Government Selling Citigroup Inc C Stock Stake Shortly

After Citigroup Inc (NYSE:C) stock spiked above $4.40 in pre market trading today, shares reversed lower as the Treasury has come out with a plan to dump It's common equity stake. Shares of Citigroup Inc (C) are currently trading at $4.18 on this news.

Here is what we know!

The Government holds about 7.7 billion shares worth of Citigroup Inc stock which it plans to start selling sometime after Citigroup's earnings release on April 17, 2010. Based on Citigroup's current stock price, the Treasury would come out with a $7-8 billion profit for U.S Taxpayers.

Treasury will sell in small portions throughout the remainder of 2010 near the market price per particular day. This stock sale does not include the preferred stock or the stock warrants the Government holds.


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