I'm not really certain what happens here. Let's walk through it.
Last issue, Carol got a letter from her friends, describing how they worked together to defeat Grace Valentine. (Yay!) As a result, she got homesick (or her Spidey-Sense tingled, one or the other), so she had Lila Cheney return her to Earth to see her friends. (She's allegedly been gone the better part of a year, even though 12 issues in comic time is really just a few months. Whatevs. I have enough problems here.) However, instead of seeing her friends, she simply visits a comatose Tracy. (Kit doesn't appear to this issue, in a great example of pet peeve #2.) Grace Valentine is somehow no longer in prison and knew that Carol would be there, because she figured that Carol would've returned to Earth once she heard about Grace's misadventures. (Given that Carol and Grace have only confronted each other once, Grace knows a lot about Carol.) She and some woman named June apparently plan to steal Carol's powers, even though the whole reason that Grace hates Carol is that she didn't earn her powers in the same way that Grace earned her success. (If you can't beat 'em, join 'em, I guess.) They've kidnapped a mall Santa Claus (because Christmas!) to use as a guinea pig, but Carol refuses to go down without a fight. Mall Santa Claus helps free her from June's power-dampening cuffs, because he winds up being the real Santa Claus! (In the world of gods and mutants, it really shouldn't be that big of a stretch that the Marvel Universe has a Santa, to be honest.) But, Grace and June have apparently also stashed explosions at the Fed, just to be extra dastardly, I guess. (After all, we're not given any reason why they're upset with the monetary authorities. Do they want interest rates to get even lower to help with their Christmas bills?) Carol uses Santa's bag and collections all the explosions in time to save the Fed. Hurrah!
In other words, this issue felt like DeConnick had her intern write it. It's a really rare miss for her, but I guess everyone has to have one.
* (one of five stars)