12-06-2010, 11:52 PM
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Confirmed User
Industry Role:
Join Date: Feb 2010
Location: California
Posts: 3,068
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Looks Like TARP and The Bank Bailouts Are Working
Quote:
WASHINGTON (Reuters) - The U.S. government sold off its remaining shares in Citigroup Inc on Monday for $4.35 each, marking an exit from ownership in the bailed-out banking giant with a $12 billion gross profit for taxpayers.
The U.S. Treasury said it will take in $10.5 billion in sale proceeds from a public offering of 2.4 billion Citigroup shares, announced just hours earlier. The price is 10 cents below the $4.45 closing price on the New York Stock Exchange.
"By selling all the remaining Citigroup shares today, we had an opportunity to lock in substantial profits for the taxpayer and avoid future risk," said Tim Massad, Treasury acting assistant secretary for financial stability.
"With this transaction, we have advanced our goals of recovering TARP funds, protecting the taxpayer, and getting the government out of the business of owning stakes in private companies," Massad added in a statement.
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http://abcnews.go.com/Business/wireS...&tqkw=&tqshow=
Thanks Obama and Bush  |
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