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Bailouts

U.S. to Sell Its Citigroup Shares

Will earn about $7 billion profit.

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Mark Lennihan / AP Photo

After a long and rocky relationship, the U.S. government and Citigroup will soon be going their separate ways. The Treasury announced Monday that it will sell its 7.7 billion shares of Citigroup stock this year. Those shares constitute 27 percent of the bank’s total shares and, if they remain near their current price, taxpayers will make about $7 billion profit off the sale. The size and timing of the sale is still being worked out—it’s expected that instead of dumping them all on to the market at once, a “trickle” of shares will enter the market each day.

Read it at Reuters

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