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Gov’t to Sell Last of Citi Stock

Bank received one of the largest rescues.

cheats/2010/12/06/govrsquot-to-sell-last-of-citi-stock/citibank_akwpo9

Brian Zak, Sipa Press / AP Photo

Closing a chapter on one of the most dramatic rescues of the financial crisis, the Treasury announced plans Monday to sell its remaining shares of Citigroup common stock, divesting the government from the once-troubled bank. Citigroup was the beneficiary of $45 billion in taxpayer dollars—one of the largest bank rescues ever. The bank repaid $20 billion in 2009, and $25 billion of its debt was converted into stock. The government has already sold off 5.3 billion shares of Citigroup stock, and the last 2.4 billion will stay on the market until the Treasury determines it has received a fair price.

Read it at the Associated Press

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