The Treasury said it received $32.50 a share for its 234.2 million remaining shares, which equated to a 16% ownership stake in the company. The Treasury provided $182 billion to support the insurance company at the height of the 2008 financial crisis. With this final sale, the Treasury said the government has been paid $22.7 billion more than it provided to rescue AIG.
The Treasury conducted six public offerings of AIG stock over the past year and a half. Before it started selling the 1.66 billion AIG shares it held, the Treasury owned 92% of the company's common stock.
This last sale marks another step in the government's efforts to wrap up the bailout of the 2008 financial crisis.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts