Treasury Said to Be Backing Away From Immediate Sale of Citigroup Stake

[Bigmack]

Source: NYTimes

Treasury Said to Be Backing Away From Immediate Sale of Citigroup Stake

Two days after Citigroup moved to untangle itself from
Washington, the Treasury reversed course Wednesday and backed
away from plans to sell a portion of its stake in the banking
giant, according to a person briefed on the situation.

The decision came after Citigroup badly misread the financial
markets on Wednesday and struggled to sell new stock to pay
back its bailout funds. The new stock is expected to be
priced at $3.15 a share -- below the $3.25 price at which the
government assumed its one-third stake in Citigroup.

Read more: http://www.nytimes.com?emc=na

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"Citigroup badly misread"? WTF?

Can anybody throw some light on this?

[OnceUponTimeOnTheNet]

1. They also got a tax break from the IRS

And Dubai is suing them, what was the amt? 7 Billion?

Busy week.

[Romulox]

2. Translation: the Citigroup taxbreak bailout trial balloon didn't play too well in the press. nt

[Moosepoop]

3. It sure didn't play too well with me! n/t

[madamesilverspurs]

4. Isn't CITI

part of the Bush family portfolio?


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