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Being 34% owned by the U.S. government, Citigroup's (NYSE: C) destiny is somewhat murky. Yet, to pay off the loans, this massive financial institution must shrink. To this end, Citigroup has filed a public offering for its Primerica Financial Services. According to the prospectus, the deal is expected to raise $100 million, but it's likely the amount will be much larger.Primerica certainly has an interesting history. Back in 1977, an aggressive financial service executive, Arthur Williams, started the company, with the focus on providing term insurance to consumers as well as mutual fund products. However, he had an interesting twist on distribution: he used network marketing. Basically, a Primerica agent would get incentives by recruiting new agents. As a result, the company's growth exploded.
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