U.S. to reap $312 million by shedding Citi warrants

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The taxpayer profited $312 million from Citi and $12B from TARP? That's almost enough money to have a real tea party. The only question is whether the teabaggers should be invited.

Since the teabaggers were so right about this...what's their next miss ion?

WASHINGTON/NEW YORK (Reuters) – The Treasury Department said on Wednesday it will take in $312.21 million from the sale of two groups of warrants in Citigroup Inc (C.N), shedding the last of its direct holdings at a profit two years after spending $45 billion to prop the bank up.

The warrants to buy Citigroup shares, obtained when the government bailed out the bank during the financial crisis, were auctioned on Tuesday and both groups of warrants sold above the minimum bid price.

Treasury pumped a total of $45 billion into Citigroup under the Troubled Asset Relief Program (TARP) over 2008 and 2009. It said it has now recovered all of that plus about $12.3 billion in profits from dividends, interest and gains on the sale of Citigroup common stock, warrants and other securities.

Citigroup has spent the past year recovering from the massive losses that forced it into the government's arms during the financial crisis. The Treasury's successful auction of the warrants comes about a month after it sold off the last of its common shares in Citigroup, and a week after the bank reported its first full-year profit since 2007.

Countinued at link......

http://news.yahoo.com/s/nm/us_usa_treasury_citigroup

 

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BUMP :hatsoff: