Who is ready for a second round of bonus outrage (dare I call it a "bonus" round)? This time it is Fannie Mae (NYSE: FNM) that has awarded retention bonuses to four of its top executives -- let's see how mad everyone gets about this one.

The mortgage company told the SEC in a recent filing that it is going to award bonuses between $470,000 to $611,000 to four of its top executives. As is the nature of a bonus, this payment is on top of the executives' already-hefty base pay.

In trying to be all things financial to all people, Citigroup Inc. (NYSE: C) lost track of what it was, a successful bank. Now, the word success is a term that can only be used in a mocking fashion as corporate leadership allowed the company to be marginalized, with the stock sinking 97% in a two year period (chart below).

The popular television show American Idol, is in its eighth season, but before they even narrow down the list of hopefuls to the 12 finalists Citigroup has already picked out its idol -- that would be Uncle Sam!

The Economist reports that the Federal Reserve is now doing something that it has done during the Great Depression and in the 1960s -- put its own capital at risk to keep the banking system from collapsing. The Bear Stearns Companies (NYSE: BSC) saw its stock lose 47% of its value today because no other banks will do business with it.

The Fed is creating the illusion that it is not bailing out Bear Stearns by using JPMorgan Chase & Company (NYSE: JPM) as the conduit through which its bailout will flow. JPMorgan will assume the Bear Stearns collateral and will forward the Fed's capital to Bear Stearns -- but this will only last for 28 days. Here's one way that the Fed is putting itself at risk -- if Bear Stearns' collateral declines in value, the Fed -- not JPMorgan -- will take the hit.

This move is not the first one that puts the Fed at risk. Earlier in the week, the Fed put $200 billion on the line and agreed to take Mortgage Backed Securities (MBSs) as collateral for those 28 day loans. Once again, the Fed is assuming the risk that the MBSs will retain sufficient value to protect the Fed's loan. But many questions remain: