Citigroup Bailout = ~$8bil Profit for US Gov't

[danefan]

The Obama administration is making final preparations to sell its stake in the New York bank, according to industry and federal sources. At today's prices, the sale would net more than $8 billion, by far the largest profit returned from any firm that accepted bailout funds, and the transaction would be the second-largest stock sale in history.

http://www.washingtonpost.com/wp-dyn/co ... 38_pf.html" onclick="window.open(this.href);return false;

[Biff]

The Obama administration is making final preparations to sell its stake in the New York bank, according to industry and federal sources. At today's prices, the sale would net more than $8 billion, by far the largest profit returned from any firm that accepted bailout funds, and the transaction would be the second-largest stock sale in history.

http://www.washingtonpost.com/wp-dyn/co ... 38_pf.html" onclick="window.open(this.href);return false;

Funny what happens when you bailout a company that is also a major federal government travel card for federal employees.

[Col Hogan]

So, will the profit go towards paying down the public debt...or will our politicians find a way to spend it???

[ASUG8]

At last check C is down 3%+ on the day. Tossing $8B of shares on the market tends to dampen share price a bit, but I'm sure I don't have to tell the crack economists at the government about simple economics and the impact of announcing a huge divestiture.

[89Hen]

So, will the profit go towards paying down the public debt...or will our politicians find a way to spend it???

Rhetorical question of the month.

[AZGrizFan]

Are we really supposed to "celebrate" this? Because any minute "profit" we make from the bank stocks will be DWARFED by the losses associated with AIG and GM:

http://abcnews.go.com/Business/Economy/ ... 305&page=1" onclick="window.open(this.href);return false;

The government's newly overhauled rescue package for AIGis $162.5 billion, according to government officials. Divide that by 111,609,629 -- the total number of U.S. households, according to the U.S. Census' 2005-2007 American Community Survey -- and the result is $1,455.97. That's nearly double the maximum tax benefit U.S. couples will receive under the federal stimulus package approved last month.

[BDKJMU]

Are we really supposed to "celebrate" this? Because any minute "profit" we make from the bank stocks will be DWARFED by the losses associated with AIG and GM:

http://abcnews.go.com/Business/Economy/ ... 305&page=1" onclick="window.open(this.href);return false;

The government's newly overhauled rescue package for AIGis $162.5 billion, according to government officials. Divide that by 111,609,629 -- the total number of U.S. households, according to the U.S. Census' 2005-2007 American Community Survey -- and the result is $1,455.97. That's nearly double the maximum tax benefit U.S. couples will receive under the federal stimulus package approved last month.

Don't forget Fannie and Freddie..

[AZGrizFan]

Are we really supposed to "celebrate" this? Because any minute "profit" we make from the bank stocks will be DWARFED by the losses associated with AIG and GM:

http://abcnews.go.com/Business/Economy/ ... 305&page=1" onclick="window.open(this.href);return false;

Don't forget Fannie and Freddie..

No, we should just gather into a circle, sing Kumbayah, and celebrate what a fucking genius our president is.

[mainejeff]

Bitter CONKS.........

[Wedgebuster]

Just more bad news for the disenfranchised. Whiny bitchy lot are they.

[GSUhooligan]

That's an obsene amount of profit in this economy. The federal government has no soul.
Who gets the capital gains tax out of this?