Investor confidence in

Citigroup's

(C) - Get Report

new

bailout deal with the government

is palpable.

You can feel it in the 30% drop in Citi shares today. Yes indeed. This plan certainly "removes uncertainty and restores investor confidence," just like the bank said it would.

Congratulations to both the bank and the government. Problem solved. Now on to

AIG

(AIG) - Get Report

with this plan.

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What's not to like about swapping the government's preferred shares for common stock? Now that the so-called tangible common equity is shored up, things are looking good. You know about TCE, right? (Here's a little

primer on TCE

just in case).

This is big. If you're a Citi investor, you should be relieved, according to the bank. Why aren't you relieved?

It must be befuddling to the geniuses behind this plan. But I'm sure investors will come around eventually and put their faith in TCE.

No need to worry about the bank's fundamentals. Forget about that revised $27.7 billion loss for 2008. No need to be concerned about taxpayer bailout money being beholden to the whims of the market. Nothing to worry about here, folks. Citi's problems are solved.

It's all about the TCE.

Hall is the editor of

TheStreet.com

. Previously, he served as deputy editor and chief innovation officer at

The Orange County Register

and as a news manager at

Bloomberg News

in Frankfurt, Amsterdam and Washington, D.C. As a reporter, he covered business and financial markets, worked in both print and television in the U.S. and Europe, and conducted in-depth investigative coverage at

The Journal-Gazette

in Fort Wayne, Ind. His work also has been published in a variety of newspapers including

The Wall Street Journal

,

The New York Times

and

International Herald Tribune

. Hall received a bachelor�s degree in journalism and political science from The Ohio State University and has taken graduate management science courses at Boston University.