Source:
WSJWASHINGTON—The U.S. is set to record a net $312.2 million from its sale of its final 465.1 million warrants to purchase common shares of Citigroup Inc., the Treasury Department said Wednesday.
The sale of the warrants, expected to close Monday, will allow the government to dispose of the remaining stake in Citigroup obtained through the Troubled Asset Relief Program, or TARP.
Overall, taxpayers are expected to end up with a $12.3 billion profit on the government's $45 billion investment in the company during the 2008 financial-sector bailout. Last year, Treasury sold its 34% stake of common shares of Citigroup.
we exit our investments in private companies and recover taxpayer dollars, it's clear that the cost of the TARP program will be a fraction of what many had once feared during the depths of the crisis," Tim Massad, Treasury's acting assistant secretary for financial stability, said in a statement.
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That's a nice little payday