July 9, 2012
Treasury to Sell Stakes in 12 Rescued Banks
WASHINGTON—The Treasury Department said Monday it plans to sell off stakes it holds in a dozen banks that received rescue funds at the height of the financial crisis, continuing the process of winding down the bailout launched in 2008.
The public auction of preferred stock and subordinated debt will begin July 23, Treasury said.
More than three years after the launch of the Troubled Asset Relief Program, the federal government still owns stakes in 325 banks—mostly small institutions that have been unable to fully pay back the government. The banks owe about $11 billion to the government.
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