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The government said late Monday it had reached a deal to sell its remaining holdings of Citigroup common stock and will end up turning a profit of $12 billion on its bailout of the giant bank.
The Treasury Department said that a final offering of about 2.4 billion shares of Citigroup Inc. common stock had been priced at $4.35 per share. With the proceeds of the sale, the government will have realized $57 billion on its bailout package for the big bank.
Citigroup received $45 billion in taxpayer support late in 2008 in one of the largest bank rescues as the government struggled to contain the worst financial crisis to hit the country since the 1930s.
The bailout of Citigroup and other large banks was begun under the Republican administration of George W. Bush but turned into a major political liability for President Obama in last month's congressional elections.
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You're reading US will turn a profit of $12 billion on bailout of the bank Citigroup. But bailouts are bad right? Bush bailouts good Obama's bad right?
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