Saturday, 29 May 2010
The Treasury Department said Wednesday it sold 1.5 billion shares, or 19.5% of its stake, in Citigroup (C 3.96, -0.06, -1.49%) for about $6.2 billion. The Treasury had received Citi shares as part of the Capital Purchase Program which was aimed at boosting capital at financial institutions. "Treasury currently owns approximately 6.2 billion shares of Citigroup common stock and expects to continue selling its shares in the market in an orderly fashion," the Treasury said in a statement. It has entered into a second trading plan under which Morgan Stanley will have the discretionary authority to sell an additional 1.5 billion shares under certain parameters by June 30.