Yes you heard that right...the Citigroup bailout is officially a resounding success with the latest announced stock sale it will be in the black and there is still more profits to come after that....
Obama & Geithner should be given a ticker-tape parade for saving the global financial system while returning a profit to taxpayers at the expense of the "Banksters"...
http://finance.yahoo.com/...
(AP) -- The government said Monday that it will sell its remaining shares of Citigroup common stock and expects to turn a profit on its $45 billion bailout of the giant bank.
The sale is beginning immediately and the profits are flowing into the treasury!...How awsome is that...if you had asked naysayers 2 years ago how much money the Citigroup Bailout would cost...the answer was probably in the "hundreds of Billions of Dollars"
When that $3.6 billion is added to the $42.8 billion that Treasury has announced receiving, it brings the total return to the government to $46.4 billion. That means the government is now in the black on the $45 billion in support provided to Citi from the $700 billion Troubled Asset Relief Program.
So we are in the black....but that is not all...there is more profits to come after this and all at the cost to Citigroup shareholders!!! Making the shareholders pay!!!
The ultimate earnings for taxpayers will rise further when the sales of the final 2.4 billion shares of Citigroup common stock are included... taxpayers will book a healthy profit on the Citigroup investment...In addition to the common stock, Treasury still holds Citigroup warrants that it has yet to sell...US Treasury is also entitled to receive up to an additional $800 million for the trust preferred shares of the bank that it owns.
So in the end, we are looking at a tidy 10% return on our investment in Citigroup in less than 3 years...not too bad...