Some bank shareholders seem willing to accept dilution in return for troubled banks to get out of the TARP program. Bank of America (BAC) shareholders haven't protested loudly about the recent share issue. It was able to raise more than it originally expected. Is it Citigroup's (C) turn? There's lot of talk that a share issue is imminent; it really depends on regulators. 

So how dilutive will an offering that raises $20 billion be? How will it play out in the short-term? TheStreet.com notes analyst Guy Moszkowski believes a $20 billion equity deal would be 7 percent dilutive to 2011 earnings, but 23 percent accretive to 2010 earnings. The accretion would come from low earnings in 2010. 

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