Citigroup’s story is one of continuing bailouts and handouts. Six years after the bailout that saved the firm from ruin, Citigroup is still benefitting from taxpayer largesse. The firm, which tallied more than $6 billion in U.S. pre-tax profits last year, nevertheless obtained a $260 million tax refund from the IRS.

This refund is at least partly the result of a special IRS tax waiver the bank received. Companies undergoing significant changes in ownership normally have to forfeit tax benefits associated with past losses, a rule designed to prevent profitable companies from buying up unprofitable ones for tax avoidance purposes. Under this tax code rule, Citigroup should have been required to give up its “deferred tax assets” in 2009 when federal officials sold the government’s one-third bailout ownership stake in the banking behemoth. But Citigroup lobbied hard and won a special exemption. Accounting experts estimate the long-term value of the waiver at several billion dollars.

Michael Corbat, who took over the CEO reins in 2012, made $17.6 million in compensation last year. He has spent his entire career at Citigroup, the “too-big-too-fail” bank that gleaned more in bailout funds than any other after the 2008 crash, hauling in nearly half a trillion dollars in TARP, FDIC, and Fed liquidity assistance.