The Treasury department announced last night that it has offloaded its remaining stake in humbled megabank Citigroup, freeing the troubled firm and the troubled taxpayer from one another’s grasp.
In fulfillment of a previously announced plan to sell off 2.4 billion Citi shares, the government said it raised $10.5 billion on the sale. The conclusion of the government’s foray into Citigroup’s shareholder class means Treasury has booked a profit of $12 billion on its $45 billion emergency investment, the government said.
And here’s what Citi had to say about the whole thing, per the Los Angeles Times:
The bank said in a statement Monday that it was “very appreciative of the support provided by the U.S. Treasury during the financial crisis.”
No, thank you Citigroup, for all you’ve done for us.
mtaylor [at] observer.com | @mbrookstaylor