"could set the precedent for other multibillion-dollar financial rescues"

awesome!

Federal regulators were nearing approval of a radical plan to stabilize Citigroup on Sunday in which the government would soak up tens of billions of dollars in losses at the struggling bank, according to people briefed on the discussions.

The plan, which emerged after a harrowing week in the financial markets, would be the government’s third effort in three months to contain the deepening economic crisis. While the negotiations were in flux on Sunday night, the proposal, if applied to other banks, could set the precedent for other multibillion-dollar financial rescues.