WASHINGTON (AP) _ The Treasury Department says it raised $10.5 billion from the sale of a total of 2.6 billion shares of Citigroup stock it received as part of the government’s rescue of the bank.
The government sold the shares at a profit as it seeks to recoup the costs of the $700 billion financial bailout in 2008.
Treasury says the latest sale of 1.1 billion shares, which figures into the total, completes its second phase of selling operations.
The government still owns 5.1 billion shares of Citigroup stock and expects to continue selling shares at a future date.
(Copyright 2010 by The Associated Press. All Rights Reserved.)