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Treasury Dept. To Sell Citigroup Shares
By
Ben Yakas
Published Mar 29, 2010
Modified Mar 29, 2010
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By
Ben Yakas
Published Mar 29, 2010
Modified Mar 29, 2010
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Now that the NYC recession is almost over (your attitude determines your altitude!!!), the Treasury Dept. has announced plans to begin selling its 7.7 billion shares in Citigroup over the course of the next year. This marks a very positive turn for Citigroup, whose stock prices have been steadily increasing during the first three months of 2010.
In December 2007, Citi's share price was $34.77 a share; by the time the government bailed out the bank in 2008 as part of its Troubled Asset Relief Program, it paid $25 billion for the 7.7 billion shares, coming out to $3.25 a share. As recently as December, things still looked grim for Citibank: it had just lost $7.77 billion in the fourth quarter of 2009, and a share was worth $3.50 as of January 19.
Today, shares are worth $4.18, and the government projects to make around $7.5 billion back if that price holds. The government had originally planned to sell 20 percent of its stock late last year, but would have lost around $150 million.
Tagged
bailout
bank
citigroup
stock
tarp
Ben Yakas
Ben Yakas is a former Gothamist reporter.
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Gothamist is funded by sponsors and member donations
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