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12/04/2020

Liberty Pulse

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U.S. take if it sells its Citi stake to settle cost of bailout: $8 billion

1 min read

U.S. take if it sells its Citi stake to settle cost of bailout: $8 billion

Among the banks that rule Wall Street, Citigroup got a bailout that was bigger than the rest. Now the company is about to pay a king’s ransom for its federal rescue.

The Obama administration is making final preparations to sell its stake in the New York bank, according to industry and federal sources. At today’s prices, the sale would net more than $8 billion, by far the largest profit returned from any firm that accepted bailout funds, and the transaction would be the second-largest stock sale in history….

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