Increasing Signs Of Stress At Citi?

A reader sends in this morsel from Citi, offering to take (and keep quiet about) a 47% loss on a Citi credit card account if only the user will pay before year's end. A few things occur to us on reading this letter:

1. If widespread, this would appear to be awfully desperate on Citi's part. Perhaps, combined with the massive spike in APR we've seen elsewhere, things are beginning to slip? Of course, this is mere speculation based on a single anecdotal case but it does make us very curious...

Zero Hedge: Increasing Signs Of Stress At Citi?