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Treasury Set to Sell Citigroup Shares, Could Net Significant Profit
By David Sessions - Politics DailyThe Treasury Department said Monday that it would begin selling the 7.7 billion shares of Citibank it obtained in exchange for giving the bank $25 billion in 2008, the Associated Press reports. The government is working to shed the investments it made in American banks and corporations under the Toxic Asset Relief Program, or TARP. Selling its holdings of Citi stock could net the U.S. a significant profit. Citi, one of the hardest hit banks during the 2008 financial crisis, received $45 billion in bailout money, $25 million of which was converted to the stake the government is now preparing ...
Treasury Quickly Halts Plan to Sell Citigroup Stock
By David Sessions - Politics DailyThe U.S. government abruptly halted its plan to begin selling its 34 percent stake in Citigroup after investors demanded a price so low that the Treasury Department would have lost money on the deal, the Wall Street Journal reports. The decision comes an embarrassing two days after the department arranged major tax breaks with the IRS in order to broker a deal to help Citi repay its $20 billion in bailout money. The government's shares in Citigroup got a lukewarm response on Wall Street this week, where investors were wary of earnings prospects and had already spent heavily on shares from ...
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