Here’s am interesting take on the financial health of Citigroup.

The new CEO says that shrinking its $2.2 trillion balance sheet is a priority. By this he means that he wants to minimize potential liabilities, but he neglects to mention an additional $1.1 trillion in entities that are off the balance sheet, in things like trusts, financing vehicles, and CDOs.

The US system needs a major clean up and some sunlight, but companies like Citi resemble vampires, or at least some suffering from severe porphyria.

Showing the light of day to these financial concerns will kill many of them.