President Barack Obama Message Board

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Politics : President Barack Obama

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To: sylvester80 who wrote (149197)	2/13/2016 1:52:03 PM
From: Sr K	Read Replies (1) of 149317

The U.S. Treasury made a net profit of more than $22 billion on AIG. All the loans, preferred stock, were repaid, interest was paid, and the AIG warrants became shares that were sold. bloomberg.com U.S. Profit on AIG Climbs to $22.7 Billion on Share Sale Zachary Tracer December 11, 2012 — 9:44 AM EST American International Group Inc.’s rescue has come to an end with the U.S. raising $7.6 billion in its final offering of the insurer’s shares, four years after a bailout that fueled resentment against Wall Street. The Treasury Department is selling 234.2 million shares at $32.50 each in the sixth offering since the 2008 rescue. The proceeds boost the U.S. profit on the rescue that began in 2008 to $22.7 billion, according to a statement today from the Treasury, which injected capital through the Troubled Asset Relief Program. The U.S. took over the New York-based company in a 2008 bailout that swelled to $182.3 billion to save the global economy from collapse. AIG has sold more than $65 billion of assets to help repay the rescue, while Chief Executive Officer Robert Benmosche scaled back from the derivative bets that almost destroyed the firm. He’s focusing on property-casualty coverage globally and life and retirement products in the U.S.

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