For the past week, an outraged Citigroup board of directors has been asking: “Why is the Fed picking on us?”

They might well protest: "We are no longer the overly aggressive, run-amok bank we were in the past. We've totally changed our board, replaced our CEO twice, shrunk our balance sheet by 20% by selling off $700 billion of non-core assets (including a large, well-loved brokerage business), laid off 50,000 employees, reduced leverage from 18.5 times equity at its peak in 2007 to 10 times today, increased deposits as a percentage of assets from 38% to 51%, and restored $13.7 billion of profits. No other major US bank has restructured itself since the crisis as much as we have."