Guests: Vad Yazvinski and Mish Shedlock talk about all that is wrong with our banking system. Bailouts and bustouts, preferences and preferreds. It is a horrific mess. We review Buffett's annual letter as well as the reasons behind why the U.S. is keeping Citibank (C) alive. Related posts: TDI Podcast 96: Faber on Bernanke - CLOWN! TDI Episode 80: Predicting another 40% DOWN TDI Episode 60: China is a Giant Pac-Man!