Thursday, December 17, 2009

Treasury halts plan to sell Citi stock

Even the special tax break wasn't enough. The Treasury department quickly halted its plan to sell off Citi stock when the shares weren't fetching the price the government had hoped for.

The WSJ reports that the shares got a lukewarm reception on Wall Street this week where leery investors are skeptical of Citi's earnings prospects and have already spent heavily on rival financial institution's shares. I'm not sure who has more egg on their face from this episode, Uncle Vik or Mommy.

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