Summary Box: Treasury gets $10.5B from Citigroup stock sales
By APThursday, July 1, 2010
Summary Box: Govt raises $10.5B from Citi sales
BIG PICTURE: The Treasury Department has raised $10.5 billion from the sale of a total of 2.6 billion shares of Citigroup stock it received as part of the government’s rescue of the bank.
MAKING MONEY ON THE BAILOUT: The latest 1.1 billion shares were sold for an average price of about $4.03 a share, Treasury said. That would represent a profit from the $3.25 price Treasury paid to obtain the shares.
MORE TO COME: The government still owns 5.1 billion shares of Citigroup stock and expects to continue selling shares at a future date.
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