UNDER different circumstances, there would be few supporters of an American government rescue for Citigroup. If things were different, the Bush administration, famously pro-private enterprise, would not have agreed to a multibillion-dollar bailout. For surely, an institution that used to profit handsomely from the market should be subject to the judgment of the market. But then, if the situation were different, Citigroup would not be in the trouble it is in. In the circumstances, there was no option but to save the bank.

Lessons were learnt with Lehman Brothers, which was allowed to fail because it was deemed not among those too big to let go. But allowing it to fail led to consequences that could not have been imagined. Now, to let Citigroup go down could result in repercussions that dwarf even those arising from Lehman's collapse. Citigroup truly is too big to fail. Its collapse would lead to a chain reaction of tumbling markets around the world.

The problem - and this bears repeating - is that there are other American banks in the same pickle. It is not unlikely that they will now seek equal treatment from the federal government. Moreover, with its government backing, Citigroup might get better terms on credit in the marketplace. This would put it at an advantage, when the entire industry is in the same dismal position.

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