Tuesday, March 30, 2010

U.S. to sell entire stake in Citigroup in 2010 - Treasury may net more than $7 billion in profit after bailing out bank

WASHINGTON - Bank bailouts are turning out to be great business for the government. Unfortunately for taxpayers, other federal rescues will almost certainly wind up in the red.

The Treasury Department said Monday it will begin selling its stake in Citigroup Inc. at a potential profit of about $7.5 billion — not a bad haul for an 18-month investment.

The move is a major step in the government's effort to unravel investments it made in banks under the $700 billion Troubled Asset Relief Program at the height of the financial crisis..............

No comments: