Treasury Files to Unload Citi Stake (C)

Banking, finance, and taxes

Published: December 6, 2010 4:27 pm

Last Updated: April 28, 2020 8:44 am

An SEC filing right after the close of trading on Monday is showing that the Treasury is set to unload shares of Citigroup, Inc. (NYSE: C). The filing did not disclose how much is being sold exactly but the filing shows that the shares held after the offering will be “0 Shares.” If that is the case, then the entire 2.4 billion shares of Citi stock still held by the government will be in the hands of the public.

The filing noted, “The United States Department of the Treasury is selling ___ shares of Citigroup common stock, par value $0.01 per share. Citigroup will not receive any proceeds from the sale of shares of Common Stock by the Selling Stockholder.”

While this will dump another 2.4 billion shares on the market, this also gets Uncle Sam out of Vikram Pandit’s office and the firm can continue on its path to sell assets and to focus on the core Citigroup.

Citi shares closed flat at $4.45 today and the after-hours activity shows that shares are trading around $4.44.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Credit Card Companies Are Doing Something Nuts

Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.

It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.

We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.