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Washington
Inside Washington (12/07/2010)
* WASHINGTON (12/8/10)--The U.S. Treasury sold $10.5 billion worth of Citigroup Inc. shares late Monday, the last of its common-stock holdings in the bank, and a significant step in the government’s exit of its bailout of the financial giant (Bloomberg Dec. 7). The Treasury sold 2.4 billion shares at $4.35 each, a 10-cent discount to the stock’s closing price. Treasury received about 7.7 billion shares of Citigroup common stock at $3.25 per common share from the exchange offers in July 2009 in exchange for the $25 billion in preferred stock Treasury received in connection with Citigroup’s participation in the Capital Purchase Program. At time, the investment represented a 27% stake in Citibank. The average selling price for the entire 7.7 billion shares was $4.14, according to the Treasury. Treasury invested $45 billion in Citigroup pursuant to the Troubled Asset Relief Program. With this offering, Treasury has recovered all of the $45 billion plus roughly $12 billion in profits consisting of dividends, interest and gain on the sale of Citigroup common stock and other securities … * WASHINGTON (12/8/10)--The Federal Deposit Insurance Corp. (FDIC) will host two telephone seminars Dec. 14 and 16 about required coverage for noninterest transaction accounts (American Banker Dec. 7). Temporary, mandatory coverage for all non-interest-bearing checking deposits was established under the Dodd-Frank Act. Noninterest transaction accounts were previously covered by the FDIC’s Transaction Guarantee Program, which was launched during the financial crisis in 2008 and required fees to participate. Under Dodd-Frank, blanket insurance is free and would last through 2012 …


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