We blogged last week that Citi was going to issue an 8-K with some restrictions on executive compensation, and that document was filed on New Year’s Eve. We knew going in that Bandit and Company were giving up their bonuses, and probably expected clawback provisions and the elimination of golden parachutes.

As FTAlphaville notes, there are some interesting tidbits in the fine print, too:

“The US government has seized control of Citigroup’s staff Christmas party budget and set tight restrictions on the use of its corporate jet.”

Seriously. They have.

On the list of things that cannot be done without “prior written consent of the Investor” (read: the US govt), the restrictions include the following, with private jets and holiday parties being the most notable:

(A) the hosting, sponsorship or other payment for conferences and events, (B) the use of corporate aircraft, (C) travel accommodations and expenditures, (D) consulting arrangements with outside service providers, (E) any new lease or acquisition of real estate, (F) expenses relating to office or facility renovations or relocations and (G) expenses relating to entertainment or holiday parties; and (iv) provide for (x) internal reporting and oversight and (y) mechanisms for addressing non-compliance with the Expense Policy.

Does A, the restriction on event sponsorship, mean that perhaps next year we’ll all be watching the 2010 Rose Bowl Presented By Nobody In Particular, or does that apply merely to tradeshows and other banalities? There is, natch, no telling whether or not these restrictions are in name only and that anything Citi wants to do will be rubber-stamped, but the thought of the Bandit having to be all “Mother, May I” to Paulson, or Geithner, or whomever for permission to use Citi’s plane is a good one nonetheless.

(Aside: Wonder if this would have been approved. h/t to Caroline B)