Friday, July 23, 2010

BOHICA: "Treasury to Sell 1.5 Billion More Citi Shares" (C)

BOHICA= Bend Over, Here It Comes Again.
I found myself using the term quite a bit in September 2008.
The stock is down 7 cents at $4.02.
From DealBook:
The Treasury Department said Friday that it plans to sell an additional 1.5 billion shares in Citigroup, as the federal government continues to wind down its stake in the firm.

Treasury said in a statement that it has authorized Morgan Stanley to sell the additional shares at market prices between now and Sept. 30, before Citi enters an earnings blackout period.
Over the course of the year, Treasury has sold 2.6 billion shares of the 7.7 billion it received as part of its Citi bailouts. So far, those holdings have been sold off profitably, raising $10.5 billion in gross proceeds, the department said.

Treasury also said that, as part of an effort to broaden the distribution base of its stock sales beyond Wall Street firms, Morgan Stanley has partnered with 12 minority- and women-owned broker-dealers:
  • Cabrera Capital Markets
  • Great Pacific Securities
  • Guzman & Company
  • Kaufman Brothers
  • Loop Capital Markets
  • M. Ramsey King Securities
  • Mischler Financial Group
  • M.R. Beal & Company
  • Sturdivant & Company
  • Valdés and Moreno
  • The Williams Capital Group
  • Wm Smith & Company
Go to Treasury Department Press Release »