I have to say that this is the least surprising article I've ever read in my life. http://www.huffingtonpost.com/2011/01/13/citigroup-was-on-the-verg_n_808721.html
The thing a lot of people who don't know much about the financial crisis don't realize is that from about August of 2007 (yes, I know that I wrote 2007) through when the crisis hit in full in the late summer of 2008, we were at all times on the verge of a major disaster. It was just a question of what the tipping point would be. There were about a half dozen major financial institutions including Merrill Lynch, AIG, Lehman, Bank of America, Citigroup, Wachovia and a few others that were all so imperiled by their massive write-offs of mortgage related assets and/or bad loans that they were all just sitting around, waiting for one or the other to fail. Whichever one went would take the rest with them.