Treasury Department To Sell 1.5 Billion Citigroup Stock

Associated Press

The Treasury Department says it will sell 1.5 billion shares of Citigroup stock over the next two months, the latest effort to recoup money from the government's $700 billion financial bailout.

Treasury Building

Treasury says the third phase of Citigroup stock sales will begin immediately and end by Sept. 30. The government has already sold 2.6 billion shares for $10.5 billion.

Citigroup received $45 billion in taxpayer support in one of the largest bank rescues by the government. Of the $45 billion, $25 billion was converted to a government-ownership stake. The government is now selling that off. The bank repaid the other $20 billion last December.