Treasury to Sell $2.2 Billion Citigroup Bailout Trups
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The U.S. Treasury Department plans to sell $2.2 billion of Citigroup Inc. securities under a plan to lock in profits from the bank’s 2008 bailout.
The Treasury will sell the trust preferred securities, or Trups, through a public offering managed by Bank of America Corp., JPMorgan Chase & Co., Morgan Stanley, UBS AG and Wells Fargo & Co., the department said today in a statement. Citigroup will “act as global coordinator but not as an underwriter or a sales agent,” the Treasury said.