Treasury Department Selling Off Citigroup Shares
Dec 6th 2010 8:00PM
Updated Dec 6th 2010 8:40PM
The U.S. Treasury Department said Monday it is selling its remaining shares of Citigroup (C), a move that will mark the end of one of the U.S. government's largest bank bailouts.
The Treasury, which originally held about 7.7 billion common shares of Citigroup in July 2009, already has sold approximately 5.3 billion of those shares. The department says the completion of its latest offering -- made up of the remaining 2.4 billion shares -- will depend on whether or not it receives an "acceptable price" for the stock.
Citigroup shares closed unchanged Monday at $4.45, making the Treasury's 2.4 billion shares worth approximately $10.7 billion.
Last year, the bank received a roughly $45 billion taxpayer-funded bailout. The company converted $25 billion into stock and paid back the other $20 billion late last year.