Citi shares feel the heat as Treasury prepares to sell stake 03/29 02:57 PM


Citigroup Inc. (C:$4.06,00$-0.12,00-2.87%) declined 3% to close at $4.18 Monday after the Treasury Department said it will begin to unwind its sizable stake in the banking giant this year.
The Treasury plans to sell 7.7 billion shares of Citi it owns as a result of the financial bailout over the course of 2010 subject to market conditions.
"Treasury intends to sell its Citigroup (C:$4.06,00$-0.12,00-2.87%) common shares into the market through various means in an orderly and measured fashion," it said in a statement.
As I said in the past, as soon as ’C’ become free of the Treasury holding the company will do well and the stock price will be much higher by the end of the year.
(See Blog March 4, 2010.)