US Hawks Last AIG Shares, Pushes Profit to $22.7B

Treasury to bring in $7.6B in sale today
By Matt Cantor,  Newser Staff
Posted Dec 11, 2012 7:55 AM CST
US Hawks Last AIG Shares, Pushes Profit to $22.7B
The AIG logo is seen on the side of building.   (AP Photo/Shizuo Kambayashi, File)

The US is getting ready to sell off Uncle Sam's remaining shares in AIG—and when it's all over, the government's bailout of the company will have resulted in a $22.7 billion return, the Treasury Department says. It's selling some 234 million common shares today at $32.50 apiece, a public offering that will bring in $7.6 billion, it says. After the sale, Treasury will retain warrants to buy approximately 2.7 million common shares in the firm. Such a return seemed almost unthinkable when the government launched the controversial bailout in 2008, the Wall Street Journal notes. After a $68 billion investment, the government had owned 92% of the company before it started selling off shares last year. (More AIG stories.)

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