Once mighty Citigroup trades below $1

Just after 11.35 AM today, Citigroup (C) traded below $1. Its market cap is now only $5.3 billion. In June 2007, the stock was close to $54.

Citi became the latest of the iconic American financial companies to become a penny stock. AIG (AIG), Fannie Mae (FNM), Freddie Mac (FRE), and MBIA (MBI) have all traded for under $1 for months.