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  • Treasury Announced To Sell Citigroup Inc. (NYSE:C) Peferred Shares

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    Wednesday Sept. 29, 2010 at 01:52 pm EST
    Citigroup Inc. (NYSE:C) Preferred Shares to be Sold by Treasury
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    The Treasury on Wednesday announced that it will be starting to sell $2.2 billion in trust preferred shares that it holds in Citigroup, in an attempt to recover some of its costs in the $700 billion financial bailout. The Treasury said that the speed at which the sale will occur depends on the market scenario. Treasury received the preferred shares as part of  its agreement in January 2009 to share potential losses on a pool of $301 billion of assets held by Citigroup Inc. (NYSE:C).

    The current sale of the preferred shares will be coordinated by firms such as Bank of America Corp. (BAC) - Merrill Lynch, J.P. Morgan, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities. These firms will solicit bids for the securities and will sell off the securities based on the bids received Citigroup stock was trading 2% higher at $3.96 on Wednesday which is at support point. The support levels below are at $3.75 & $3.41. Resistance levels for Citigroup inc. - $4.09 and $4.25.

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