As the investment world got a few peaks into those parts of the Citi balance sheet that were previously well-cloaked, prior fears that things were bad suddenly crystallised into just how bad.

Cue that line from Jaws when Paulson - I mean Sheriff Brody - first claps eyes on the beast. And down goes Citi equity by 23% in one day. UPDATE: And 26% the next.

It is a wonder of circumstance that Mr Pandit - essentially a hire that cost circa $800m - is the CEO at all. But timing without luck for the long haul won't be enough. Then there is the experience factor: Citi has 387,000 staff (clearly a moving number), nearly 50 times more than Mr Pandit has previously managed. All to do.

Meanwhile, for your continued viewing pleasure of that "mindless eating machine" that is the SIV - I mean shark - enjoy this:

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