What do you with

Citigroup

(C) - Get Report

if you bought it on the deal now that you are up so huge? I'd keep it.

Remember, there were two variables to this deal -- how much raising the TARP return money would hurt the stock and how much the government's sale would hurt the stock. We saw the underwriting knock off about 60 cents from the stock, and we are getting the distinct view from Washington that there is

no consensus

between Treasury and the FDIC about what should be done with the government's stake beyond holding it for a while.

My view on this stock is that it was working its way ever higher before it had to raise the money and that the dilution, while meaningful, was always expected (a la

Wells Fargo

(WFC) - Get Report

, which is working its way back up nicely).

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The consensus is in with the second year of Vikram Pandit's reign that he is a total failure. But I think that's too harsh. This was the most poorly run major bank out there and we still have no idea what it really owns -- and that is totally wrong.

But he will muddle through over time and get the balance sheet right and Citi Holdings -- the junk portfolio -- right as it runs off, and you will end up with a decent stock that could double over the next year.

Why not hold it?

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