The rescue comes with limitations for Citi: it will have to comply with "enhanced" executive compensation restrictions, according to a joint statement from the FDIC, Federal Reserve Board and Treasury, and it will implement the FDIC's mortgage modification program.
Along with the FDIC, the draft is the work of staffers at the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission.
It conspired with the Financial Accounting Standards Board (FASB) to implement mark to market accounting despite objections from the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve and the Treasury, which said it was wrongheaded and would lead to severe credit contractions.