Its not good news for C, he basically unwound all but a token position. It's hard to overstate how important stories like this are.
Soros is a key pigman (jew bankster) that is well informed about what his fellow banksters have planned. Once all of these rats get properly positioned for the big preferred-share looting operation, C will be a zero. Think BSC, LEH, etc.
Stories like this account for some of the selling on this stock recently, but that's nothing compared to what is coming once all the rats have abandoned ship. When the time is right (soon) the pigmen will fabricate some story about why C is now insolvent and must be liquidated. The ironic part is that C has been insolvent for at least a couple of years and could have been taken down at any time convenient to the banksters.
UPDATE 1-Soros unwound huge bet on Citi in first quarter Mon May 17, 2010 6:07pm EDTStocks Citigroup Inc. C.N $3.86 -0.12-3.02%3:00pm EDT Select Sector SPDR Trust: Financial Select Sector SPDR Fund XLF.P $15.35 +0.01+0.07%3:00pm EDT JPMorgan Chase & Co JPM.N $39.84 -0.05-0.13%3:00pm EDT BOSTON, May 17 (Reuters) - Billionaire investor George Soros in the first quarter sold almost all of the 94.7 million shares of recovering financial services giant Citigroup (C.N), which he had acquired last year, according to a filing with the Securities and Exchange Commission.
As of March 31, 2010, New York-based Soros Fund Management LLC listed ownership of just 10,500 shares of Citi. On December 31, the firm reported owning 94.7 million shares worth $313 million. The stake had been the fifth-largest reported by Soros at year-end.
Shares of Citi plummeted from over $55 per share in 2007 to less than $2 in 2009. So far this year, the bank's shares have gained 17 percent to close on Monday at $3.86.
Soros also slashed a related bet in the Select SPDR Financial Sector Exchange-traded Fund (XLF.P), which tracks a broad index of top banks. His firm reported owning 6.5 million shares of the ETF at the end of March down from 12 million shares three months earlier.
By contrast, Soros added shares of JPMorgan Chase & Co (JPM.N), one of Citi's top competitors. Soros held 2.6 million shares of JPMorgan worth $114.9 million on March 31, up from 111,900 shares worth $4.7 million three months earlier.
The filings show that Soros continued to hold a large stake in gold. His firm held a total of 5.6 million shares of the SPDR Gold Trust (GLD.P) worth almost $607 million at the end of the quarter. Soros owned 6.2 million shares of the gold exchange-traded fund worth $663 million at the end of 2009.
Money managers like Soros are required to file form 13-F within 45 days after the end of each quarter. The forms include only U.S.-listed equity securities and related derivatives. Bonds, other securities and short positions are typically not disclosed.
Managers may also leave off U.S.-listed equities they own under certain circumstances or file some holdings on confidential filings.