Citi CEO Vikram Pandit was scheduled to host a town hall meeting at Citigroup's Park Avenue offices to speak to his troops Friday. From a regulatory perspective, he's constrained from saying anything that will paint an overly rosy picture of the future. That would be pulling a Jeff Skilling-- a no no. I hope he's received some good advice here. I really doubt he's going to be encouraging employees to buy the stock.

The future is grim. The bank just announced $8.29 billion loss for the fourth quarter (nearly $19 billion for the year). The goal now for Citi should be to survive--hopefully in a way that will give taxpayers a return on their $45 billion investment. Behind the scenes, the government seems to be calling the shots. You have to wonder if another injection is in the works. The bank is already operating under so-called "open-bank" assistance, notes the New York Times.

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