http://www.latimes.com/business/la-fi-citigroup-treasury-20101208,0,3785147.story "Taxpayers earned a $12-billion profit on the U.S. Treasury's $45-billion bailout of Citigroup Inc., the government reported as it sold the last of its stock in the banking giant. The Treasury said late Monday that it sold 2.4 billion Citigroup shares to private investors at $4.35 apiece, raising $10.5 billion. That brought to $57 billion the government's total proceeds from the bank, including previous sales of Citigroup stock as well as dividend and interest income that the bank paid the government. "By selling all the remaining Citigroup shares today, we had an opportunity to lock in substantial profits for the taxpayer and avoid all future risk," Tim Massad, acting assistant secretary for financial stability, said in a statement. "With this transaction, we have advanced our goals of recovering TARP funds, protecting the taxpayer and getting the government out of the business of owning stakes in private companies." The Treasury's remaining stake of preferred stock was converted to 7.7 billion Citigroup common shares, which it has been selling since spring. The government's cost basis for the shares was $3.25 each. As the bank returned to profitability this year, its stock had risen 34% year to date through Monday, when it closed at $4.45 a share. The Treasury said the average selling price for its entire 7.7-billion-share stake came to $4.14 a share."