Tuesday, December 7, 2010

US Sells Its Stake In Citigroup - Recoups Investment

The U.S. Treasury can claim victory in its bailout of Citigroup with the huge "cleanup" trade completed Monday that took Treasury out of its remaining 2.4 billion shares at $4.35 a piece.
It was a well orchestrated deal that removed the overhang in Citi shares and gave the government an average of $4.15 for the 7.7 billion shares of Citi (NYSE:C - News) it began selling last spring.
Now, it's on to another reclamation project, AIG (American International Group) (NYSE:AIG - News).
Very soon, Treasury will convert all its preferred shares of AIG into common stock of the insurer, claiming almost 93 percent of the company's total shares.
Read more at finance.yahoo.com

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