The U.S. Treasury Department plans to sell the government’s 27 percent stake in Citigroup Inc. this year in what could become the biggest profit for the bank bailout program.The Treasury will dispose of its 7.7 billion common shares of New York-based Citigroup over the course of 2010 using a “pre-arranged written trading plan,” the agency said today in a statement. The Treasury’s stake -- the biggest of any common shareholder -- had a market value of $33.2 billion as of last week’s closing price, for a paper profit of $8.2 billion.
The sale would finish the recovery of $45 billion given to Citigroup from the Troubled Asset Relief Program and bring the Treasury closer to President Barack Obama’s goal of recouping “every single dime” of taxpayer money put into the bank rescue fund
See U.S. Treasury Plans to Sell Citigroup Stake in 2010 by Bloomberg, March 29, 2010.
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