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01-14-2011, 04:54 PM #1
Treasury announces plans to sell Citigroup stock warrants
Treasury announces plans to sell Citigroup stock warrants
By Martin Crutsinger, AP Economics Writer
WASHINGTON — The government announced Friday that it will sell warrants it holds from Citigroup and two smaller banks in the first quarter of this year as part of its effort to recoup costs of the $700 billion financial bailout.
The Treasury Department said it would announce later the exact date for the sales of the warrants, which give the holders the right to buy common stock at a fixed price. Treasury said it will auction off warrants for Citigroup, Massachusetts-based Boston Private Financial Holdings and Wintrust Financial, based in Lake Forest, Ill.
Sales of the warrants will sever the remaining ties the three companies have with the government's financial bailout fund.
Treasury has said taxpayers will make at least a $12 billion profit on the government's $45 billion bailout of Citigroup. The government released that figure last month with the completion of the remaining sales of Citigroup common stock that Treasury held. The warrant sales this quarter will add to that total.
Citigroup received $45 billion in taxpayer support late in 2008 in one of the largest bailouts by the government as it struggled to contain a severe financial crisis.
The Bush and Obama administrations insisted the bailouts were needed to prevent an even deeper recession. But some politicians have criticized the emergency rescue.
http://www.usatoday.com/money/industrie ... sury_N.htmNO AMNESTY
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