Government To Buy Less Than Desirable Citi Assets, White House Back On The Sauce?

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You have no idea how "fluid" this god damn situation is. Charlie Gasparino now reports:

The government is looking to buy substantial amount of assets from Citi like a good bank, bad bank structure. The government will absorb much of the losses for Citi if there are losses and Citi would issue preferred stock to the government.
The Feds could buy more than $100 billion in the bad assets if the plans go through. But that doesn't mean it will pay Citi $100 million [sic ?]. The deal is not finalized but could be announced tonight.

Meanwhile, according to Reuters, White House spokeswoman Dana Perino hasn't heard anything about any talks between C and the federal government. Perhaps they're on a need to know basis.
Also! Gird your loins, because CNBC is airing a special variety hour tonight called "CNBC Reports: Saving Citi," anchored by Steve Liesman, Charlie Gasparino, and Michelle Caruso-Cabrera from 8-9, with possible extended programming in the event of breaking news. Jimmy Cayne is expected to avail himself for a satellite interview.
Update: The Journalhas heard basically the same thing as Chaz. The paper also cautions that the situation is fluid, which has got to be some sort of copyright infringement.

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