Treasury had expected to record a substantial profit on the sale, but it now appears that the government instead would take a loss, said the source, who spoke on the condition of anonymity.
Citigroup priced 5.4 billion common shares at $3.15 each on Wednesday afternoon, below the $3.25 price at which the Treasury converted its preferred shares to common equity earlier this year for a 34 percent stake in the banking giant.
Gee wiz Timmy, whats your trade? Bye bye Pandit.
Did it work?