Citigroup (C) has a credit card business worth $60B by itself, yet the entire bank is valued at...

|About: Citigroup Inc. (C)|By:, SA News Editor

Citigroup (C) has a credit card business worth $60B by itself, yet the entire bank is valued at $97B, says former Morgan Stanley CEO Phil Purcell (who spun off Discover during his reign), again making the case for breaking up the big banks. If banks are going to trade at half of book, but have business lines that would fetch 2-3X book, it's a no-brainer. "The shareholder is getting cheated."