Well here's news that will piss of the right.. only because it helps the economy, which in turn, helps President Obama's chances of re-election. YAY!!!
http://news.yahoo.com/s/ap/20101207/ap_on_bi_ge/us_citigroup_stock_sale"By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – Tue Dec 7, 1:47 am ET
WASHINGTON – After all is said and done, taxpayers will make a $12 billion profit on the government's $45 billion bailout of Citigroup.
The Treasury Department said late Monday that it had struck a deal to sell its remaining holdings in Citigroup common stock, about 2.4 billion shares. With the proceeds of the sale, priced at $4.35 a share, the government will have realized $57 billion on its bailout package for the big bank.
"By selling all the remaining Citigroup shares today, we had an opportunity to lock in substantial profits for the taxpayer and avoid future risk," said Tim Massad, the Treasury official who heads up the bailout program.
Citigroup received $45 billion in taxpayer support late in 2008 in one of the largest bailouts undertaken by the government as it struggled to contain the worst financial crisis to hit the country since the 1930s.
The bailout of Citigroup and other large banks was begun under the Republican administration of George W. Bush but turned into a major political liability for President Barack Obama in last month's congressional elections.
Republicans took control of the House and gained six seats in the Senate by capitalizing on voter anger over the bailouts and soaring federal budget deficits.
The administration has insisted that the bailouts were needed to prevent an even deeper recession. They said the cost of the bailouts has been falling as Citigroup and other rescued institutions pay back their government loans.
The latest estimate from the Congressional Budget Office in late November was that the $700 billion Troubled Asset Relief Program would end up costing the government $25 billion, down from an August CBO estimate of $66 billion."
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
