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…
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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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