US Treasury selling off Citigroup shares - KWWL - Eastern Iowa Breaking News, Weather, Closings

US Treasury selling off Citigroup shares

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WASHINGTON (AP) -- The US Treasury says it is starting to sell off $2.2 billion in trust preferred shares it holds in Citigroup.  This is another move it hopes will help recoup the costs incurred in the $700 billion financial bailout.

The Treasury Department will start the sales Wednesday with the amount sold to be determined by market conditions.

The $2.2 billion in trust preferred shares were received by the government as part of Treasury's agreement in January 2009 to share potential losses on a pool of $301 billion of assets held by Citigroup.

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