Citi Down 4% On Top- And Bottom-Line Miss

While Citi's stock is getting hammered in the pre-market for missing both top- and bottom-lines, three things stand out to us at first glance. First, legal costs were well above expectations; second, they reduced their exposure to GIIPS  during Q4 - just when the rip-roaring rally in Europe really took off; and third, and more importantly, Citi did not take a huge loan loss reserve drawdown like every other bank. *CITIGROUP 4Q REV. $18.66B, EST. $18.92B                  :C US *CITIGROUP 4Q ADJ. EPS 69C WITH/WITHOUT ITEMS MISSES EST. 96C *CITI 4Q GIIPS NET CURRENT FUNDED EXPOSURE $8.9B VS 3Q $9.5B *CITIGROUP 4Q LOAN LOSS RESERVE RELEASE $86M VS $1.5B PRIOR YR The question is, why would Citi not take advantage of the investing public's ignorance like every other bank and release more from loan-loss...