Looks like Citigroup (C) secondary offering didn't go that well. $3.15 probably isn't the price Citi wanted. Actually, I agree with Jim Cramer that it's a very good play on possibly improving economy next couple of years.
I don't think that Citi is a great company. Quite opposite. It's one of the worst banks in the world, grossly oversized and badly run. On the other hand, it's definitely too big to fail, and government, which holds about 25% of shares, isn't likely to sell its share soon. We buy stocks, not companies. I just think that this stock will cost more eventually.
Full disclosure: at the time of publication author had a long position in C. Positions can change any time.