Treasury says it will sell 7.7 billion shares in a ‘measured fashion’
WASHINGTON - The U.S. Treasury said on Monday it would sell the 7.7 billion Citigroup common shares it owns over the course of 2010 under a prearranged written trading plan.
The Treasury, which acquired a 27 percent stake in Citigroup during bailouts of the banking giant in 2008 and 2009, said it would sell the shares into the market "through various means in an orderly and measured fashion."
"Treasury intends to initiate its disposition of the common shares pursuant to a prearranged written trading plan. The manner, amount and timing of the sales under the plan is dependent upon a number of factors," the Treasury said in a statement.
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No, I abhor it.
ReplyDeleteWill this Monday morning announcement be GOOD or BAD for the value of Citi shares?
ReplyDeleteMore importantly, who knew the announcement would take place this morning?
Qui Bono?
If you're still "investing" in the stock market - then, you are crazy!