Citi will be run for the shareholders - but which ones?

Citigroup's (C) stock plunged today after announcing it reached a deal to boost the U.S. government's stake in the beleaguered bank to as much as 36 percent. But despite the agreement, CEO Vikram Pandit said during a conference call with analysts he will continue to "run Citi for the shareholders."

Of course he will. But the larger questions is, which shareholders will he run the bank for -- long-term Citigroup investors or the new government entities that now own the lion's share of the company?