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U.S. Treasury Announces Final AIG Stock Sale

MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON -- The U.S. governments says it is selling its remaining shares of American International Group stock, moving to close the books on the government's biggest bailout during the 2008 financial crisis.

Treasury says it will sell 234.2 million shares of common stock in a public offering. The government's shares represent a 16-percent ownership stake in the insurance company.

Treasury has already recovered more on its AIG investment that the original $182.3 billion bailout, which was the largest government bailout package.

AIG, which is based in New York City, nearly collapsed at the height of the financial crisis. The company suffered massive losses from exotic financial instruments whose value was based on mortgage securities.

Copyright: (c) 2012 The Associated Press. All rights reserved.
Source: Associated Press
Wordcount: 114


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