US Treasury Earns Profits on the Sale of Stake in Citi

.

US Treasury Earns Profits on the Sale of Stake in Citi

The US Treasury has announced that the sale of its part in Citigroup has fetched a profit amounting to $12-billion. The profit has been earned on its overall investment in Citigroup It needs to be remembered that the US government had provided a relief bail-out of $45-billion to the financial group, after it had crashed out in one of the worst economic downturns ever witnessed.

The money that had been pumped into the Company was a part of the relief plan that had been implemented by the government to fund all the troubled organizations in the country. The government had reportedly spent a sum amounting to $700-billion as a part of the Troubled Asset Relief Program.

It was on Monday, that the Federal body had decided to sell off its shares worth $4.35 each.

Talking about the current development, the Assistant Secretary for Financial Stability, Tim Massad said that by selling shares today, the government was able to make some substantial profits and wasable to do good for the taxpayer.

Mr. Massad further said that the organization had decided to advance its goal of earning back the money it had pumped in to private enterprises by selling of such shares.

 


Latest News

Californians Will Face Changes in Electricity Bill as PUC Gets Ready to Vote on
Increase in the Number of U.S. Oil Drilling Rigs Break the 29 Week Successive De
Though Employers Hire at Steady Rate Wages Remain Flat
Aetna Acquiring Medicare Insurer Humana for $37 Billion in Cash and Stock Combin
New Financial Worries Leave Greece Divided
Airlines Next on The Probe List of Justice Department’s Antitrust Division
Shutting Down the Wrong Engine Led to Crash of TransAsia Flight GE235 in Taiwan
Dominion’s Yorktown Oil Burning Unit to be Shut Down
Microsoft’s Monday Announcements; Agreement with AOL to Move Display Ads, Sells
Phil Knight, Nike’s Co-Founder will Leave the Chairman’s Post Next Year
In spite of Introducing Several Stimulus, China’s Economy Indicates Weakness
Puerto Rico’s Financial Problems Grow Further as Report Says It Can no Longer Me