government stake raises some tricky issues.

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