Citigroup is under attack. The stock is being battered, and the company is blaming the shorts. As market commentators worry about how long the banking giant can hold out, chief executive Vikram Pandit insists that Citigroup will not change and won’t sell itself.

For anyone who has watched the markets with horror this year-and that's pretty much everyone-the parallels to Lehman Brothers Brothers and Bear Stearns seem obvious. Barclays Capital banking analyst Freeman points out that other firms whose stock prices fell so steeply fell into a downward spiral that included "deposit outflows, funding difficulties, reduced business activity, counterparty concerns, wider [credit-default swap spreads], agency downgrades, and additional collateral requirements."