Sheila Bair has more harsh words for Citigroup (NYSE: C), even after its recovery from the worst of the financial crisis.

The former Federal Deposit Insurance Corp. chairman blasted Citi in her new book, saying the third-largest bank "should have been led to the pillory" during the financial crisis instead of surviving with the help of government bailouts. Four years later, the third-largest bank is consistently profitable — but Bair isn't convinced.

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