(The following memo from American International Group's Chief Executive
Officer Bob Benmosche was received by e-mail and was reformatted. The sender
verified the statement.)
Memo to AIG employees from Bob Benmosche.
We come together as a company to celebrate in good times and we draw together
in times of shared crisis. Today warrants a celebration like no other in AIG's
history and places well in the past a crisis none of us will ever forget.
Today, the U.S. Department of the Treasury has priced an offering of
approximately 234.2 million shares of AIG common stock at a price to market of
$32.50 per share. Upon the closing of this transaction, expected this Friday,
Treasury will have sold the last of its remaining shares of AIG common stock,
receiving proceeds of approximately $7.6 billion from the sale.
The closing of this transaction will mark the full resolution of America's
financial support of AIG - with a profit to taxpayers of $22.7 billion to date.
It marks one of the most extraordinary - and what many believed to be the most
unlikely - turnarounds in American business history.
And you did it.
America invested in 62,000 AIG employees, and we kept our promise to rebuild
this great company and deliver a profit to those who put their trust in us.
You did this. Every single man and woman at AIG did this remarkable thing.
There is a saying that in American life, there are no second acts. Well, take a
bow, because today marks our second act.
We are not going to stop here and take a rest. We are not at the finish line.
This turning around has been hard won as you know. And, what a run we have had
Now, we have to exceed the expectations of our clients, our investors, our
regulators, and our other stakeholders around the world. Since this is our
second act, it is all about the quality, integrity, and power of our
performance. Please know: my confidence in you is unqualified. You got us this
far. I know you will take us - an independent company once again - to new
levels of achievement.
This has been a long walk since September of 2008. Let's face it - it hasn't
always been fun. Our next steps together are perhaps even more significant than
all that you have done in the last five years to reconstruct what we nearly
lost: our company.
My job now is to urge each of you to face tomorrow - bring on tomorrow - with
the focus and determination that brought us to this point. I know that we will
succeed together. But today, let's take a few moments to reflect and
What a way to end the year. How are we going to top this next year?
Thank you, from the bottom of my heart. I am so proud at this moment of each of
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