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Treasury could reap 40% profit in sale of some Citigroup stock - USATODAY.com
WASHINGTON The Treasury Department said Monday that its first sales of Citigroup stock (C) will cover up to 1.5 billion shares.
That would amount to about 20% of the 7.7 billion shares of Citigroup common stock the government owns.
It received the shares as compensation for the financial support it extended to the bank during the height of the financial crisis.
In a statement Monday, Treasury said it plans to proceed with the sales of the Citigroup common stock "in an orderly fashion under a pre-arranged trading plan with Morgan Stanley, Treasury's sales agent."
Treasury did not disclose in its brief announcement exactly when the stock sales would begin or how long the sales would last.
Treasury said Morgan Stanley has authority to make the sales "under certain parameters" and Treasury expected to give the company the authority to sell additional shares after the initial 1.5 billion shares had been sold.
The sales should earn a tidy profit for the government, which bought the common stock in the summer of 2009 at $3.25 a share. Citigroup closed Friday at $4.86 a share.
There is no doubt that the government's actions saved the system from collapse.
Having said that, the government should wait until C gets back to $10. Bank stocks are still cheap. Why sell now when you can make a bigger profit later?
So when do recoup the Fannie and Freddie "investments" or the rest of the $65 Billion we gave to GM?
Who did the Fed loan $2 Trillion to off balance sheet?
So when do recoup the Fannie and Freddie "investments" or the rest of the $65 Billion we gave to GM?
Who did the Fed loan $2 Trillion to off balance sheet?
Anyone?
Bueller?
Anyone?
Where are all the wingnuts who would be posting thread after thread about how inept Obama is if Citigroup or GM had defaulted on the loans.
That is what the rightwing pundits predicted....that we were throwing money away
Where are all the wingnuts who would be posting thread after thread about how inept Obama is if Citigroup or GM had defaulted on the loans.
That is what the rightwing pundits predicted....that we were throwing money away
No they didn't. Quit lying. We knew and understood that TARP would be paid back....unlike your President's Stimulus.
So when do recoup the Fannie and Freddie "investments" or the rest of the $65 Billion we gave to GM?
Who did the Fed loan $2 Trillion to off balance sheet?
Anyone?
Bueller?
Anyone?
When are we getting back the $2.5 trillion Bush tax cut?
Or the $2 trillion we have spent on two wars?
Anyone?
Bueller?
Anyone?
At least we are seeing profit on our investments unlike the money we gave to Bush's friends
When are we getting back the $2.5 trillion Bush tax cut?
When are we getting back the $2.5 trillion Bush tax cut?
We would have gotten the $2.5T back via economic growth and increased employment, which Obama has now destroyed.
(Although I dispute that it is the government's "to get back".)
Gubmint doesn't "get back" what wasn't theirs to begin with, comrade.So when do recoup the Fannie and Freddie "investments" or the rest of the $65 Billion we gave to GM?
Who did the Fed loan $2 Trillion to off balance sheet?
Anyone?
Bueller?
Anyone?
When are we getting back the $2.5 trillion Bush tax cut?
Where are all the wingnuts who would be posting thread after thread about how inept Obama is if Citigroup or GM had defaulted on the loans.
That is what the rightwing pundits predicted....that we were throwing money away
No they didn't. Quit lying. We knew and understood that TARP would be paid back....unlike your President's Stimulus.
Gubmint doesn't "get back" what wasn't theirs to begin with, comrade.So when do recoup the Fannie and Freddie "investments" or the rest of the $65 Billion we gave to GM?
Who did the Fed loan $2 Trillion to off balance sheet?
Anyone?
Bueller?
Anyone?
When are we getting back the $2.5 trillion Bush tax cut?
BTW, what's your source for that $2.5 trillion number?
More economic Good News: US can make 40% profit off of Citigroup stock sales
When are we getting back the $2.5 trillion Bush tax cut?
We would have gotten the $2.5T back via economic growth and increased employment, which Obama has now destroyed.
(Although I dispute that it is the government's "to get back".)
More economic Good News: US can make 40% profit off of Citigroup stock sales
And the DOW dropped over 200 points today. Yippee!!!!!