In a bid to wriggle free from the government, on Monday Citigroup laid out a plan to repay the TARP Money.

That plan includes a $20 billion secondary, which will significantly dilute current shareholders' stake in the company. Citi only has to pay back $20 billion because the remaining $25 billion was converted into a 34 percent ownership stake in the bank earlier this year.

The government plans to sell that entire stake — which has risen in value by more than 20 percent — during the next year at a profit of $14 billion.

Citigroup has long been seen as one of the weakest of the large financial institutions to receive bailout money, and by approving the repayment, the government is saying Citi is on strong enough financial footing to stand on its own.

Considering a number of other banks remain under TARP, what’s the trade?

Still Under the TARP

               What They Still Owe            
WELLS FARGO           $25B                            
PNC                         $7.5B                          
FIFTH THIRD             $3.4B                         
KEYCORP                  $2.5B                         
SUNTRUST               $4.9B                         
REGIONS FINANCIAL   $3.5B       
Source: FBR

At the end of the day, I expect to see a lot more write downs industry-wide, says Josh Rosner of Graham Fisher. Right now bank stocks are trading stocks and that’s all they are.

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Trader disclosure: On December 14th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Pete Najarian Owns (AAPL) Calls; Pete Najarian Owns (DELL) Calls; Pete Najarian Owns (RIMM) Call Time Spread; Pete Najarian Owns (UUP) Call Spread; Pete Najarian Owns (CLF), Is Short (CLF) Calls

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