Bad news was good news as earning season opened across Wall Street this week. But not for Citigroup. Despite having logged $32 billion in mortgage-related writedowns since the credit crisis erupted last fall, and raising $34 billion of new capital from investors and divestitures since then, Citigroup continues to have massive exposures to the toxic assets that could continue to cause it problems. And it faces the probability of significantly deteriorating consumer credit quality through this year. Credit costs totaled $6 billion in the first quarter, including $3.8 billion in losses. The bank reported weakness in the quality of not just mortgages, but personal loans, credit card and auto loans and higher credit costs from consumer lending outside the U.S. The first quarter is a repudiation of the notion that a broadly diversified company can weather financial crises better than more focused companies.