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U.S. Treasury Completes Sale Of AIG Stock

The U.S. Treasury said it has received payment from its final sale of American International Group common stock it received in the 2008-09 bailout...

The U.S. Treasury said Friday it has received payment from its final sale of American International Group common stock it received in the 2008-09 bailout.

The completed sale, along with repayments and other income, means the Treasury and the Federal Reserve have fully recovered the combined $182.3 billion they committed to stabilize insurance and financial services industry giant during the financial crisis, with an additional $22.7 billion positive return, the Treasury said in a release.

The Treasury announced Wednesday it had agreed to sell its remaining 234 million shares of AIG common stock at $32.50 per share -- the $7.6 billion in proceeds it received Friday.

The Treasury has conducted six public offerings of AIG common stock over the past two years, through which it sold 1.655 billion shares at an average price of $31.18 per share. It continues to hold warrants to purchase approximately 2.7 million shares of AIG common stock.

The sale of AIG stock is part of the Treasury's ongoing efforts to wind down the Troubled Asset Relief Program. More than 90 percent of the $418 billion disbursed for TARP have already been recovered to date through repayments and other income, Treasury officials said.

Copyright: Copyright 2012 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Source: United Press International
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