Reports that Citigroup is taking steps to get some bad debt off its books had the markets poised for gains, but more worries about first-quarter earnings season and an outline by the Fed for future economic meltdowns crept into the markets.
The banking giant, which has been slammed by the subprime-mortgage meltdown, is close to a deal that would sell $12 billion of highly leveraged loans and bonds to private-equity firms Apollo Management, TPG Capital and Blackstone Group, according to published reports.
The buyers reportedly will pay just under 90 cents on the dollar for the securities. Shares of Citi, a Dow stock, rose 26 cents, or 1.1%, to $24.02 in morning trading.
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