Next…! Today’s bailout billions goes to Citigroup. Sponsored by you, the taxpayers, who get to foot the bill for the incompetents who created the damage. Oh, and don’t forget, these same incompetents who ran the company into the ground will continue to be in charge after getting untold billions of government money.

It is said the money will be around $20 billion this time, but so far we are still uncertain on the extent of this Citi bailout.

What is being talked about is that Citi will have a list of $300 billion in troubled assets that will remain on their books. Of those assets, the first $40 billion in losses go to Citi. After that, the next $5 billion go to the Treasury, the next $10 billion go to the FDIC, and ALL losses after that go to the Government.

The language in the soon to be reached agreement also stipulates that NO management changes will be made and that some compensation limits will be included, but no mention of any details on that. I wonder why?

So there you have it, the Citigroup bailout in a nutshell that we get to help fund. Is there an end to this madness in sight? There certainly doesn’t appear to be one.

Stay tuned for tomorrows newest edition of bailout roulette.