Treasury May Begin Selling Citigroup Shares Today, Filing Shows |
| BusinessWeek - Apr 26, 2010 |
The U.S. Treasury Department may start selling its 7.7 billion Citigroup Inc. shares as soon as today, in the biggest step since December to wean the bailed-out bank off government support.
The Treasury has initially granted underwriter Morgan Stanley authorization to sell 1.5 billion of the shares, New York-based Citigroup said today in a registration statement filed with securities regulators. The filing allows Treasury to begin selling immediately, said two people with knowledge of the matter, who declined to be identified because they weren’t authorized to comment beyond the public statements.
Citigroup had to get a $45 billion bailout in late 2008 when it almost collapsed. Chief Executive Vikram Pandit has taken steps to end the bank’s use of government support, while President Barack Obama says he wants to recoup “every single dime” of taxpayer money from the $700 billion Troubled Asset Relief Program used to provide bailout funds.
Read Full Article from BusinessWeek
- Posted: 2010-04-26 12:20:59
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