Tim Travis'  Instablog

Further evidence of the strength of Citigroup's (C) brand on a global scale is exhibited by the company being the first Western bank to issue credit cards in China without co-branding from a local financial institution. China without a doubt offers the largest opportunity for credit card growth, and Citigroup's participation in that growth is a key for the company to grow revenue and profitability into the future. Mastercard Inc. (MA) forecasts that China will probably overtake the U.S. as the largest market for cards by 2020, with about 900 million, highlighting the potential target market. Citigroup's absurd valuation is reflective of the company basically declaring bankruptcy during a depression when all its assets are worth 50% of their listed value. Obviously this makes no sense for a company producing in excess of $10 billion of net income during a trough earnings environment, but I'm not complaining as it has allowed me to buy more for my clients, my family, and myself.

http://www.bloomberg.com/news/2012-08-21/citigroup-issues-sole-brand-china-credit-card-as-rules-ease-1-.html

Disclosure: I am long C.