Yes! Treasury Makes $1.3 Billion on Partial Citigroup Sale – Only Trillions to Go
You’ve got to hand it to those savvy traders, I mean government officials over at the US Treasury: they turned a $1.3 billion profit on their sale of 19.5% of our nation’s stake in Citigroup (NYSE: C).
Although I’m happy they turned a profit to make up for many of the losses taken on the bailouts, let’s not get giddy like the winner of American Idol Lee DeWyze and announce a celebratory trip to Disney World (NYSE: DIS). We are still Trillions in the hole and the Dodd-Frank Financial Reform Bill hardly fixes the core reasons for the economic crisis.
This good news is like finding one pure raindrop amidst an acid rain storm. It’s time for the Treasury, Fed, Congress, White House, and Wall Street to hanker down and keep scrubbing our financial system clean.