US Treasury Dumping Citigroup Shares, Says Sale Will Be Orderly

Banking, finance, and taxes

Published: July 1, 2010 9:04 am

The US Treasury, bound and determined to get bank every dime it loaned the banking industry during the credit crisis, will sell more Citigroup (NYSE: C) shares. The bank’s stock actually rose 1% on the news.

It “announced the sale of approximately 1.1 billion shares of Citigroup common stock pursuant to the completion of its second trading plan with Morgan Stanley as sales agent. To date, Treasury has sold a total of approximately 2.6 billion shares of Citigroup common stock at an average price per share of $4.03, and has received total gross proceeds of approximately $10.5 billion from the sale.”Treasury added that it “currently owns approximately 5.1 billion shares of Citigroup common stock and expects to continue selling its shares in the market in an orderly fashion once the blackout period set by Citigroup related to its second quarter earnings release ends.”

Douglas A. McIntyre

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