Citigroup's board likely to be reelected in a landslide

Citigroup (C) shareholders vote today at their annual meeting and no one will be surprised when they reelect their entire board of directors. After all, they're running unopposed. That's right. Hard as it is to believe, given the dismal performance of the bank, which has lost 90 percent of its share value in a year and survives solely because it's taken about $50 billion in loans from the government.

That election victory could be short-lived, though. Sometime in May the Treasury Department will own 36 percent of the bank when its TARP loans are converted to common shares. The government will then be the biggest shareholder of Citigroup, at which point there is expected to be a major shake-up.