Not that anyone should be surprised that JJ is/was/always will be wrong..but today he launched into his student loan thread with the doom and gloom predictions of Obama moving us to Soviet Red.
Well---uh oh...
(March 29) -- The U.S. Treasury is starting to pull out of private-sector banking in a reversal of the costly bailouts undertaken during the financial crisis and will likely make a handsome profit for taxpayers from a good share of the investments.
The government withdrawal from partial bank ownership comes as the Obama administration's efforts to make the banking sector pay for future too-big-to-fail scenarios is gathering momentum.
On Monday, the Treasury said it intends to sell the 7.7 billion common shares it holds in Citigroup by the end of the year, If sold at Monday's closing price, $4.18 a share -- down on the news following Friday's close of $4.31 -- the sale would earn $32.19 billion. The Treasury plans to unload the Citigroup shares over time and through what is likely to be a varied series of trades and sales.
Well---uh oh...
(March 29) -- The U.S. Treasury is starting to pull out of private-sector banking in a reversal of the costly bailouts undertaken during the financial crisis and will likely make a handsome profit for taxpayers from a good share of the investments.
The government withdrawal from partial bank ownership comes as the Obama administration's efforts to make the banking sector pay for future too-big-to-fail scenarios is gathering momentum.
On Monday, the Treasury said it intends to sell the 7.7 billion common shares it holds in Citigroup by the end of the year, If sold at Monday's closing price, $4.18 a share -- down on the news following Friday's close of $4.31 -- the sale would earn $32.19 billion. The Treasury plans to unload the Citigroup shares over time and through what is likely to be a varied series of trades and sales.
