Treasury Sells Remaining Citigroup Shares, Rakes In $12 Billion In Profit

The U.S. government raked in $12 billion in profit for taxpayers after it recently sold its remaining Citigroup Inc shares. 

The Treasury Department poured $45 billion into saving the banking juggernaut in 2008 and 2009 and is now reaping the benefits after Citi paid back $20 billion in preferred stock and another $25 billion in common shares.

The move to sell the remaining shares in one large offering follows last month’s successful initial public offering in General Motors Corp, which significantly reduced the government’s stake.

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