Feds divest in Citi

STORIES FROM THE FOOD CHAIN: In news that’s sure to warm the heart of Guy Hands, the Treasury announced plans Monday to sell its remaining shares of Citigroup common stock, divesting the government from the once-troubled bank. After getting an injection of $45 billion in taxpayer dollars during the bailout—one of the largest bank rescues ever—the bank repaid $20 billion in 2009, and $25 billion of its debt was converted into stock. The government has already sold off 5.3 billion shares of Citigroup stock, and the last 2.4 billion will stay on the market until the Treasury determines it has received a fair price. That closes a chapter on one of the most dramatic rescues of the financial crisis, and it also means there’s no chance the feds will wind up with a piece of EMI. (12/7a)

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