In breaking news Francesco Guerrera of the FT tells Fast Money that the government made a handsome profit from their Citi stake.
The government’s gains on its Citi investments reached $10.3bn on Thursday after it completed the sale of a second tranche of shares at a profit of about $700m, Guerrera tells the desk.
Citi said on Thursday that it was “pleased” with the Treasury’s profit on the share sale.
The Treasury said it expected to continue selling the rest of its stake in the market through its agent, Morgan Stanley.
Learn more about these developments. Watch the video now!
> Click here to go to the FT and read:"US recoups $10bn from Citi bail-out"
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Trader disclosure: On July 1, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (BAC), (F), (MON); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Terranova owns (MON), (AGU), (KO), (XOM), (TEVA), (RDS.A), (GMCR), (UPL), (GS); Terranova is short gold; Terranova owns (GLD) July 123 puts; Terranova owns (GS) JULY 130 CALLS; Terranova owns (GS) JULY 135 CALLS; Grasso owns (ASTM), (ABK), (BAC), (BGP), (C), (CSCO), (DYN), (JPM), (LPX), (MO), (NDAQ), (PFE), (PRST)
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For Joe Terranova
Terranova works for (VRTS)
Terranova is chief market strategist of Virtus Investment Partners, LTD.
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David Riedel
***No Disclosure***
Ashraf Ladhi
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Joe Lavorgna
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Carter Worth
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Richard Kang
Funds Managed By Kang Own Shares Of Aluminum Corp. Of China
Funds Managed By Kang Own (STP)
Rich Greenfield
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Wayne Hood
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Stutland owns US Treasuries
Added Disclosures:
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Seymour Owns (QCOM)
NBC Universal Is The Parent Company Of CNBC
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Edwards Owns (CBI) For Clients
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