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Citigroup Inc. Message Board

  • mashiach@verizon.net mashiach Dec 7, 2010 4:08 AM Flag

    Ho Boy SHORTS...RUN FOR YOUR LIFE

    U.S. Ends Citigroup Investment With $10.5 Billion Stake Sale
    By Bradley Keoun and Donal Griffin - Dec 7, 2010 3:48 AM ET

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    The sale helps Citigroup, recipient of a $45 billion taxpayer-funded bailout in 2008, exit the rescue, which was provided to keep the New York-based bank from collapsing as its stock sank below $5 and some depositors started withdrawing their money. Photographer: Jonathan Fickies/Bloomberg

    The U.S. Treasury Department sold its remaining stock in Citigroup Inc. for $10.5 billion, bringing the country’s third-biggest bank a step closer to independence from the government following a $45 billion bailout in 2008.

    The Treasury said it disposed of 2.4 billion shares at $4.35 each, compared with yesterday’s closing price of $4.45 on the New York Stock Exchange. The sale raises the profit for taxpayers on the government’s stake to about $6.85 billion.

    The sale helps Citigroup exit the 2008 bailout, which was provided to keep the New York-based bank from collapsing as its stock sank below $5 and some depositors started withdrawing their money. Citigroup also had to get $301 billion of government guarantees on its riskiest assets, making the bailout the biggest among U.S. banks.


    IF I WOULD TAKE A RISK & PAY $4.35 FOR 10.5 BILLIONS SHARES I WOULD MAKE SURE AFTER SPENDING THIS KIND OF MONEY THAT MY INVESTMENT IT'S SAFE....

    SEE YOU AT $5 IN NO TIME

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