8 billion buckeroos that is a tidy profit. And in premarket trading C is still going up.March 29 (Bloomberg) -- The U.S. Treasury Department plans to sell the government’s 27 percent stake in Citigroup Inc. this year, bringing the bank one step closer to leaving the government’s bailout program.
“Treasury intends to sell its Citigroup common shares into the market through various means in an orderly and measured fashion,” the Treasury said in a statement in Washington today. “The manner, amount and timing of the sales under the plan is dependent upon a number of factors.”
Based on the closing share price of $4.31 on March 26, the Treasury’s stake has a market value of $33.2 billion, or a paper profit of $8.2 billion. Morgan Stanley is advising the Treasury on the sale, the department said. The disposition will be “subject to market conditions” and spread out “over the course of 2010,” the department said.
U.S. Treasury Plans to Sell Citigroup Stake in 2010 (Update1) - BusinessWeek