The federal government took its first step towards unloading its remaining stake in Citigroup, unveiling plans Monday to sell up to 1.5 billion shares in the banking giant.
The U.S. government currently owns approximately 7.7 billion shares, or about a 27% stake in the New York City-based bank. A sale of the 1.5 billion shares would cut the government’s holdings to just under 22%.
The sale of the 1.5 billion shares would likely generate a return for American taxpayers, based on where Citi stock has been trading recently.
Full story: Treasury Department to sell 1.5 billion shares of Citigroup – Apr. 26, 2010