The Vicious Blog

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Federal Government to sell stake in Citigroup for profit

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The U.S. government is getting ready to sell its 27% stake in Citigroup that it acquired during the Wall Street bailouts over the past 2 years. The company has since paid off its federal loans and stock prices are up. The federal government will likely make a profit of around $8 billion through the sale.

Some economists might say that this is a sign that the worst has passed us in terms of the recession, but I’ll believe it when unemployment drops. Hopefully the government uses those profits to create even more jobs.

[via: BBC]

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Written by sammyvicious

March 29, 2010 at 1:58 PM

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