While Goldman Sachs (GS) can crow that it paid back its TARP funds nd delivered a solid return to taxpayers, Citigroup (C) can make no such boast--at least not yet. Instead it has accepted a 34 percent stake owned by Uncle Sam. It also continues to take advantage of government guarantees on its debt, something other banks have eschewed.

The forecast is cloudy as to whether that investment will ever pay off for taxpayers. The bank's massive consumer operations, mainly its credit card lending right now, does not look very strong.

But the company has started feeling confident enough to embark on a media campaign of sorts. It got CEO Vikram Pandit into the heartland for a series of events. It has also done an interview with the New York Times. He noted the banks progress in many areas even as he spouted some of the same old rhetoric about Citigroup's global heft. There are quite a few bullish analysts, but the credit card scenario is still bleak. It could remain a government-owned institution for some time. But that doesn't mean it's a horrible investment at these levels. 

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