Re: C Citigroup Inc.
Publicado: Vie Mar 05, 2010 3:00 pm
http://www.americanbankingnews.com/2010 ... ap-nyse-c/
The United States Treasury wants out of its investment in Citibank (NYSE: C) as soon as it can be done in an orderly manner, said Assistant Secretary of the Treasury for Financial Stability Herbert Allison during a hearing related to the Congressional Oversight Panel for the Troubled Asset Relief Program.
The exchange took place during a discussion about whether or not Citibank is any healthier now than it was in 2008. Panel chair asked Allison about the Treasury Department opinion of Citibank’s health but Allison declined to answer the question, stating that it’s not the Treasury’s policy to comment on the financial health of banks.
When pressed by Warren, Allison said that the Treasury is still a large shareholder in Citibank.
“We wish to dispose of those shares in the public market as soon as circumstances permit in an orderly manner. We are not going to be an active shareholder,” said Mr. Allison.
Currently the U.S. Treasury owns a $45 billion stake of preferred shares in Citibank. The Treasury Department picked up its partial ownership of Citibank as part of Citibank’s bailout in the Troubled Asset Relief Program. The government has also agreed to share losses with Citibank on $301 billion worth of troubled assets.
The United States Treasury wants out of its investment in Citibank (NYSE: C) as soon as it can be done in an orderly manner, said Assistant Secretary of the Treasury for Financial Stability Herbert Allison during a hearing related to the Congressional Oversight Panel for the Troubled Asset Relief Program.
The exchange took place during a discussion about whether or not Citibank is any healthier now than it was in 2008. Panel chair asked Allison about the Treasury Department opinion of Citibank’s health but Allison declined to answer the question, stating that it’s not the Treasury’s policy to comment on the financial health of banks.
When pressed by Warren, Allison said that the Treasury is still a large shareholder in Citibank.
“We wish to dispose of those shares in the public market as soon as circumstances permit in an orderly manner. We are not going to be an active shareholder,” said Mr. Allison.
Currently the U.S. Treasury owns a $45 billion stake of preferred shares in Citibank. The Treasury Department picked up its partial ownership of Citibank as part of Citibank’s bailout in the Troubled Asset Relief Program. The government has also agreed to share losses with Citibank on $301 billion worth of troubled assets.