Looks Like TARP and The Bank Bailouts Are Working

[TCLGirls]

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.

http://abcnews.go.com/Business/wireS...&tqkw=&tqshow=

Thanks Obama and Bush

[Tempest]

$12b gross profit? Wonder how much that works out to net.

[PornoMonster]

"we had an opportunity to lock in substantial profits for the taxpayer"
Will I get a CHECK, or even a Tax Credit for my portion of the "profits"
NOPE
just goes back into the spending pot for the gov.

I don't want to hear, "keeps from raising taxes"

[Kiopa_Matt]

Originally Posted by PornoMonster

"we had an opportunity to lock in substantial profits for the taxpayer"
Will I get a CHECK, or even a Tax Credit for my portion of the "profits"
NOPE
just goes back into the spending pot for the gov.

I don't want to hear, "keeps from raising taxes"

Did you have to cut a check to Uncle Sam in order to make TARP happen? Nope.

[bl4h]

12 billion was so worth all that !

[Paul&John]

The Treasury said its estimate of a cumulative $12 billion profit from the $45 billion bailout includes gains from the sale of common stock of around $6.85 billion, interest and dividends of $2.9 billion and $2.2 billion in Trust Preferred Securities it received for guarantees on a pool of Citigroup assets.

Nice profit

[NickB.]

good stuff

[PornoMonster]

Originally Posted by Kiopa_Matt

Did you have to cut a check to Uncle Sam in order to make TARP happen? Nope.

You serious?
They TAKE it out of my check.

Uncle Sam has a credit card that the tax payers have to pay for. Kind of like a bad relationship, lol.

[PornMD]

That profit is the taxpayers' profit like my dick is 5 miles long. The government will spend more vs. give it back to the taxpayers (not that that's all that much per person anyways).

[u-Bob]

Originally Posted by Kiopa_Matt

Did you have to cut a check to Uncle Sam in order to make TARP happen? Nope.

No, Uncle Sam just took out a loan and by doing so created money out of thin air and devaluated the money already in existence. Uncle Sam will also be paying back that loan (with interest) with your tax dollars....

So you didn't have to cut a check, you're already paying for it (twice).

[GregE]

Originally Posted by TCLGirls

http://abcnews.go.com/Business/wireS...&tqkw=&tqshow=

Thanks Obama and Bush

Whatever.

The economy is still in the toilet and it doesn't look to be getting out of there any time soon.

Next.

[charlie g]

This is great news!!!!!! This is why Amerika is the greatest country ever in the history of the universe! Extremely bright blokes those Amerikan politicos! Kudos on another job well done!