Citi Shares Almost Touch $3 (C)

Citigroup (NYSE:C) shares sunk to $3.13 this morning and are trading on extremely high volume, at the noon hour some 2.19 billion Citi shares have traded hands.

Citigroup Inc (C) shares are now down just 6.9% at $3.21 which works out to a 5 day loss of -20%. Billions of Citi shares are moving thanks to Reuters reporting this morning that The U.S. Treasury will proceed with plans to dispose of its stake in Citigroup Inc. within the next 12 months despite a decision to opt out of the Company's share sale, the U.S. Treasury's top bailout official said.

Uncle Same paid around $3.25 for Citi shares back when the financial giant needed the money most.  Rememer that the American taxpayer still owns 34% of Citigroup common shares.

Herbert Allison, Treasury assistant secretary for financial stability, told lawmakers that the Treasury's holdings in Citigroup were valued at $26.5 billion.