AIG Stock Sale Repays Bailout as U.S. Government Profits
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American International Group Inc. shares valued at $18 billion were sold by the U.S. government, converting a four-year bailout into a profit for taxpayers.
The U.S. sold about 553.8 million shares at $32.50 apiece, the Treasury Department said yesterday in a statement. The New York-based insurer bought $5 billion of the stock. The U.S. has recovered its full $182.3 billion commitment under the rescue with a profit of about $12.4 billion and still holds about 22 percent of the insurer’s shares for future sale, Treasury said.