Think back, even to late spring and early summer, when every day the biggest volume gainers were the Citigroups (C), CITs (CIT), Fannie Maes (FNM) and Freddie Macs (FRE), little dollar stocks that dominated all trading.

The reorganization of CIT is leaving nothing for common stock shareholders -- at least in the versions I am seeing kicked around.

Think back, even to late spring and early summer, when every day the biggest volume gainers were the Citigroups (C), CITs (CIT), Fannie Maes (FNM) and Freddie Macs (FRE), little dollar stocks that dominated all trading.

Now we are seeing it in spades. Last week we saw some thorough bank research making it clear that there will be nothing left for common stock shareholders when Fannie and Freddie get reorganized.

A second wave of buying centered on the small regionals, such as Regions Financial (RF), Huntington Bancshares (HBAN) and Fifth Third (FITB), created flare-ups, like vicious sunspots, on an almost spontaneous basis.

A second wave of buying centered on the small regionals, such as Regions Financial (RF), Huntington Bancshares (HBAN) and Fifth Third (FITB), created flare-ups, like vicious sunspots, on an almost spontaneous basis.

I have been sticking by my 12 in 2012 forecast for Citigroup. I think that Huntington Bancshares can work its way higher. But the days when sheer hope or greater fool theory powers Fannie, Freddie or CIT at last seem over.

American International Group (AIG) -- until the fated day when I floated the notion of an equity offering that, of course, the company should be doing -- showed up on the list every single day!