The U.S. Treasury Department today moved ahead with previously announced plans to get out of the business of owning a stake in Hartford Financial Services Group Inc. (NYSE:HIG).
The Treasury Department says it will be selling about 52 million warrants at 8 a.m. EDT Tuesday and is set to end the sale at 6:30 p.m. EDT Tuesday.
The department ended up with the warrants as a result of a move it made to invest in Hartford Financial, Hartford, through the Troubled Asset Relief Program (TARP), a program created to help financial services companies that were battled by the collapse of the credit markets.
The Treasury Department also is selling warrants issued by Lincoln National Corp., Radnor, Pa. (NYSE:LNC). That sale is set to end Wednesday.
The department hopes to raise $213 million from the Lincoln warrant sale.
CORRECTION: An earlier version of this item incorrectly identified the company involved in the warrant sale that starts Tuesday. The company is Hartford Financial.