Treasury Further Exits AIG
The Treasury plans to sell $7 billion of AIG (NYSE: AIG) shares as it moves out of its investment in the insurance firm. The bailout of the company cost taxpayers over $150 billion. AIG and the Treasury plan another sale which will cut federal government holdings…
The Treasury plans to sell $7 billion of AIG (NYSE: AIG) shares as it moves out of its investment in the insurance firm. The bailout of the company cost taxpayers over $150 billion. AIG and the Treasury plan another sale which will cut federal government holdings by $8.5 billion more. Taxpayers will still own 70% of the company after than. The remaining shares are worth about $42 billion at the current share price. “The bottom line is this: the people of AIG have achieved another significant milestone in our progress toward our goal that American taxpayers recoup their entire investment in AIG at a profit,” AIG Chief Executive Robert Benmosche said in a statement. With $42 billion at risk, that is hardly the case yet.
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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.
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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.
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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.