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Banking, finance, and taxes

Treasury Files to Unload Citi Stake (C)

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By Jon C. Ogg Updated Published

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An SEC filing right after the close of trading on Monday is showing that the Treasury is set to unload shares of Citigroup, Inc. (NYSE: C).  The filing did not disclose how much is being sold exactly but the filing shows that the shares held after the offering will be “0 Shares.”  If that is the case, then the entire 2.4 billion shares of Citi stock still held by the government will be in the hands of the public.

The filing noted, “The United States Department of the Treasury is selling ___ shares of Citigroup common stock, par value $0.01 per share. Citigroup will not receive any proceeds from the sale of shares of Common Stock by the Selling Stockholder.”

While this will dump another 2.4 billion shares on the market, this also gets Uncle Sam out of Vikram Pandit’s office and the firm can continue on its path to sell assets and to focus on the core Citigroup.

Citi shares closed flat at $4.45 today and the after-hours activity shows that shares are trading around $4.44.

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JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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