S&P 500
7,614.80
-0.10%
Dow Jones
51,328.00
-0.09%
Nasdaq 100
30,646.00
-0.23%
Russell 2000
2,930.13
-0.10%
FTSE 100
0.00
+0.00%
Nikkei 225
68,446.70
+1.40%

Banking, finance, and taxes

Treasury Announces Public Offering of AIG Common Stock

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
AIG (NYSE: AIG) will receive the additional measure of freedom it has been seeking since the government became its majority owner in 2008.By most estimates, the federal government has staked $185 billion on the firm which is one of the world’s largest insurers.

The Treasury announced that it will sell a large portion of its AIG holdings:

U.S. Department of the Treasury announced that it has launched an underwritten public offering of $18.0 billion of its American International Group, Inc. (AIG) common stock.  AIG has indicated that it intends to purchase up to $5.0 billion of the common stock sold by Treasury in this offering at the initial public offering price. Treasury will also grant to the underwriters in the offering a 30-day option to purchase up to an additional $2.7 billion in common stock from Treasury to cover over-allotments, if any.

Oddly enough, AIG management made no immediate announcement about the plans of Treasury. It released a press statement which was almost entirely like the on at the Treasury website

Douglas A. McIntyre

 

Follow 24/7 Wall St. on Google
Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

Citi Prices Largest Offering in U.S. History; Wrong Time & Price (C)

Citigroup Inc. (NYSE: C) was already in our “top after-hours trading movers” because of weakness in its share price on…

8 Secondary Stock Offerings Total Up to $3 Billion That Has to Be Sold
Jon C. Ogg |

8 Secondary Stock Offerings Total Up to $3 Billion That Has to Be Sold

Here are eight secondary offerings that have been filed with a grand tally of about $3 billion combined.

8 Secondary Stock Offerings Total Up to $3 Billion That Has to Be Sold
Jon C. Ogg |

8 Secondary Stock Offerings Total Up to $3 Billion That Has to Be Sold

Here are eight secondary offerings that have been filed with a grand tally of about $3 billion combined.

Douglas A. McIntyre |

Secondary Offerings Keep Mounting (CAST, RGNC, SD, TRMK, HGSI)

This morning we have another flurry of secondary offerings that are hitting the market.  Today’s tally comes to what looks…

What the $1 Trillion+ New York Fed Market Intervention Actually Means
Jon C. Ogg |

What the $1 Trillion+ New York Fed Market Intervention Actually Means

When markets are in panic and when they have decoupled from what was expected, governments have the power to intervene…

Douglas A. McIntyre |

With Profit On AIG, US Should Buy More Troubled Banks

The Treasury Department says it will make a profit on the investment it made for taxpayers when it bailed out…

Catalyst Biosciences Sinks After Pricing Secondary Offering
Chris Lange |

Catalyst Biosciences Sinks After Pricing Secondary Offering

Catalyst Biosciences watched its shares fall on Friday following the announcement of a secondary offering.

Jon C. Ogg |

Activision Blizzard Seeing 41 Million Shares Sold by Vivendi

ThinkstockActivision Blizzard Inc. (NASDAQ: ATVI) has seen its shares perform rather well during the latest video game console upgrade cycle.…

Jon C. Ogg |

Secondary Offerings Keep Coming (KALU, SOMX, MEE, VSAT)

The secondaries are coming! The secondaries are coming!  Actually, that should be that the secondary offering wave is still coming…

Top Gaining Stocks

Hewlett Packard Enterprise
HPE • Vol: 153,197,465
Enphase Energy
ENPH • Vol: 8,360,053
Corning
GLW • Vol: 18,152,646
Alexandria Real Estate Equities
ARE • Vol: 4,337,015
Aptiv
APTV • Vol: 6,761,325

Top Losing Stocks

Trade Desk
TTD • Vol: 21,905,513
Intuit
INTU • Vol: 7,383,018
Coterra Energy
CTRA • Vol: 73,319,495
Cboe Global Markets
CBOE • Vol: 5,000,011
HP
HPQ • Vol: 29,259,826