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The storms on Wall Street seem never ending. Every ray of light gets clouded over by some new revelation of ineptitude or intransigence.

Now the finger pointing and blame chasing is back in full force, with

Bank of America

(BAC) - Get Bank of America Corp Report

CEO Ken Lewis facing renewed scrutiny over his handling of the

Merrill Lynch

(MER)

acquisition.

An

investigation by a congressional committee

is implicating

Fed

Chairman Ben Bernanke and Treasury Secretary Tim Geithner's role in all this too.

This doesn't bode well for investor confidence.

Regardless who did what or why, one thing is clear: Shareholders were given short shrift amid the emergency rescue operations that helped shore up our financial system when it was on the brink of collapse.

Some may say that the ends justify the means. Perhaps we are all better off now anyway. But I still believe that it should have been possible to bail out the banks without shafting the shareholders.

I don't much care for the blame game, but I do hope we learn some lessons.

That doesn't seem to be the case over at

Citigroup

(C) - Get Citigroup Inc. Report

. Despite being the poster child for all the bungled banking businesses out there and among the biggest recipients of taxpayer cash infusions, Citi is blithely continuing with business as usual with

big bonuses and salaries.

Citi says it's just trying to remain competitive and hold onto talent. That's probably true. The bank is no doubt struggling to keep folks motivated, considering all the negative publicity and its paltry $3 share price.

However, Citi wouldn't be in this mess if it hadn't screwed up so badly. The bank has only itself to blame. Having accepted taxpayer money, Citi must now live with the consequences -- which include regulatory scrutiny of its pay practices.

The bank should be lying low at the moment and not stirring up the regulatory fervor behind potential legislation to govern banking compensation.

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If Citi wants to escape the government's yoke, there is but one way: repay the taxpayers like

JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. (JPM) Report

,

Morgan Stanley

(MS) - Get Morgan Stanley (MS) Report

and

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report

.

In the meantime, stronger banks will have the advantage. And that's how it should be.

Share your own outrage by sending an email to the editor.

Glenn 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 a certificate in project and program management from Boston University.