Citigroup: 4 Bailout Questions - The Ticker (usnews.com)

Citigroup: 4 Bailout Questions - The Ticker (usnews.com): "The government's decision to prop up Citigroup opens a new chapter in the ongoing financial crisis. This latest rescue, larger by far than the bailouts of Bear Stearns or American International Group, sets the newest precedent for how far the government will go in its continuing efforts to keep the financial sector afloat.

The basics:
Citi is on the hook for the first $29 billion in losses. After that, the dominos fall like this: The Treasury will be responsible for 90 percent of the next $5 billion in losses. Then, the FDIC will handle 90 percent of the next $10 billion. Lastly, the Fed takes 90 percent of losses beyond that."