Treasury Planning Citigroup Stake Sale: Report

Thursday, 25 Mar 2010 07:16 AM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
The U.S. Treasury could unveil a preset trading plan next month for the sale of its 27 percent stake in Citigroup Inc., Bloomberg said on Thursday, citing people with direct knowledge of the matter.

The Treasury plan will lock the government into a schedule for selling its shares with the aim of eliminating any concerns that the sales are based on non-public information, Bloomberg said.

The Treasury would issue instructions on how many shares to sell and at what price, it said.

Citigroup has posted more than $100 billion of writedowns and credit losses since late 2007 and the bank's shares have lost 90 percent of their value since late 2006, with the bank requiring three different government rescues in 2008 and 2009.

The U.S. Treasury and Citigroup could not be immediately reached for comment by Reuters outside regular U.S. business hours.

© 2014 Thomson/Reuters. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Medicare Extends Priority Appeals Process for Seniors

Monday, 22 Dec 2014 07:41 AM

The federal office responsible for appeals for Medicare coverage says that it will extend the policy that gives priority . . .

Another Hacker Group Warns Sony: Release 'Interview' or Else

Monday, 22 Dec 2014 07:24 AM

Competing pressures from different groups of hackers are being brought to bear on Sony Pictures over the decision not to . . .

GOP Weighs Big Changes at Congressional Budget Office

Monday, 22 Dec 2014 07:06 AM

When Republicans take full control of Congress on Jan. 6, they will face decisions on major changes at the Congressional . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved