Gov't: Taxpayers make $12B on Citigroup bailout

[catgirl]

Source: Associated Press

WASHINGTON – After all is said and done, taxpayers will make a $12 billion profit on the government's $45 billion bailout of Citigroup.
The Treasury Department said late Monday that it had struck a deal to sell its remaining holdings in Citigroup common stock, about 2.4 billion shares. With the proceeds of the sale, priced at $4.35 a share, the government will have realized $57 billion on its bailout package for the big bank.
"By selling all the remaining Citigroup shares today, we had an opportunity to lock in substantial profits for the taxpayer and avoid future risk," said Tim Massad, the Treasury official who heads up the bailout program.
Citigroup received $45 billion in taxpayer support late in 2008 in one of the largest bailouts undertaken by the government as it struggled to contain the worst financial crisis to hit the country since the 1930s.

Read more: http://news.yahoo.com/s/ap/20101207/ap_on_bi_ge/us_citigroup_stock_sale

[Bluzmann57]

1. If we the taxpayers made all that money

then where are our dividend checks? If I invested in something and it showed a profit, I expect to see some of that profit. But since I'm just a poor working stiff, no money for me.

[Whoa_Nelly]

2. +1

Also want my credit card to now read $0.00. It's the very least and decent thing my government and Citicard should do for me,the taxpayer.

[Myrina]

8. They can apply my dividend pymt to my mortgage, thanks ...

n/t

[catgirl]

5. Are we in a depression?

Geez, talk about turning everything negative. Did we give them money interest free? No.

[Demeter]

7. Actually, We Did

but that was under a different program...

this whole idea of making money is nonsense. When the end of the exercise comes, the taxpayers will have a healthy deficit to fill with unending taxes.

[lunatica]

3. Wow! I'm rich! I don't have to go through foreclosure now!

As a matter of fact I can pay off the rest of my mortgage, retire and move into a McMansion and live off the proceeds of my part of the profits! Life is looking so much better now thanks to Citigroup.

[ElsewheresDaughter]

4. I see we suddendly sold our shares...Will WikiLeaks now be charged with insider trading

[indimuse]

6. MY ACCT # IZ... N/T

[ixion]

9. well, someone made a profit, but it was NOT the US taxpayer

who effectively made nothing, and in fact continues to be abused by such entities as Citigroup.