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

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

(Newser) – 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. (Read more AIG stories.)

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