The Treasury Department announced that they have sold $8.15 billion worth of Citigroup (NYSE: C). Allan Edwards the CEO of The Markets Are Open said this shows the government lacks confidence in Citigroup and they are trying to divest themselves from this investment. As of today the government has sold 4.1 billion shares of Citigroup stock for $16.4 billion. However, the treasury still owns 12.4 % of the company or $14 billion.
The government still owns warrants in the company which gives them the option to purchase more stock in the company.
Edwards commented that if the treasury is out, "I am out." I am not going to invest in something that not even the government wants to touch.
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