Treasury Planning Citigroup Stake Sale: Report

Thursday, 25 Mar 2010 07:16 AM

 

Share:
  Comment  |
   Contact Us  |
  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.

Share:
  Comment  |
   Contact Us  |
  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.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Report: Official Autopsy Supports Officer in Ferguson Shooting

Wednesday, 22 Oct 2014 12:10 PM

Slain Ferguson teen Michael Brown was shot in the hand at close range, an official county autopsy report obtained by the . . .

Takata Air Bag Recall Affects 7.8M Vehicles

Thursday, 23 Oct 2014 08:15 AM

The U.S. government is now urging owners of nearly 8 million cars and trucks to have the air bags repaired because of po . . .

Rep. Camp Accuses White House of Stonewalling in IRS Scandal

Thursday, 23 Oct 2014 08:07 AM

House Ways and Means Chairman Dave Camp has accused the Obama administration of blocking his committee from grilling a k . . .

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