Free Republic

Citigroup Inc. said it is selling a huge chunk of its stock at a steep discount to raise the cash it needs to repay bailout funds and free itself from government support. But the government backed out of selling any of its 34 percent Citi stake, apparently due to the tepid investor response and the weak price garnered by the $20.5 billion equity offering -- described by Citigroup as the largest in history. Citigroup said it is selling 5.4 million common shares at $3.15 apiece, an 8.7 percent discount to yesterday's close. The bank is also selling 35 million tangible...

The nation's largest banks have made quite a comeback. Having nearly brought the market to its knees a few months ago, the financial sector has surprised experts with impressive profits. Citigroup -- widely considered to be the country's weakest big bank -- reported this morning net first-quarter income of $1.6 billion, beating analyst expectations and making it the bank's best quarter since 2007, Citi CEO Vikram Pandit said. Citi's news comes on the heels of reports showing better-than-expected, first-quarter profits by three other major banks: $2.1 billion for JPMorgan Chase, $1.7 billion for Goldman Sachs and $3 billion for Wells...