Treasury Stake in Citigroup (NYSE:C) Being Sold by Morgan Stanley

Morgan Stanley Chosen to Sell Shares of Citigroup Held by Treasury Department

Yesterday the Treasury Department announced they will be selling their stake in Citigroup (NYSE:C) with the help of Morgan Stanley, rejecting an offer from Goldman Sachs (NYSE:GS) which offered to take care of the details for almost nothing.

In what I consider an odd concern from government officials, it was implied they didn't want to use Goldman Sachs in the deal because of the negative publicity surrounding them during the financial crisis.

My problem with that is the government should be doing things the right way (I know, I know), and to think in terms of public relations rather than efficiency and low expense is idiotic and irresponsible, but then we're talking about the government.

A spokeswoman for the Treasury said terms of the deal with Morgan Stanley will be released some time in the next two days.

The government plans to sell the common shares they hold in Citigroup at intervals rather than all at once.