Oh, Nice: The Citibank Bailout Paid Off Oh, Nice: The Citibank Bailout Paid Off
Oh, Nice: The Citibank Bailout Paid Off
As you may remember, back in 2008 Citigroup got a $45 billion government bailout in two installments. Well, the government just announced it will start selling off its 27 percent stake in Citigroup and guess what? It turned out to be a pretty good investment.Of that $45 billion, $20 billion was paid back by Citigroup to the Treasury and $25 billion was converted to common stock. That stock is now worth around $33 billion, netting the government an expected $8 billion profit.
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Overall, when you factor in the banks, the car companies, and A.I.G., the Treasury has recouped only $203 billion from a total of $514 billion. Whether those investments will work out as well remains to be seen (but there's hope).For a comprehensive picture of the 2008 bailouts and how they compare to bailouts past, check out Pro Publica's excellent resources.
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