NEW YORK (AP) - The Treasury Department says it will begin
selling the stake it owns in Citigroup.
The government received 7.7 billion shares of Citigroup Inc. in
exchange for $25 billion it gave the bank during the 2008 credit
crisis. It says Monday it will sell the shares over the course of
this year, depending on market conditions.
Citi was one of the hardest hit banks during the credit crisis
and recession. It received a total of $45 billion in bailout money.
Citi repaid the other $20 billion it owed the Treasury in December.
The Treasury says Morgan Stanley will handle the sale of the
shares..
Citi is up 8 cents at $4.39 in premarket trading.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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