The Treasury Department has hired some small broker-dealers to work with Morgan Stanley to assist in the government's sale of Citigroup Inc.'s common stock. Morgan Stanley is acting as a sales agent on behalf of the Treasury for the stock sale. The Treasury is attempting to unload $7.7 billion shares of Citi's common shares.
The Treasury hired 12 small firms including Cabrera Capital Markets LLC and M.R. Paul & Co. The selections include women-owned and minority-owned firms. The Treasury had given Morgan Stanley discretion to sell up to $1.5 billion in shares under certain parameters. On May 26, the Treasury allowed Morgan Stanley discretion to sell an additional $1.5 billion shares.